An article from theafricaReport stated that african countries are adoption crypto faster than counterparts. Let’s go through data to review this statement.
Referring to the same article.
Africa amassed $105.6bn worth of cryptocurrencies in forecasts for the year ending June 2021, driven by peer-to-peer (P2P) transactions in key growth markets.
Markets like Kenya, Nigeria, South Africa, and Tanzania had some of the highest grass-roots adoptions in the world and ranked in the top 20 Global Crypto Adoption Index.
Digital analytics firm Chainalysis’ latest figures show transactions volume made up of retail-sized transfers in Africa was seven per cent, against the global average of 5.5%.
This move is mainly driven by Kenya and Nigeria as we can see in the Chainalysis ranking of Crypto Adoption by Country, where consumers use them to sidestep stringent financial regulations that curtail cash transfers from banks to cryptocurrency businesses.
“No region uses P2P platforms at a higher rate than African cryptocurrency users, as they account for 1.2% of all African transaction volume and 2.6% of all volume for Bitcoin specifically,” reads the report in part.
When looking at the monthly share of all P2P Crypto platforms, we can see that African share is constantly growing but remain far behind Asia and America (both NORAM and LATAM)
Africa’s interest in digital currencies comes as the use of fiat cash declines in major economies in Africa, with consumers adopting electronic payment methods such as Lipa Na M-PESA, credit cards and payment gateways. But remain suffering from a regulation issue and very fragile due to the political changes in several countries.
The case of Patricia platform is just one of the example stability is not yet available in africa to have a consistent and sustainable cryptocurrencies environment.
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