scarycuteface:


No fewer than 13 million Nigerians are in possession of digital assets, as the United Nations Conference on Trade and Development (UNCTAD) has rated the West African country third among countries with the highest number of cryptocurrency holders in Africa.

Latest data from the UN agency’s policy brief indicated that the country was trailing Kenya and South Africa, with about 6.3 per cent of the Nigerian population owning or holding cryptocurrencies.

From the country’s estimated population of 211 million inhabitants, this meant that a little over 13 million were owners of digital currencies in 2021.

The UNCTAD policy brief put Kenya ahead of Nigeria and South Africa with the highest proportion of crypto-owning inhabitants than any other African country.

Kenya’s digital currency ownership of 8.5 per cent as a share of the population was the highest in Africa and the fifth-highest globally.

Only Ukraine with 12.7 per cent), Russia (11.9 per cent), Venezuela (10.3 per cent), and Singapore (9.4 per cent) have a higher proportion of crypto-owning residents than Kenya globally.

South Africa was the second-ranked country in Africa and eighth globally, with 7.1 per cent of the population that owned or held cryptocurrencies in 2021.

Although the Central Bank of Nigeria’s (CBN) restriction on banks to allow trading in crypto currency subsist, Nigeria is currently one of the biggest cryptocurrency markets globally.

Six Nigerian banks were in April reportedly fined N1.315 billion by the CBN in the 2021 financial year for failing to comply with the apex bank’s directive prohibiting their customers from trading in cryptocurrencies.

However, the Securities and Exchange Commission (SEC) recently released guidelines on the liberalisation of the cryptocurrency market.

Out of the 20 countries that were surveyed by UNCTAD in the latest policy brief, Australia was found to have the least percentage of its population (3.4 per cent) that owned cryptocurrency in the said period.

UNCTAD acknowledged that cryptocurrencies have grown in their popularity because they are, “an attractive channel through which to send remittances.”

The United Nations agency also revealed that it found that middle-income individuals from inflation-hit developing countries own or hold cryptocurrencies because they are seen, “as a way to protect household savings.”

However, based on its findings, the UNCTAD stated that it determined that, “the use of cryptocurrencies may lead to financial instability risks,” adding that their use potentially opens “a new channel for illicit financial flows.”

The UNCTAD policy brief added: “Finally, if left unchecked, cryptocurrencies may become a widespread means of payment and even replace domestic currencies unofficially (a process called cryptoisation), which could jeopardise the monetary sovereignty of countries.

“The use of stablecoins poses the greatest risks in developing countries with unmet demand for reserve currencies.”

To minimise some of these risks, UNCTAD recommended the imposition of taxes that discourages crypto trading, including “the mandatory registration of crypto-exchanges and digital wallets.”

The agency also recommended imposing, “entry fees for crypto-exchanges” or levying taxes on cryptocurrency trading.

Doing this, it stated, would make the use of cryptocurrencies less attractive, even as he prescribed the restriction of cryptocurrency advertisements and the issuing of a central bank digital currency (CBDC).

Meanwhile, the value of global trade rose to a record $7.7 trillion in the first quarter (Q1) of 2022, an increase of about $1 trillion in the corresponding period of 2021, a report by the UNCTAD has stated.

The just-released UNCTAD Global Trade Update revealed that the growth, which represents a rise of about $250 million relative to Q4 2021, was fuelled by rising commodity prices, as trade volumes have increased to a much lower extent.

According to the report, although expected to remain positive, trade growth has continued to slow during Q2 2022.


Culled from https://www.thisdaylive.com/index.php/2022/07/12/un-report-over-13m-nigerians-hold-cryptocurrencies/

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