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As per the research, 35% of Nigerians aged 18 to 60, or 33.4 million people, possessed or exchanged digital currencies in the previous six months. About 17.36 million Nigerian crypto traders (52%) have dedicated more than 50% of their wealth to cryptocurrency.

Countering growing fiat depreciation is among the chief reasons global investors diversify conventional investments into cryptocurrency. Last month, a group of UK investors was polled, and the majority thought that cryptocurrencies were safer and better than conventional assets like gold, oil, equities, and real estate.

Related Post:Kenya's CB Governor reiterates opposition to Cryptocurrencies, According to a Report

Peer-to-peer trading is the most common approach for Nigerian investors to transfer money into crypto assets, according to the KuCoin research. Over the next six months, about 23.38 million Nigerians, or 70% of current crypto investors, will expand their crypto holdings.

The value of the Nigerian naira, the country's fiat currency, has dropped by nearly 209% in the last six years, making deflationary assets like Bitcoin attractive to small investors (BTC).

While most Nigerian crypto traders started their adventure several years ago, the survey also indicates that 26% started trading in crypto just six months ago, thanks to the 2021 bull run, which saw BTC values momentarily exceed the $69,000 level.

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The Brazilian central bank confirms that the CBDC pilot will begin in 2022

According to Cointelegraph Brazil, Brazil's Central Bank president indicated that the nation's independent digital currency pilot will begin this year.

The digital currency was confirmed during a press conference on Monday, when Roberto Campos Neto, the Central Bank of Brazil president, said that a trial CBDC project might launch in the second half of this year.

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The worth of the impending CBDC will be determined by the national fiat payment system STR (Reserve Transfer System). Neto also indicated that "Digital Real" would have a finite amount, and only a specific quantity would be created, similar to Bitcoin.

In his address, Neto stressed that he still feels cryptocurrency is more popular as an investment than a payment medium but that this might transform if mainstream acceptance increases.

Related Post:JNB will airdrop Jam-Dex CBDC for early adopters

The announcement of a CBDC pilot in the second half of the year comes after the central bank said a month ago that it had formed a cooperation with nine banks to help with CBDC creation. Brazil will join other countries in developing their virtual currency, provided that the central bank president grants his approval.