A new report by Consensys, the annual Global Survey on Crypto and Web3, shows a rise in global awareness of cryptocurrency, with significant progress observed in African nations.
In Africa, cryptocurrency is gaining practical applications, being used more frequently for business transactions, as a safeguard against inflation, and for smaller, more frequent retail transfers.
Joseph Lubin, Co-Founder of Ethereum and Founder/CEO of Consensys, stated, “Each year, we see continued growth and adoption of crypto, blockchain, and Web3 the re-decentralized web.” He added that “2024 has been a key year for crypto, driven by several factors converging to push society towards greater economic, social, and political empowerment, in line with the ideals of the Web3 ecosystem.”
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According to the report, about 42 percent of global respondents have either purchased or currently own cryptocurrencies. The highest ownership rates were recorded in five countries: Nigeria (73 percent), South Africa (68 percent), the Philippines (54 percent), Vietnam (54 percent), and India (52 percent).
While Sub-Saharan Africa has contributed modestly to the global crypto market, the region remains the smallest contributor to the global cryptocurrency economy between July 2023 and June 2024.
