Although cryptocurrency has lost 85 percent of its market value this year, the number of investors and traders have been on rise. While Bitcoin (BTC), reached its all-time high at the end of last year, the other top coins such as Ripple (XRP) and Ethereum( ETH) also experienced their all-time highs at the start of this year. And as we talk about the worldwide cryptocurrency adoption, one of the most untapped places in the whole world is Africa. The blockchain experts in Nigeria have demanded crypto regulation in Africa to strengthen the market and boost the economy. Experts believe that the crypto sector in Africa needs ruling guidance for the betterment of the society.
The whole crypto market has shedded almost 85 percent with Bitcoin losing 83 percent of its total value. Other coins also lost over ninety percent of their value. However, these facts are not enough to determine the development of the crypto market. For instance, a study report published by the Cambridge Centre for Alternative Finance declares that in spite of the terrible bear market this year, the onboarding of new traders and the crypto adoption has increased worldwide.
Blockchain Experts of Nigeria at the Meet
Some of the most qualified crypto experts in Africa gathered at the recent Luno Meet titled ‘Building Trust in the Nigerian Cryptocurrency Market’. This meet was held in Nigeria. During the meet, they discussed the best way forward for the blockchain industry in Nigeria and all over the continent.
Lucky Uwakwe, the COO (Chief Operating Officer) of Blockchain Solutions Ltd.,said crypto is on on all time rise worldwide. Currently, 65 percent of people in Nigeria are aware of crypto.
Uwakwe said that 25 percent of people as per the study currently possess crypto in some or other form. He further added 51 percent of people considered crypto as an investment and sixteen percent used it for online shopping. Whereas, nineteen percent used crypto for payments.
However, the stats and study looked a bit fabricated. The major issue that Lucky was trying to highlight is that cryptocurrency and its adoption is on the rise. And that said Nigeria needs to accelerate or it will be left far behind in the race.
Making Africa Crypto Friendly
Owenize Odia, a Nigerian blockchain expert, and the Country Manager during the Luno Meet discussed that how legislation is an important issue. It can aid in strengthening trust in the African and Nigerian crypto industries.
He also discussed the other aspects of cryptocurrency adoption and explained how decentralization can drive the Nigerian economy.