Reliance on remittances and the prevalence of peer-to-peer phone payments have led to a steep rise of cryptocurrency use in Africa’s largest economy.
Almost a third of Nigerians said this applied to them.
The high cost of sending money across borders the conventional way has caused many to turn to local cryptocurrency exchanges catering to overseas workers and their families, according to Bitcoin.com. Nigerians also often use their phones to send money to each other also to pay in shops. Recently, businesses in the country have been adding crypto plugins to their phone payment options, adding another way in which Nigerians can use cryptocurrency in their everyday lives.
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High rates of cryptocurrency ownership and use were also recorded in Vietnam, South Africa, Turkey and Peru.
One world region where many cryptocurrency users were located was Latin America, according to the survey. Brazil, Colombia, Argentina, Mexico and Chile all scored in the double digits when it comes to the adoption of cryptocurrency.
Incidentally, Spain was the country with one of the highest adoption rates in Europe, together with Ireland (10 percent each) and Greece (11 percent). Asian and African countries also scored higher than European and English-speaking nations, where crypto currency adoption was still very low.
Japan, finally, was the country in the survey where the fewest people had ever dealt in crypto currency. Only three percent said they had experience with crypto products, the lowest in the survey together with respondents in Sweden and Denmark.