Despite government’s unfriendly policies towards cryptocurrency adoption in Nigeria, Africa’s most populous country is leading the world in crypto ownership, according to ConsenSys’ second annual Global Survey.
The report indicated that emerging markets like Nigeria and South Africa are driving the global adoption of cryptocurrencies.
The percentage of ownership is highest in the Philippines (54%), South Africa (68%), and Nigeria (73%).
These countries are at the forefront of notable interest in cryptocurrency-related awareness, ownership, and engagement.
According to the survey, 51% of respondents say they understand crypto assets and 93% of respondents worldwide are aware of them.
Additionally, these countries have shown a strong interest in Web3 activities, such as staking, utilizing decentralized finance (DeFi), and holding NFTs.
Eighty per cent of Nigerian respondents were aware of decentralization, and 77% correctly defined blockchain. In addition, 74% of respondents from South Africa said they were familiar with the concept, compared to 61% of those from the Philippines.
The survey also reveals enduring obstacles to entry, despite the increasing interest in cryptocurrency in these regions. Concerns about scams, market volatility, and a lack of understanding of its purpose are common worldwide.
Respondents from emerging markets have shown a willingness to accept virtual currencies despite these difficulties and barriers.
Seventy-five per cent of those surveyed expressed concern about artificial intelligence’s (AI) potential to spread fraud and create fake news, highlighting that blockchain may be crucial in resolving these issues.
Blockchain could offer the accountability and transparency required to counteract AI-driven disinformation, according to roughly 54% of participants worldwide.
Speaking about the survey’s findings on the growing significance of data privacy, Joseph Lubin, co-founder of Ethereum and CEO of ConsenSys, stated: “It is impossible to overestimate the crucial role that blockchain technology and decentralization play in improving privacy, trust, and transparency in the way our data is handled.
“The adoption of Web3, blockchain, and cryptocurrency has accelerated recently, with 2024 being a key year.”
He clarified that this growth is partly due to the recent U.S. presidential election, which might result in more transparent regulations for the sector.
