Technology

Cryptocurrency ownership in Nigeria, Malaysia highest in the world: report

The findings come at a time when several countries including India are deliberating over the legitimacy and security of the virtual asset. | Photo Credit: AFP
Sowmya Ramasubramanian 26 October 2021 15:50 IST
Updated: 26 October 2021 15:53 IST

India secured the seventh place with nearly 15.4% respondents saying they own at least one cryptocurrency.

Internet users in Nigeria have the highest rates of cryptocurrency ownership in the world, followed by Malaysia and Australia, according to data by comparison firm Finder.

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The firm surveyed over 41,000 individuals across 22 countries to measure the growth and adoption of cryptocurrencies.

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Japan ranked lowest in the list with only 4.6% of the population owning the virtual asset. India secured the seventh place with nearly 15.4% respondents saying they own at least one cryptocurrency.

Among all crypto assets, Bitcoin emerged as most popular, with the highest adoption seen in Japan with 76.7% people saying they own it. This is despite the overall cryptocurrency adoption being the lowest in the country. Users in South Africa and Singapore are next top owners of Bitcoin.

About 57% Indians who own cryptocurrency have invested in Bitcoin, according to the Cryptocurrency Adoption Index.

Also Read | Bitcoin tops $60,000, nears record high, on growing U.S. ETF hopes

Ethereum emerged as the most popular crypto asset in Singapore, with 52.4% users. Nearly 26% Indian users own Ethereum.

Meme-based Dogecoin saw its highest adoption in the U.S. with 30.6% crypto owners saying they own it. Meanwhile, 16.9% Indian users say they own the crypto asset.

In India, nearly 48% women have invested in at least one cryptocurrency, against 52% owned by men, indicating both genders are at par in terms of ownership. This is in contrast to other countries like Japan and Norway where less than 30% women own the asset.

The findings come at a time when several countries including India are deliberating over the legitimacy and security of the virtual asset.

Most recently, China declared all cryptocurrency transactions illegal, while U.S. lawmakers have urged tighter regulation.

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