The African continent is experiencing a cryptographic renaissance. The adoption of crypto currencies is making significant progress in Africa, with the volume of trade and regulation gaining wider acceptance. Does this mean that Africa will be the next epicentre of crypto currencies?
In a recent report by Arcane Research and Luno, it was found that Uganda, Nigeria, South Africa, Ghana and Kenya are frequently in the top 10 countries for Google searches of the word „Bitcoin“.
Similarly, the report describes the continent as „one of the regions, if not the most promising, for the adoption of cryptomontages. It highlights the combination of Africa’s low adoption of cryptography with a „huge“ potential for dominance.
Binance launched Bundle a payment application for the African market
BTC: Africa’s New Adoption
The companies stress that Africa has a young population, frequent currency to pay out / updated payments services act / ditched the platform / recent price moves / a series of delays / an integration with starbucks / ecent fee-raising proposal / b250 mining expert / despite claims the process was decentralized / bakkt acquired earlier this year crises and bankruptcies, large unbanked or under-banked populations and expensive means of payment. Therefore, Africa could be a great epicentre of the cryptomon currencies in the near future.
The report found that South Africa has the highest percentage of ownership or use of cryptography among African users. While Nigeria has dominated the volume of trade on the continent for a while, this changed with South Africa with 13% of cryptomone users, followed by Nigeria with 11%.
Similarly, worldwide, South Africa ranks fifth in terms of the adoption of crypto currencies among connected citizens.
LocalBitcoins: Volume of Krypton currency exchange for Sub-Saharan African countries.
Last week, South Africa released its second largest weekly volume on the peer-to-peer Bitcoin market (BTC). From LocalBitcoins, we were able to identify that there was an exchange volume with almost $1.65 million in BTC.
In this regard, increased trading activity caused South Africa’s total P2P trading volume to exceed that of Kenya. Last week, South Africa had $1.95 million in trade through LocalBitcoins and Paxful.
LocalBitcoins: Weekly trading volume of the African nation Kenya.
LocalBitcoins: African nation Kenya’s weekly foreign exchange volume.
Similarly, last month, South Africa’s financial regulator issued a policy paper. It states that cryptographic assets and virtual currency activities can no longer remain outside the regulatory perimeter.