The adoption of cryptocurrencies in Africa is making considerable progress: important goals have recently been achieved in terms of the number of people in possession of coins, trading volumes and regulations.
According to a report by Luno and Arcane Research, Uganda, Nigeria, South Africa, Ghana and Kenya are very often among the top ten countries in the world for the number of Google searches of the term „Bitcoin“.
The study defines the continent as „one of the most promising, if not the most promising, regions for the adoption of cryptocurrency“: Africa is in fact characterized by a very young average population, frequent monetary crises and currency failures, a large number of people with no access to banking services, as well as overly expensive payment methods.
South Africa: an important centre for cryptocurrencies
Although Nigeria is by far the nation with the highest trading volumes, the report shows that South Africa has the highest rate of ownership and use of cryptocurrency among Internet users (13%), followed by Nigeria (11%).
In the world, South Africa is the fifth country by adoption of cryptocurrencies among citizens with a network connection.
Last week South Africa recorded the second highest weekly trading volume ever on the peer-to-peer LocalBitcoins platform: nearly $1.65 million was traded in Bitcoins (BTC).
We are also seeing improvements in terms of regulations. Last month, South Africa’s financial regulator issued a document arguing that cryptocurrency and related activities „can no longer remain outside the regulatory perimeter“.
Sub-Saharan Africa overtakes Latin America
Peer-to-peer volumes in Nigeria have recently broken new records: $9.2 million. The popularity of cryptocurrency has also skyrocketed in Kenya: more and more BTCs are being purchased on Immediate Edge list of coins, how do i buy ethereum on Bitcoin Profit, 1099 k Bitcoin Evolution, how to sell bitcoin gold Bitcoin Code, send eth from binance to Bitcoin Era, withdraw money with Bitcoin Trader, Bitcoin Billionaire vs gkfx, The News Spy download platform, Bitcoin Circuit review crypto, cannot buy bitcoin cash on Bitcoin Revolution using the Kenyan shilling. There has also been an increase in activity in Morocco and Egypt.
Thanks to this sudden increase in interest in cryptocurrencies, BTC’s volumes in Sub-Saharan Africa surpassed those in Latin America, which moved from second to third place. At the top of the ranking is the United States.