According to PricewaterhouseCoopers (PwC) and the blockchain technology company EMURGO Africa, Nigeria is one of the top 10 countries in the world for cryptocurrency adoption.
In a statement made available to reporters in Lagos, it claimed that this information was included in its recently released “State of Web3.0 in Africa” study.
The emerging impact of blockchain and Web3.0 technologies inside Africa and the Middle East and North Africa (MENA) area was extensively and perceptively analyzed, according to EMURGO Africa.
A decentralized record of transactions that is kept on a vast array of computers around the internet is what is referred to as blockchain technology.
Web 3.0 is a decentralized internet that is based on a public blockchain network and is not owned and governed by major corporations.
According to EMURGO Africa, the report demonstrated that Nigeria’s position highlighted its function in fostering financial inclusion and innovation in the West African digital currency sector.
“The report shines a light on Africa’s crucial surge in blockchain investment.
“With compelling statistics, it heralds Africa’s burgeoning presence within the global blockchain arena,” the statement read.
In 2022, compared to the year before, blockchain funding increased by 1.668 percent, the company claims, amassing a total of 91 million dollars in nations including Kenya, South Africa, and Nigeria.
It claimed that the study showed Kenya’s quick progress in adopting blockchain technologies, which sped up economic growth in East Africa.
According to the survey, Web3.0 and blockchain technologies are becoming increasingly popular in South Africa, revolutionizing companies through transparent and secure data management, according to EMURGO Africa.
It was mentioned that the survey also highlighted Nigeria’s prominent ranking in the top 10 countries for the use of cryptocurrencies.
‘’These results highlight how blockchain and Web3.0 technologies have revolutionized Kenya, South Africa, and Nigeria.
According to the blockchain technology company, this “establishes them as major contributors to the digital revolution unfolding across Africa.”
Web3.0 technologies, according to Chief Executive Officer of EMURGO Africa Ahmed Amer, are already changing the continent’s digital landscapes.
According to Mr. Amer, “Web3.0 technologies are empowering people and communities across continents by providing creative answers to age-old problems.
The ability of these technologies to spur good change is thoroughly examined in this research.
To fully realize the promise of Web3.0, he said, it is critical to develop a collaborative atmosphere amongst stakeholders, policymakers, and regulators.
According to Mr. Amer, the regulation of cryptocurrencies is changing on a global scale, with 40 percent of the 35 countries questioned having put in place legal frameworks.
Additionally, 34% were actively creating regulatory frameworks, while only 9% were implementing a complete ban on cryptocurrency.
The report “underscores the importance of a balanced regulatory approach in safeguarding individual privacy and protection, given that 20% of sub-Saharan African countries are currently outlawing crypto currency assets and established data protection laws in countries like Kenya, Nigeria, Egypt, and South Africa,” Mr. Amer said.