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Africa sees a significant rise in crypto adoption. - Coinnounce


coinnounce.com 15 September 2021 06:39, UTC
Reading time: ~2 m

Global cryptocurrency adoption is on the rise. Emerging economies across Asia have seen a significant jump in the overall users of digital currencies over the last few months. But, the content of Africa is becoming an exciting and dynamic crypto market due to more than 1,200% growth in the last 12 months. Cryptocurrency regulations continue to remain in a grey area in most parts of the world. 

Kenya, Nigeria, South Africa, and Tanzania are among the top countries in crypto adoption. 

According to a recent research report published by Chainalysis, one of the leading blockchain data platforms, African countries like Kenya, Nigeria, South Africa, and Tanzania are ranked among the top 20 of the company’s Global Cryptocurrency Adoption Index. Peer-to-peer platforms, the need for remittances, and the use of digital assets as a hedge against rising inflation have played an important role in the growing adoption of cryptocurrency assets in the region. P2P crypto exchanges over the last year have grown significantly in Africa. 

There was a jump in the total number of global cryptocurrency users during the first half of 2021. 

In its latest research report, Crypto.com highlighted a massive jump in the total number of global cryptocurrency users during the first half of 2021. In addition, International cryptocurrency users crossed the mark of 220 million in June 2021. The Global Crypto Adoption Index of Chainalysis revealed that Kenya is one of the top 5 countries in cryptocurrency adoption. Nigeria was ranked 6th while South Africa, Ghana, and Tanzania came in at 16th, 17th, and 19th, respectively. However, Vietnam topped the list of the Global Crypto Adoption Index.


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