It’s 2021, heard of Cryptocurrency? No? Well it’s surging across the globe.
- In Nigeria, about 33% Nigerians either own or trade cryptocurrency.
- It has become such a reliable source of sending money across platforms.
- In the Philippines’ Central Bank has approved cryptocurrency transaction within the country source by bitcoin.com
Reliance on remittances and the prevalence of peer-to-peer phone payments have led to a steep rise of cryptocurrency use in Africa’s largest economy. Out of 74 countries in the Statista Global Consumer Survey, Nigerians were the most likely to say they used or owned cryptocurrency.
Like we siad, 33% of Nigerians has applied to them. The cost of sending currency across borders has caused many to take action into cryptocurrency exchanges. According to Bitcoin.com Nigerians will use their mobile devices to send currency to each other to pay within stores.
Businesses in Nigeria. will ad crypto plugins to phone payment options, concluding many possibilities for Nigerians using crypto.
The second and third most used cryptocurrency used by Vietnam and the Philippines. Again, remittance payments play a role in the widespread use of cryptocurrency. According to bitcoin.com, the Philippines’ Central Bank has approved several crypto exchanges to operate as “remittance and transfer companies” in the country. The government itself is already meddling in cryptocurrency by setting up blockchain app bonds.ph with Unionbank to distribute government bonds. Unionbank has also installed a Bitcoin ATM in Makati (Metro Manila), showing how cryptocurrencies are slowly entering the mainstream in the country.
Other countries include Africa, Southeast Asia, Peru, Brazil, Columbia, Argentina, Mexico and Chile.
Meanwhile in Japan, has registered the lowest ownership of cryptocurrency. About only four percent has experience with exchanges with crypto products.
Now this is subjected to change as cryptocurrency is growing popularity in the United States, and just recently Nigeria has ban cryptocurrency ownership within the country.