- Crypto adoption in Africa seems to be on the rise, as the trading volume in many of its countries surges.
- The most crypto activity per the number of users connected to the internet is noticed in South Africa.
- Africans seem to prefer LocalBitcoins for transferring BTC, where $1.6 million exchanged hands last week.
The crypto sector has been pushing for adoption for over a decade now, and while it sees undeniable progress around the world — its progression seems the fastest in Africa. The continent has attracted a lot of attention from some of the most vocal crypto supporters and enthusiasts in the last few years.
Not to mention that it is likely the region of the world where a decentralized digital currency is the most needed. With that in mind, it is not surprising that Africa sees astounding levels of adoption.
Crypto ownership, regulation, and trading volume are all advancing at a rapid pace.
South Africa sees strong adoption and usage of crypto
According to a recent report published by Arcane Research and Luno, a number of African countries often emerge on the top 10 regions that most often search for the word ‘Bitcoin’ on Google. The countries include South Africa, Nigeria, Kenya, Uganda, and Ghana.
The report further speaks of Africa as one of the most promising regions for crypto adoption. This kind of description comes from two factors — the low existing adoption, and a huge domain possibility. The report mentions that Africa has a strong and large young population, constant monetary crises, and it keeps experiencing fiat currency failure.
Not to mention its huge unbanked and underbanked population, while the existing methods of making payments are extremely expensive for its standards.
The report revealed other details, such as the fact that Nigeria dominates when it comes to the trade volume — at least among other African countries. Meanwhile, the highest percentage of crypto ownership is in South Africa. This country also leads when it comes to internet users (13% of the population), with Nigeria being the second region per this metric with 11%.
South Africa is not doing that bad on a global scale, either, as it ranks fifth for crypto adoption per connected citizens.
South African BTC volumes approaching Kenya
Last week, the country also saw its second-strongest weekly volume on LocalBitcoins. Around $1.65 million in BTC exchanged hands during that period. As such, it even managed to approach the volume of Kenya, which is only slightly above — sitting at $1.95 million.
It also saw some development from a regulatory standpoint, with its financial regulator issuing a document that states that crypto activities and assets cannot remain outside of the ‘regulatory perimeter.’
Kenya and Nigeria also saw spikes in trading recently, and it seems that Egypt and Morocco are also stepping up their game in the crypto space.