Wednesday, August 12, 2020
Nigeria Among Countries With Highest Crypto Usage Increase
“In July we saw a number of countries increase their fraction of total Blockchain wallet transactions, most notably Peru, India, and Indonesia,” the company described. Other countries that made the top 10 list of increased transactions are Côte d’Ivoire, Nigeria, Japan, the Philippines, Venezuela, Bangladesh, and Bulgaria.
“Japan is once again in the top 10, while Hong Kong and Morocco haven’t been as active in the past two months,” the firm continued. The top countries with a decrease in Blockchain wallet creation are South Korea, Denmark, Morocco, Dominican Republic, Hong Kong, Kenya, Moldova, Brazil, Vietnam, and the United Arab Emirates.
The firm’s data science team highlighted Nigeria as the most trending country since April, coinciding with Google search data which pointed to Nigeria as the country with the most relative interest in bitcoin. Blockchain.com provides a Bitcoin block explorer service, a cryptocurrency wallet, and an exchange supporting bitcoin, bitcoin cash, and ethereum. The team revealed:
"Nigeria has been the most trending country in recent months. It has increased by 60% its usage of Blockchain.com web wallet since April 2020."
Last month, Nigerian media reported that the Ministry of Justice had tabled before the National Assembly the bills that will provide the legal framework for bitcoin and other cryptocurrencies, citing the country’s Attorney General, Abubakar Malami. “The expected bills will prepare Nigeria for emerging realities relating to digital cash, bitcoin and e-currency,” Malami was quoted as saying.
News.Bitcoin.com recently reported that Nigeria led sub-Saharan Africa in peer-to-peer (P2P) bitcoin trading but the country is still laden with crypto scams.
Meanwhile, India ranked second on Blockchain’s list of increased wallet creation but the country still does not have crypto regulation and there are reports of the government considering a ban on cryptocurrencies.
Local lawyer Mohammed Danish explained that the “Supreme court judgmenthas helped big time in increasing the curiosity around crypto.” He added: “Even in legal fraternity I see lot of people taking huge interest. But this curiosity is of course limited to a certain age group.” Policy 4.0 CEO Tanvi Ratna commented on Blockchain’s data:
"Despite the uncertain regulatory climate, India ranks second in a global survey of rise in crypto usage for July vs June."
By Kevin Helms
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Posted by Naijafeed at 8/12/2020
Labels: Bitcoin, Nigeria, Technology
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