According to a new study, an estimated 55.3 One million cryptocurrency holders spread across three countries, Nigeria, South Africa and Kenya, account for about 36.14 million, or almost two-thirds of this total. In contrast, the study found that the Seychelles, home to several cryptocurrency exchanges, has around 1,000 cryptocurrency holders.
Nigeria dominates
A recent study conducted by Moroccan think tank Center for New Southern Policy (PCNS) found that Nigeria Among the 33 African countries surveyed, it has by far the largest number of cryptocurrency holders (40.5%). The findings also show that South Africa is the second highest ranked country in Africa with an estimated 7.71 million cryptocurrency holders. Kenya’s estimated 6 million cryptocurrency holders means she is the third highest ranked country in Africa.
In addition to having the highest number of cryptocurrency holders among the states surveyed, these three countries are the only countries with more than 10% of their population as a percentage of their population. . However, using this metric, South Africa ranks first for her with 12.27% of her share of cryptocurrency holders. Kenya ranked second with her 11.85% and Africa’s most populous Nigeria ranked third with 10.33% of her.
Increase in crypto holders up to urban and economic factors
For the remaining surveyed countries, the PCNS study found crypto holders share It turned out to be a range. Ghana (4.3%) and Togo (4.22%) are the top countries in this category, with Cape Verde (1%) at the bottom.
Meanwhile, Seychelles, home to major cryptocurrency exchanges such as Huobi and Kucoin, has an estimated 1.33% of its population of over 90,000 residents.
Regarding the findings, the PCNS study brief stated:
Such occurrences are not accidental. Continent-specific demographic, urban and economic factors explain this in part. The other part of the explanation relates to the technology of cryptocurrencies, [which] enable the transfer of capital more quickly and at lower cost.
In jurisdictions that prohibit or restrict the use of cryptocurrencies, such as Nigeria, such countries should consider regulation, the abstract said.
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