African Countries Lead in P2P Bitcoin Trading

Recently, African countries have been leading the way in P2P bitcoin trading. According to UsefulTulips, the continent recorded $17 mln in transaction volume in May 2021, a 50% increase over the same period last year. African countries have recorded a 15% increase in P2P bitcoin trading over the past six months. Indicators on other continents fell. North America dropped to 18% over the same period.

The UsefulTulips data also showed that there is an increase in P2P bitcoin trading in sub-Saharan Africa, while in the Middle East and North Africa the trading volume is significantly lower. The trading volume in both regions is less than $1 mln.

In Ghana, the launch of a regulatory sandbox that prioritizes blockchain-based companies, including cryptocurrency startups, is one factor that could lead to increased trading volume in the country. However, in parts of Africa, government sanctions against cryptocurrencies are driving the rise in P2P bitcoin trading.

Image: ItsBlockchain