Nigeria and South Africa: The Crypto Pioneers of the World

Afaf Fahchouch
Afaf Fahchouch
2 Min Read
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A groundbreaking global survey conducted in 2023 by Consensys and YouGov has shed light on the evolving landscape of cryptocurrency adoption around the world. While the survey revealed that a remarkable 92% of participants globally have embraced the phenomenon of digital currencies, it also unveiled intriguing insights into regional disparities and attitudes towards crypto.

In the heart of Africa, Nigeria and South Africa emerge as the torchbearers of crypto awareness. Nigeria, in particular, boasts a staggering 99% awareness level among its populace, demonstrating an impressive grasp of blockchain technology, with 70% of respondents comprehending its fundamental concepts. This positions Nigeria as a global frontrunner in the crypto realm, despite the Central Bank of Nigeria’s declaration in February 2021, deeming cryptocurrency transactions illegal.

South Africa, on the other hand, shines as a beacon of hope for cryptocurrency enthusiasts. An astounding 98% of South Africa’s population is well aware of cryptocurrencies, and the prevailing sentiment is undeniably positive. Here, digital currencies are seen as the future of finance and digital ownership. This contrasts starkly with certain regions in Europe and Japan, where a more substantial portion of the population remains hesitant about future crypto investments.

The survey’s comprehensive scope encompassed 15,158 online interviews conducted across 15 countries spanning the Americas, Asia, Europe, and Africa. Its aim was to provide both a global and regional perspective on public perceptions of cryptocurrencies, NFTs, Web3, blockchain technology, and the metaverse.

In a rapidly evolving financial landscape, Nigeria and South Africa have emerged as trailblazers, leading the world in crypto awareness and adoption, and challenging preconceived notions about the global crypto landscape.


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