Survey: Nigeria Leads Global Adoption of Cryptocurrencies in 2020

Data published by Statista has revealed Nigeria is the leading country per capita for Bitcoin and cryptocurrency adoption.

February 18, 2021 | AtoZ Markets – According to data released by statistics firm Statista, Nigeria has become an important country in the adoption of Bitcoin and cryptocurrencies, with one in three survey respondents using or owning crypto assets in 2020. doing.

Nigerians use cryptocurrencies for international remittances

Studies show that the proliferation of mobile-based peer-to-peer payments has led many Nigerians to become interested in cryptocurrencies. According to Statista, many Nigerians have recently installed a crypto payment application on their devices.

The survey also revealed that many Nigerians use cryptocurrencies for international remittances.

Demand for cryptocurrencies in Nigeria, Africa's largest population, appears to be on the rise, even though the Central Bank of Nigeria banned banks from providing financial services to crypto exchanges two weeks ago. It's just been news recently that Bitcoin is being bought and sold in Nigeria at a premium price of 36%.
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According to Google Trends, Nigeria has the highest search traffic on "Bitcoin."

Regional search traffic for “Bitcoin”: Google Trends

The adoption of cryptocurrencies is also being strengthened in Southeast Asia, with 21% of Vietnamese and 20% of Filipinos saying they used cryptocurrencies in 2020. Like Nigeria, much of the demand for cryptocurrencies in Vietnam and the Philippines comes from remittance demand.

Especially in Vietnam, the central bank does not recognize crypto assets as a legitimate payment method, but it ranks second in terms of recruitment. In May 2020, the Vietnamese government established a research group to investigate policies on digital currencies, suggesting that crypto-asset policies may be relaxed in the future.

Turkey and Peru are ranked 4th and 5th in the adoption of cryptocurrencies. In both countries, 16% of respondents said they used cryptocurrencies. Switzerland is sixth with 11%.

The survey is based on a global consumer survey conducted by Statista in 74 countries. By the way, as for Japan, only 4% of the respondents answered that they used virtual currency, which is at the bottom of the ranking along with Denmark.

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