Crypto

Nigeria and South Africa are among the top 10 countries that own or use the most cryptocurrencies in the world.

Nigeria and South Africa are among the top 10 countries that own or use the most cryptocurrencies in the world.

To put an end to the procedures that usually slow down banking and financial services, some countries around the world are choosing to use cryptocurrencies, although this new asset class has not yet been legalized in several countries. According to the May 2022 Gemini rankings, Nigeria (eNaira) and South Africa (Safcoin) are the two countries in Africa that are in the top 10 countries in the world where people own or use the most cryptocurrencies. They are ranked 6th and 7th respectively in Nigeria with a share of 26% and in South Africa (25%). In the top 20, Kenya ranks 19th (15%). The first 5 places are occupied by Indonesia and Brazil (41% each), the United Arab Emirates (35%) and Singapore (30%).

Read also: Cryptocurrency lending platform Celsius Network files for bankruptcy

According to a 2021 Statista Global Consumer Survey, Nigeria leads the way with 42% of respondents holding or using the most cryptocurrencies. South Africa ranks 5th in this ranking. On the other hand, last year research firm Chainalysis ranked Kenya, Nigeria, Togo, South Africa and Ghana 5th, 6th, 9th, 16th, 17th and 19th, while Tanzania on the 5th, 6th, 9th, 16th, 17th and 19th.

See also: Cryptocurrencies in the CAR: what are the risks for Cameroon?

To date, the CAR is the first African country and the only country in Central Africa to accept bitcoin as legal tender. It launches purchases of its own cryptocurrency called “Sangocoin” on July 25th. The initial unit price will be $0.10 and the minimum investment of $500 will be paid out in Bitcoin and Ethereum cryptocurrencies.

Read also: Cryptocurrency at Cemac: Cobac Fortitude, Employer Reserves

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