Cryptocurrency adoption has increased dramatically in Africa
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Answer Cryptocurrency adoption has increased dramatically in Africa
Looking generally at the global level, we find that the adoption of cryptocurrencies is on the rise.
Emerging economies across Asia have seen a huge jump in total cryptocurrency users over the past few months.
Africa has become an exciting and dynamic market for cryptocurrency due to the significant growth of over 1,200% in the past 12 months.
According to report A recent research published by Chainalysis, a leading blockchain data analytics platform, ranked African countries such as Kenya, Nigeria, South Africa and Tanzania among the top 20 cryptocurrency adoption indicators.
P2P platforms, the need for remittances and the use of digital assets to hedge against rising inflation have played an important role in the growing adoption of cryptocurrencies in the region.
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Quoting from the report the following:
One of the significant trends in Africa is the continued growth of P2P cryptocurrency exchanges since last year.
Why are P2P platforms so popular in Africa?
One reason is that some countries, such as Nigeria and Kenya, have made it difficult for customers to send money to crypto companies from their bank accounts, either through laws or simply by advising banks not to allow such transfers.
The same report added:
But this is not a problem for P2P platforms, which are not guarded and allow customers to trade cash for cryptocurrency among themselves.
From here, users can send cryptocurrencies to central trading platforms to get more trading options if they so choose.
Global Cryptocurrency Adoption:
In its latest research report, Crypto.com highlighted a huge jump in the total number of cryptocurrency users globally during the first half of 2021.
The report indicated that international cryptocurrency users exceeded 220 million users in June 2021.
Chainalysis’ Global Crypto Adoption Index shows that Kenya is one of the top 5 countries for cryptocurrency adoption.
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Nigeria ranked sixth while South Africa, Ghana and Tanzania ranked 16, 17 and 19, respectively.
While Vietnam topped the list of cryptocurrency adoption index globally.
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