Report: Over A Third of Nigerians Are Invested in Bitcoin, Crypto
KuCoin released Into The Cryptoverse, a report showing 35% of Nigerians aged 18-60 are invested in or trading bitcoin and other cryptocurrencies.KuCoin conducted a report with multiple surveys that shows 35% of the adult population aged 18-60 in Nigeria are vested in bitcoin or other cryptocurrencies. The investor class is largely made up of a youthful population driven by Nigeria’s median age of 18.4 years old, which leads to 52% of the investors being below the age of 30. Nigeria hosts many long-term investors in the space as its currency, the Naira, has seen a 209% depreciation over a....
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With less than 0.5% adoption, the central bank of Nigeria is struggling to push its eNaira CBDC to its citizens. Nigeria’s central bank digital currency (CBDC) is not getting the warm reception expected from its crypto-savvy population.According to a Bloomberg report, less than 0.5% of Nigeria’s 217 million population are using the government-issued digital currency — the eNaira — a year after its launch.This comes despite Nigeria being identified by Chainalysis as the top country in Africa for crypto adoption and ranking 11th globally, while a KuCoin report found that 35% of the Nigerian....
Although their central bank is attempting to outlaw use of cryptocurrencies, it’s clear that Nigerians have real need for access to bitcoin. The post Nigerians Need Bitcoin, So Where Will The Restrictions Lead? appeared first on Bitcoin Magazine.
Some Nigerians plan to continue using bitcoin (BTC) and other cryptocurrencies despite a directive issued by the Central Bank of Nigeria (CBN) last week ordering banks to close down accounts associated with cryptocurrencies.
Nigerians are hopeful the planned central bank digital currency (CBDC), also known as the e-naira, is going to enhance cross-border payments and make it “easier for the naira to be widely used and accepted.”
E-Naira Launch a Boon for Cryptos
In fact, according to a VOA report, some Nigerian blockchain experts like Janet Kaatyo believe the e-naira launch will work in favor of cryptocurrencies. Prior to the Central Bank of Nigeria (CBN)’s February directive, cryptocurrency usage and trading in Nigeria had surged due in part to pandemic-related movement....