Lagos, Ibadan make top 50 global crypto hubs

Nigerian cities, Lagos and Ibadan have been listed as cryptocurrencies hubs across the globe.

This is despite the Central Bank of Nigeria’s restrictions on cryptocurrencies and transactions related to them in 2021.

The CBN claimed that cryptocurrencies were being used for illegal activities including money laundering, terrorism financing, purchase of small arms and light weapons, and tax evasion.

According to crypto accounting services firm, Recap, which put together a list of top 50 crypto hubs in 2022 in the world, the Nigerian cities made it to number 14 (Lagos) and 24 (Ibadan) respectively.

The report used eight criteria to determine the crypto-readiness of the most populated cities around the world.

They include quality of life score, crypto-specific events, people working in crypto-related jobs, crypto companies, R&D spend as a percentage of GDP, number of crypto ATMs, capital gains tax rate and ownership of crypto in each country.

London came first place as the leading crypto-hub in the world on the list, followed by Dubai and New York City.

While the UK’s capital leads the list as the biggest crypto-hub in the world, the report found that only 11 per cent of people in England own/use crypto, compared to 45 per cent of people in Nigeria, which came in 14th place.