Lagos Leads Africa Among Top 50 Cities Recognized as Crypto Hubs Globally

Lagos and Ibadan cities in Nigeria have been identified as the most ready for trade activities involving cryptocurrencies in Africa, according to the latest report.

The world's most crypto-ready hubs pic.twitter.com/7a04sZRjCE

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The report, based on research conducted by crypto accounting services firm, Recap, lists 50 top performing cities, globally for their competititives when it comes to crypto businesses.

Out of the top 50 cities, 6 are from Africa, with Nigeria, South Africa, and Angola represented:

• Lagos (Nigeria) – Position 14
• Ibadan  (Nigeria) – Position 24
• Cape Town (South Africa) – Position  30
• Luanda (Angola) – Position 38
• Pretoria (South Africa) – Position 42
• Johannesburg (South Africa) – Position 46

While South African cities also do well in the report, Nigeria once again stands out in Africa with 45% of people in Nigeria owning or using crypto, according to the report. This is important since only 11% of individuals in the UK, who dominated the list, use or own crypto.

Despite the Central Bank of Nigeria (CBN) issuing a raft of suspensions and bans on cryptocurrencies, including a crypto ban in February of 2021, the people appear to prefer cryptocurrencies for its advantages in use – cases like remittances, cross -border trade, and safeguarding against currency devaluation.

Nigeria is currently considering regulation for cryptocurrencies including stablecoins, as well as Initial Coin Offerings (ICOs), as it prepares for an increase in digital finance by 2025.

The growing adoption of cryptocurrencies has attracted interest from cities around the world, which see potential for investment and innovation, the report says. This set up a contest between cities to be recognized as crypto-friendly sites.

“As regulations surrounding crypto become more established, particularly with regards to taxes, some countries offer more favorable tax systems than others, with some having 0% taxes on capital gains and others imposing a tax rate as high as 45%,” says the report.

The total includes the first 50 cities assessed according to their readiness for widespread cryptocurrency adoption.

The study considered various factors, including the number of cryptocurrency-related events, employment opportunities, cryptocurrency-related businesses and ATM machines.

Additional factors not related to illness, such as quality of life, R.

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