In the face of dwindling fortunes within the cryptocurrency sector, Africa’s most populous country, Nigeria, stimulates a new interest in the non-centralized currency.
Failings, impairments, and uncertainties are some of the terms that best describe the conditions of the crypto markets at this time. In spite of all these, one country appears unruffled by such headlines – the Nigerian State!
Popular Survey Brings Nigeria to the Fore
Google Trends (GT) came under the spotlight recently by CoinGecko. In the survey that it monitored, it found that Nigeria currently ranks number one among several other countries that have a vested interest in the world of cryptocurrencies. The search tool also reveals that the number of Nigerians (especially within the younger age brackets), who have conducted research into digital money, multiplied and more are expected to jump on that train soon. GT was able to indicate the number of times Nigerians googled crypto-related words and terms and realized it surpassed that of any other clime or nationality thereby putting her in the lead. The ironic aspect of it is that this is coming after the losses that hit the market in April.
A key determinant can be attributed to the fact that the country has a weak financial system. The same reason is responsible for the similar behaviour across some other African states.
UAE comes next in the list of countries backing the use of cryptocurrencies. She has already provided a framework by co-opting a number of experts into a unit that is overseeing the acceptance of the currency. In addition, different interest groups within the same country have been lending their support.
Singapore took the third position following the UAE.
