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Bitcoin Adoption was Significant among South-East Asian Countries and Especially Nigeria in 2020

Robert S Barrows

ByRobert S Barrows

Feb 18, 2021

According to a report made public by Statista, it is believed that every third person in Nigeria either used or carried some sort of cryptocurrency with them through 2020. Nigeria is definitely among the leading crowd when it comes to cryptocurrency adoption. The main reason was the peer-to-peer mobile payment system’s availability and everyday use among Nigerians that urged them to dwell more on cryptocurrency for their business and everyday purchases.

Cryptocurrency is Becoming a Boon Element in Nigeria

The local use of cryptocurrency, especially Bitcoin, to purchase goods and services was wild in Nigeria back in 2020. If you call Nigerians the trendsetters in terms of adopting cryptocurrency in 2020, it would not be a false statement. In fact, the adoption was so keen and consistent that many people even started using the secure Blockchain payment technology used by cryptocurrency networks for the retrieval of international payments in the form of cryptocurrency.

This trend doesn’t seem to be slowing down or going out of fashion in Nigeria; in fact, many South African countries are joining hands with Nigeria to explore more about the cryptocurrency culture and practicing it through and through. The demand for crypto-based assets is through the roof despite a ban that the Central Nigerian bank is pushing onto other representative banks that are favoring cryptocurrency exchanges. 

South-East Asia Looking out for more Crypto and less Fiat

South-East Asia is also seeing a strong emergence of the Vietnamese as well as Filipino participants in the ratio of 21% and 20%, respectively, coming out as people who have used cryptocurrency in the recent year. Vietnam’s central bank has announced that it doesn’t recognize cryptocurrency-related assets as a genuine source of online or in-person payment. Despite this controversy, Vietnam was already ranking in an overall second place in cryptocurrency adoption in 2020. 

The officials take on this situation because many policies are under review to examine the emerging digital currencies as keenly as possible. Not only this, but there are chances that the law might soften up sometime in the future regarding the acceptance of crypto payments. 

Turkey made out to be the third while Peru was overall voted the fourth nation in terms of holding onto and using cryptocurrency for the sake of making purchases. Although Japan has some of the best cryptocurrency regulations and the law is not that strict in using it, the adoption is not that great and is ranked the lowest in this survey. 

Robert S Barrows

Robert S Barrows

Robert S. Barrows, a distinguished writer for Big Trends Signals, combines deep online trading expertise with superior writing to deliver comprehensive guides and trustworthy reviews for traders.

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