Interest in crypto is increasing in the African continent, which has lower incomes compared to the rest of the world. US-based cryptocurrency researcher Chainalytic shared a report on the largest country in the region the other day. According to the report prepared by the company for Njierya, high inflation and the depreciating local currency in the country caused an increase in interest in Bitcoin and altcoin units.
Chainalytic experts found that cryptocurrency volume in Nigeria increased by 9% annually during the period June 2022 – June 2023. The figure, which reached 56.7 billion dollars despite the bear market, reveals that citizens have adopted cryptocurrencies.
Blockchain researchers have found that interest in the market has increased, especially as a result of events that took place earlier this summer. In Nigeria, where the state is more economically active, President Bola Tinubu implemented a series of reforms months ago. Tinubu ended oil subsidies and some controls on exchange rates. As a result of these developments, the country’s local currency, the naria, lost value.
Moyo Sodipo, manager of Nigeria-based cryptocurrency exchange Busha, underlined that citizens are looking for solutions against inflation.
Africa’s largest country declared the Binance exchange illegal this summer.