The introduction of cryptocurrencies is making significant progress in AfricaAs cryptocurrency ownership, trading volume, and regulation find increasing acceptance.
A recent report by Arcane Research and Luno found that Uganda, Nigeria, South Africa, Ghana and Kenya are often among the top 10 countries in Google searches for the word “Bitcoin”.
The report describes the continent as “one of the regions, if not the most promising, for the introduction of cryptocurrencies”.and emphasizes the combination of the low acceptance of cryptocurrencies in Africa with a “huge” possibility of dominance.
Businesses highlight that Africa has a young population, frequent currency crises and defaults, large populations with no or no bank details, and expensive means of payment..
South Africa is developing into a cryptocurrency center
Although Nigeria has long dominated the continent’s trading volume, the report found that South Africa had the highest percentage of cryptocurrency ownership or use among Internet users in Africa, at 13%, followed by Nigeria at 11%.
South Africa ranks fifth worldwide in the introduction of cryptocurrencies among related citizens.
Last week, South Africa had the second largest weekly volume on the Localbitcoin (BTC) market, with BTC changing nearly $ 1.65 million.
Weekly trading volume in local bitcoins. Source: Coin.dance
The increase in business activity meant that the total volume of P2P trading in South Africa exceeded that of Kenya last week at $ 1.95 million in trading between Localbitcoins and Paxful.
Last month, The South African financial regulator has issued a regulatory document stating that crypto assets and virtual currency related activities “can no longer remain outside the regulatory arena”.
The P2P volume is increasing across Africa
Nigeria’s P2P trade reaches record highs and produces $ 9.2 million a week in combined trading.
Kenya’s trade has also increased recentlyLocalbitcoins, which are traded between BTC and the Kenyan shilling, produce the second strongest week in existence for the third time in a row.
Morocco and Egypt have also had unprecedented business activity in recent weeks.
The increasing volume across the continent has also caused P2P volume from sub-Saharan Africa to exceed Latin America for the first time.