Triple-A, a platform that offers blockchain technology and crypto solutions, put together this research.
Despite government limitations on the business, the research claims that 13 million Nigerians own crypto assets in the nation.
Other nations mentioned on the list included Kenya, which is thought to have 4.5 million cryptocurrency users, South Africa, which has over 4.2 million users, and Egypt, which has 1.7 million users.
Additionally, Ethiopia is expected to have 1.1 million cryptocurrency holders despite the country’s recent prohibition on the currency.
Despite the Nigerian government’s control of the sector, cryptocurrency has since grown in popularity there.
A Nigerian peer-to-peer cryptocurrency platform called Paxful announced earlier this month that the country’s first three months of 2022 saw Bitcoin trades worth N77.75 billion ($185 million).
This is a 5.71 percent increase above the volume traded in 2021, according to Paxful.
According to the Triple-A research, Paxful’s largest cryptocurrency trading country in 2017 was Nigeria, where 16,000 daily deals were conducted.
Similar to this, KuCoin, a crypto trading company, reported that over 33 million traders and cryptocurrency owners presently reside in Nigeria.
These figures undoubtedly show how effective or ineffective, in this example, the Nigerian government’s regulation of the industry.
Industry stakeholders have already voiced their concerns on why the government needs to reform its regulations.
Stakeholders, particularly in the Blockchain Technology sector, have argued for Nigeria to win from cryptocurrency advances on numerous occasions.
It’s also significant to note that the players are urging the government to support the cryptocurrency industry rather than allow it to displace the Naira, which serves as Nigeria’s official unit of currency.
“While not a legal tender, bitcoin can be considered as a form of payment.
Although it might eventually be feasible for you to utilize BTC to conduct legal transactions, I don’t anticipate this to happen anytime soon because it is quite evident that Nigeria’s central bank does not want uncontrolled types of payment instruments to enter the country.
Chimezie Chuta, the director of the Blockchain Nigeria User Group, stated this in an interview.
The Securities and Exchange Commission (SEC) recently published a directive to direct participants in the sector.
The CBN’s existing ban on cryptocurrencies and the SEC’s classification of cryptocurrencies as digital assets put them at odds with one another.
“New Rules on Issuance, Offering Platforms, and Custody of Digital Assets” is the title of the 54-page paper. had received harsh criticism, with experts labeling the defined restrictions as a sneaky tactic to prevent the country from adopting cryptocurrencies.
The Central Bank of Nigeria, the top bank in Nigeria, has yet to reply to the SEC’s instructions.
The CBN’s silence, however, has since been seen as a continuation of its former position that cryptocurrency transactions are prohibited.
It is also crucial to remember that banks across the nation have now categorized cryptocurrency transactions as illegal, following a CBN directive ordering the blocking of all accounts in the nation engaged in cryptocurrency trading
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