A new study suggests that Nigerians have shown the most interest in Digital assets despite falling prices and inhospitable sentiment from its apex bank.
Nigeria has emerged as the country with the most interest in digital assets since the April decline in the prices of cryptocurrencies. According to the CoinGecko survey, which looked at Google search trend data, Nigeria scored 371 to come out tops. The United Arab Emirates and Singapore rounded out the top three globally, while Kenya, ranked 15th, was the nearest African country.
Source: Bloomberg Crypto
Accordingly, the study looked at Google Trends data for six searches including, Cryptocurrency, Invest in crypto, Bitcoin, Ethereum, Solana, and Buy Crypto. The most populous black nation scored over a hundred points in interest related to the terms cryptocurrency, Buy crypto and Invest in crypto. Meanwhile, Singapore had the most searches for Ethereum, while Georgia sought information on Solana.
Nigerians Interested in Crypto Despite Governments Opposition
The growing interest in the digital assets space in Nigeria comes amidst the backdrop of opposition from the country’s government. The Central Bank of Nigeria (CBN) issued a ban on commercial banks carrying out transactions linked with cryptocurrencies. It has since refused to wane in its stance despite other agencies coming up with regulatory frameworks to support the industry.
However, the CBN’s stance has done little to curb the enthusiasm and interest in the space among Nigerians. The growing interest has seen many turn to peer-to-peer(P2P) platforms to conduct their business without interference.
A closer look shows that the interest in cryptocurrencies may result from the dire economic situation plaguing the nation. A recent Coindailypress report highlighted that the west African country is faced with racing inflation figures, rising interest rates, and a weakening Naira. The combination of these issues has led to suggestions that the nation may be facing stagflation, an economic situation that is difficult to curb.
Consequently, Nigerians seem to be taking matters into their own hands by hedging their bets with crypto to protect their wealth. The CoinGekco study shows that the growing interest has come at a time when digital asset prices have plummeted. However, Nigerian continue to bet on these digital assets to be a better store of value.
Blockchain Adoption Grows In Nigeria
The growing interest in the digital asset space in Nigeria has also brought about increased adoption in the country. Recently, the Nigerian government agreed with Algorand to create a national framework for tokenizing IP rights. The deal would enable the international commercialization of all IP forms generated and registered in Nigeria while establishing a national wallet and an IP exchange marketplace.
Furthermore, the Nigerian Stock Exchange wants to incorporate blockchain technology into its operations to settle trades by 2023. This move comes after the Nigerian Securities and Exchange Commission (SEC) released new guidelines to regulate digital assets in the country.
Source: Finder.com report.
Finally, another study by Finder.com showed that Nigeria has the most Non-fungible token(NFT) gamers in Africa. The poll conducted in March 2022 revealed that 16% of Nigerians had already played NFT games, and another 16.9% wanted to. This points to a growing acceptance of the benefits of blockchain technology to the masses.
Do you think the government’s hard stance is preventing more Nigerians from adopting cryptocurrencies? or is it facilitating the adoption of digital assets in the country? Let us know your thoughts in the comments below.
Chris is a crypto enthusiast and a firm believer in the blockchain’s ability to create a new financial paradigm. Through writing, Chris hopes to expose the intricacies of this disruptive technology and how it is beneficial to Africans and developing countries. He aims to give readers a rational and unbiased outlook of the industry by equipping them with the necessary information to make enlightened investment decisions.
