The cryptocurrency news lately show that Africa is experiencing a major crypto renaissance and that crypto adoption is growing in all parts of the continent. As you probably know, crypto adoption is making significant advances with crypto ownership, trade volume and regulation all moving towards greater adoption.
A recent report by Arcane Research and Luno found that the countries of Uganda, Nigeria, South Africa, Ghana and Kenya are among the top 10 countries by Google searches for the word “Bitcoin.”
The report also describes the African continent as “one of, if not the most promising region for the adoption of cryptocurrencies,” and does not fail to emphasize how crypto adoption is growing in Africa because of the low existing adoption and the “enormous” domain possibility.
The firms are also showing that Africa exhibits a very young population, frequent monetary crises and currency failures, large unbanked or underbanked populations and expensive means of payment.
Nigeria is one of the countries where crypto adoption is growing. It actually dominated the continent’s trade volume, according to the report. However, South Africa has the highest percent of cryptocurrency ownership or use among Internet users in Africa with 13%, followed by Nigeria with 11%.
Over the past week, we could see South Africa posting its second strongest weekly volume on the peer-to-peer Bitcoin (BTC) marketplace LocalBitcoins, with close to $1.65 million worth of BTC that changed hands. The surge in trade activity saw total P2P volume for South African trade edge out Kenya last week with $1.95 million in trade across LocalBitcoins and Paxful.
Last month, the financial regulation in South Africa was in the regulation news for issuing a policy document asserting that all crypto assets and activities relating to virtual currencies “can no longer remain outside of the regulatory perimeter” when it comes to crypto ownership.
Meanwhile, as crypto adoption is growing in Africa, the Nigerian P2P trade is rallying to record highs, producing more than $9.2 million in combined weekly trade. The Bitcoin news are a popular topic in the country – Kenyan trade has also seen an uptick recently, where LocalBitcoin showed that the trade between BTC and the Kenyan shilling produced its second strongest week on record.
The countries of Morocco and Egypt are following, posting record trade activity in recent weeks.
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