African Countries Are Leading In BTC Peer-to-peer Trading: Analysis

African countries are leading the way in Bitcoin peer-to-peer trading as new reports from Useful Tulips showed, with records of 15% growth in the trading volume over the past six months as we can see more in our latest cryptocurrency news today.

The data shows that African countries are leading the way when it comes to BTC P2P trading in recent times and according to UsefulTulips, the continent recorded a transaction volume of $17 million in May of this year which is an increase of 50% since 2020. the data shows that the African countries recorded over 15% of the growth in their Bitcoin P2P trading volume over the past six months and in contrast, other countries saw their performances drop. For example, North America experienced a drop of 18% in the same timeframe. The data shows that while Sub-Saharan African countries saw a rise in their BTC P2P trading volume, countries in Middle East Africa and North Africa recorded a lower trading volume. Both regions had their trading volumes of less than $1 million but as a whole, the entire continent witnessed a continued growth since 2020.

In recent times, countries in Africa saw major growth in crypto adoption and one report even showed that this growth was due to the tacit support some governments on the continents were giving in the space. Ghana as an example was said to have a launch of a regulatory sandbox that prioritized blockchain-based companies like crypto startups as one of the factors that could have led to the increase in volume in the country.
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However, in some parts of Africa, the reason for the growth was the government sanctions against crypto.

South Africa and Nigeria’s governments have a really harsh stance on crypto as both countries barred their citizens from using digital assets or want to completely regulate the space. Due to this reason, BTC traders in these countries had to seek a new alternative to bypass the restrictions that were placed by their governments. Tanzania for example is preparing to tow the path of the likes of Paraguay and Mexico as the country is working to adopt BTC as a legal tender.