Nigeria, Africa’s largest economy, has the most cryptocurrency-aware population in the world, according to a global survey of respondents from 15 countries.

ConsenSys and YouGov freed Results of the Global Web3 Awareness Survey, which aims to provide macro and regional insights into perceptions of cryptocurrencies and the wider Web3 ecosystem in different countries.

A key takeaway from the data obtained from the qualitative survey is that the two African countries rank highest in awareness of cryptocurrencies. Surveys show that 99% of Nigerians and 98% of South Africans are more aware of Web3 than people in major economies such as the UK, US, Japan and Germany.

Survey questions and responses.Source: Consensys/YouGov Global Web3 Engagement Survey

The survey included 15,158 individuals between the ages of 18 and 65 living in 15 countries. Among Nigerian respondents, 70% said they understood the basic concepts of blockchain technology.

Nigeria’s knowledge of the cryptocurrency industry is reflected in the cryptocurrency ownership among its population. Of the 1,001 respondents from Nigeria, 76% held or had held cryptocurrencies. Bitcoin (BTC) and Ether (ETH) are the most common, while Binance Coin (BNB) and Dogecoin (DOGE) rank above Tether (USDT), the world’s largest stablecoin.

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Ninety percent of Nigerian respondents expressed interest in investing in cryptocurrencies in the next year, while 65% noted that cryptocurrencies offer a hedge against hyperinflation and currency debasement.

Considering that the Central Bank of Nigeria cut off the link between cryptocurrency exchanges and businesses and local banks in February 2021, 50% of respondents said regulators should create laws that encourage participation while protecting investors.

Screenshot of survey question.Source: ConsenSys/YouGov Global Web3 Engagement Survey

ConsenSys has published Data and insights related to all 15 countries surveyed. Among U.S. respondents, 95 percent said they were aware of cryptocurrencies, while 42 percent had heard of the industry but lacked a clear understanding. Only half of U.S. respondents said they own or have ever owned cryptocurrencies.

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