Blocktoq

    Will Bitcoin protect your savings from inflation?

    18 November 2021

    How to create nft art?

    12 November 2021

    USA – the top destination for bitcoin miners. Why China gave away the title?

    11 November 2021
    Facebook Twitter Instagram
    Facebook Twitter Instagram
    Blocktoq
    • Crypto News
    • Explained
    • Reviews
    • After Hours
    • Market Tools
    • Igaming
    • English
      • Polish
      • Russian
    0 Shopping Cart
    Blocktoq
    Blocktoq»Crypto News»Intense development of crypto in Africa
    Crypto News

    Intense development of crypto in Africa

    KonradBy Konrad25 May 2020Updated:12 March 2021No Comments3 Mins Read
    Facebook Twitter Pinterest LinkedIn Tumblr WhatsApp VKontakte Email
    Криптовалюта в Африке приспосабливает массу|Африка-цифровая-валюта-адаптация|Криптовалюта - право собственности - людей-с -Африки|Крипто Биткоин в Африке|Южно-Африканский оборот криптовалют|Денежные переводы в Африке
    Share
    Facebook Twitter LinkedIn Pinterest Email

    According to data, Africa is one of the better developing places in the world in terms of cryptocurrencies What will the future of this continent look like?

    In short:

    • Africa and cryptocurrency adaptation
    • Is the introduction of cryptos in Africa a good solution?
    • The growing popularity of cryptography

    Africa and cryptocurrency adaptation

    Recent years have shown us that Africa is developing very intensively in terms of cryptocurrency. The continent has recently seen more and more owners of crypto an increased trade volume and better crypto regulations. It can be seen that Africa is moving towards a greater adaptation of cryptocurrencies from month to month. 

    Crypto Bitcoin in Africa usage

    In Uganda, Nigeria, South Africa, Ghana and Kenya, one of the most popular Google search terms was “Bitcoin”. As you can see in those circles, the theme of the biggest cryptocurrency is really hot. 

    A report submitted by Arcane Research, a company specializing in data-driven crypto research, describes Africa as one of the most promising regions in the world for cryptocurrency adaptation, emphasizing that the continent has great potential for such activities and can benefit exceptionally from it. 

    Is the introduction of cryptos in Africa a good solution?

    Companies interested in adapting the crypto in the second largest continent on earth stress that Africa is a very good place for mass cryptocurrency deployment due to its young population, frequent monetary crises, currency collapses, poor banking and expensive means of payment. 

    A simple transfer charges as much as 9% of the total rate through transaction fees, so it isn’t strange at all that Africans are interested in alternative solutions.

    Money transfers in Africa

    Africa is inhabited by around 1070 million people (one-seventh of the world’s population) which is why large technology companies or stock exchanges like Binance are focusing their attention on this region. Already in 2018, the largest Binance crypto exchange started its expansion in Africa, offering its services to Ugandan, Nigerian and South African citizens.

    The growing popularity of cryptography

    Nigeria, as the most populous country, has long dominated the continent’s trade turnover, but a report by Arcane Research shows that South Africa has the highest percentage of people with cryptos (13%), followed by Nigeria (11%).

    Cryptocurrency ownership by African people

    source: Arcane Research

    Last week, South Africa reached its second-largest weekly volume in the peer-to-peer LocalBitcoins market from 2013. Other regions of Africa also saw a sharp increase in volume, forcing the African government to take action. 

    South Africa Crypto Volume

    source: CoinDance

    South Africa’s financial regulator has issued a document stating that activities related to digital currencies can no longer remain outside the regulatory area. 

    Peer-to-peer (P2P) payments, which define all financial services that help to transfer money between two individuals in a simple and quick manner, are increasing, breaking all records in Africa. 

    In Nigeria, P2P trading has reached a record weekly turnover of over $9 million. Kenya also saw an increase where trading on LocalBitcoins recorded its second strongest week ever. All the recent growths have led to P2P volumes from sub-Saharan Africa overcoming Latin America.

    Africa digital currency massive adaptation

    Given the size of Africa and its need for a stable digital currency, we can expect intensive development and massive adaptation of the crypto in the coming years. Such a financial breakthrough across the continent will contribute to the overall development of the whole of Africa in various sectors. 

    Share. Facebook Twitter Pinterest LinkedIn Tumblr WhatsApp Email
    Previous ArticleПоможет ли Институт Цифровых Денег представить CBDC во всем мире?
    Next Article Crypto goes plastic, collaboration with Visa
    Konrad

      Start with crypto today

      Leave A Reply Cancel Reply

      Search

      Will Bitcoin protect your savings from inflation?

      By Blocktoq Team18 November 20210

      Recently, a record increase in inflation has been recorded – both in Poland and in the USA. In Poland, inflation is close to 7%, in the USA it is 6.2%.

      How to create nft art?

      12 November 2021

      USA – the top destination for bitcoin miners. Why China gave away the title?

      11 November 2021

      Solana, the man(ETH)er

      3 November 2021

      Address: Blocktoq LTD, Kemp House 160 City Road, EC1V 2NX, London
      Email: [email protected]

      Facebook Twitter Instagram
      About us
      • Who we are
      • Submit press release
      • Advertise
      • Privacy Policy
      • Contact us
      • Shop
      • Cart
      Categories
      • After Hours
      • Crypto News
      • Crypto Projects
      • Explained
      • Finance
      • Igaming
      • Market Tools
      • Press Releases
      • Reviews
      Design by Blocktoq - Let's talk about Crypto! © 2022 Blocktoq All Right Reserved

      Type above and press Enter to search. Press Esc to cancel.