Market News

Two African countries — Nigeria and South Africa — have been listed among the most crypto-savvy countries in the world, according to a new 2023 global survey that also found that the use of cryptocurrency remains a contentious issue in numerous markets across the region.

According to the 2023 global survey by Consensys and YouGov, an impressive 92% globally have tuned into the buzz around digital currencies. However, the study also found that while European nations exhibit a greater degree of skepticism towards crypto, a behavior that is often mirrored in countries like Japan and South Korea, others, especially in Southeast Asia, South America, and Africa, see crypto as a beacon of financial opportunity. To that end, the survey also revealed that there are still variations among countries, with Nigeria, South Africa, and Brazil leading in awareness.

For Nigeria, the figures on its crypto awareness are compelling as a remarkable 99% of respondents indicated their awareness of cryptocurrencies. Moreover, 70% of respondents clearly understood the fundamental concept of blockchain technology, elevating Nigeria’s place on the global scene.

In terms of crypto ownership, Nigeria is at the forefront, on par with countries like the United States. This becomes even more interesting when you factor in that the Central Bank of Nigeria in February 2021, declared that cryptocurrency transactions are in direct violation of existing laws.

Unlike in Europe and Japan, where a larger portion seems hesitant about future investments in cryptocurrencies, South Africa shows tremendous promise for cryptocurrencies as a staggering 98% of its population is aware of them, and the general sentiment is very positive, associating cryptocurrencies with the future of money and digital ownership. Altogether, YouGov interviewed 15,158 people online across 15 countries in the Americas, Asia, Europe and Africa. This multi-country study aims to provide a global and regional view of the perceptions people have around cryptocurrencies, NFTs, Web3, blockchain, and the metaverse.