A Wave of Crypto Rebirth in African CountriesDavid Kemp
The press noted that once again they can see a crypto renaissance in most African countries. Crypto adoption keeps growing and boosting its speed across the continent. Africa seems to be experienced another crypto rebirth.
The continent of Africa is doing great and is making significant success. African countries have achieved significant results. There are plenty of advanced with crypto trade volume. This applies to its ownership and regulation. Most spheres are moving forward trying to adopt cryptocurrencies. Greater adoption of crypto means a lot to the continent’s economy. The change may transform many areas and help people live a better life.
Arcane Research has recently carried out the research. They reported that the number of people entering the term ‘Bitcoin’ has increased. The list includes Kenya and Ghana. Some other countries that seem to have plenty of people interested in crypto are Nigeria and Uganda. Some of the most active users who may soon become cryptocurrency owners are located in South Africa. The mentioned regions have entered the list of top ten African countries where the percentage of the population ready to learn more about the crypto industry is the highest.
Luno’s report illustrates the continent of Africa as one of the greatest regions among those ready to adopt cryptocurrencies and let the crypto industry enter their daily life. The continent is known to have low crypto adoption as of yet. At the same time, African countries have an incredible domain opportunity. This kind of combination is unique and very promising. If the crypto market uses the right strategies and tactics, crypto may soon become the changing factor in many African territories.
The two agencies pay attention to the fact that the continent mostly exhibits younger people. As we know, younger populations are more willing to adopt new trends. Besides, Africa experiences financial crises. Currencies often fail in that part of the world. There are millions of underbanked people as well as unbanked individuals. Finally, their local means of payment are rather expensive.
Africa May Serve as a Hub for Crypto
Africa’s trade volume used to belong to Nigeria. The country has always dominated it, but the agencies announced that the largest number of crypto owners live in South Africa. Now Nigeria is the second after South Africa – the former has eleven percent users while the latter boasts thirteen percent of internet users who are ready for crypto adoption.
We can also compare the continent to the rest of the world. We will see that South Africa is ranked fifth for cryptocurrency adoption. The statistics cover connected residents only. Trade activity has surged. Also, the country’s financial regulators issued a document claiming that cryptocurrencies as well as activities cannot stay ‘outside’ and should also enter the regulatory perimeter.
Greater P2P Volumes
P2P trade in Nigeria is speeding up. It has produced over nine million USD. In Kenya experts have also noticed a spike. Egyptian and Moroccan sources have announced record trade activity in the past few weeks. It is important to mention that P2P volume increase has occurred due to the activities happening in Sub Saharan Africa and its regions. The data illustrates that the territory has finally beaten out Latin America. The current demand for cryptocurrencies is surging. Despite the crisis and the pandemic, people do want to get familiar with the crypto market to see what benefits it may bring.
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