Nigeria ranked among the Top 10 countries in the world for crypto adoption, according to EMURGO Africa, a blockchain technology company that in collaboration with PricewaterhouseCoopers made the announcement.
In a statement released in Lagos, it claimed that this was made clear in its “State of Web3.0 in Africa” report, which was released on Friday.
The report, according to EMURGO Africa, provided a thorough and insightful analysis of the emerging influence of blockchain and Web3.0 technologies in Africa and the Middle East and North Africa region.
Blockchain Technology is a decentralised database of transactions that is kept on a vast array of computers all over the internet.
Web 3.0 is a decentralised internet that is based on an unrestricted blockchain network that is not owned and managed by powerful institutions.
According to EMURGO Africa, the report demonstrated that Nigeria’s position placed a strong emphasis on its contribution to advancing financial inclusion and fostering innovation in the West African digital currency industry.
“The report shines a light on the critically important rise of blockchain investment in Africa.
“With compelling statistics, it heralds Africa’s burgeoning presence within the global blockchain arena,” the report stated.
The report, according to the business, showed that blockchain funding increased by 1.668 percent in 2022 compared to the year before, accumulating 91 million dollars in nations like Kenya, South Africa, and Nigeria.
The report, it was claimed, demonstrated Kenya’s quick progress in putting blockchain solutions into practise, which fueled economic growth in East Africa.
According to EMURGO Africa, the report showed growing Web3.0 and blockchain adoption in South Africa, which is revolutionising industries through transparent and secure data management across Southern Africa.
According to the report, Nigeria was ranked highly among the top 10 countries for the adoption of cryptocurrencies.
‘’These results highlight the revolutionary impact of Web 3.0 and blockchain technologies in Kenya, South Africa, and Nigeria.
It “establishes them as major contributors to the digital revolution unfolding across Africa,” the blockchain technology company claimed.
Web3.0 technologies are already redefining the digital landscapes in Africa, according to Ahmed Amer, the Chief Executive Officer of EMURGO Africa.
According to Amer, “Web3.0 technologies are providing creative answers to age-old problems, empowering people and communities all over the world.
This study offers a comprehensive examination of how these technologies might promote good change.
It “underscores the significance of encouraging a collaborative environment between stakeholders, policy makers, and regulators to unlock the full potential of Web3.0,” he said.
According to Amer, 40 percent of the 35 countries surveyed have put in place regulatory frameworks, indicating that cryptocurrency regulation is changing on a global scale.
He continued by saying that 34% were actively creating regulatory frameworks and just 9% were outright outlawing cryptocurrency.
The report emphasises the significance of a balanced regulatory approach in protecting individual privacy and protection, Amer said, noting that 20% of sub-Saharan African countries currently outlaw crypto currency assets and have established data protection laws in nations like Kenya, Nigeria, Egypt, and South Africa.
