2023: Nigeria has the highest P2P crypto transactions in the world

Hello Subscribers, Welcome to 2024 and a happy new year... I want to use this opportunity to share the first article of the year on crypto trading volume and which country led the way in 2023 globally.

The question is which country took the cup and why...

The answer is simply in Chainalysis methodology. It weighs P2P exchange volume against purchasing power parity (PPP) and the number of Internet users.

According to the blockchain data firm, this helps to highlight countries where "more residents are putting a larger share of their overall wealth into P2P cryptocurrency transactions."

Chainalysis does this for all the data sets that make up the crypto adoption rankings.

Without weighing data against PPP per capita and the number of Internet users, the wealthiest countries in the world would dominate the crypto adoption rankings.

Nigeria had the highest peer-to-peer (P2P) exchange volume, according to the 2023 Geography of Cryptocurrency Report by Chainalysis.?

In 2021, Nigeria ranked 18th for P2P exchange volume but went up one place to 17th in 2022.

Globally, Africa is considered the leading region in p2p crypto exchange trade volume with Nigeria leading the first position out of 155 countries globally despite the crypto transaction restriction regulations in the country.

It received the highest cryptocurrency value between 2022 and 2023.

While sub-Saharan Africa only accounted for 2.3% of the global cryptocurrency transaction volume between July 2022 and June 2023, making sub-Saharan Africa the smallest crypto economy in the world.

Sources: Techcabals but edited by Ogar Phil Blaize