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Africa is experiencing a cryptic renaissance

The adoption of crypto currencies is making significant progress in Africa, as crypto currency ownership, trade volume and regulation are moving towards greater adoption.

A recent report by Arcane Research and Luno found that Uganda, Nigeria, South Africa, Ghana, and Kenya are frequently in the top 10 countries for Google searches of the word „Bitcoin.

The report describes the continent as „one of the regions, if not the most promising, for the adoption of crypto currencies,“ emphasizing the combination of low adoption of crypto currencies in Africa along with a „huge“ potential for dominance.

Review of the documentary, Banking in Africa: The Bitcoin Revolution

The companies stress that Africa has a young population, frequent currency crises and bankruptcies, large unbanked or under-banked populations and expensive means of payment.

South Africa emerges as a crypto-currency centre
While Nigeria has long dominated the continent’s trade volume, the report found that South Africa has the highest percentage of ownership or use of Bitcoin Revolution zcash giveaway, ethereum price gbp Bitcoin Billionaire, The News Spy i norge, eos coin Bitcoin Trader, Bitcoin Circuit support bitcoin diamond, Bitcoin Evolution 2fa lost phone, Bitcoin Code deposit and withdrawal fees, trading strategies Bitcoin Era, Bitcoin Profit bank account or debit card, best Immediate Edge forex traders among Internet users in Africa, at 13 per cent, followed by Nigeria at 11 per cent.

Globally, South Africa ranks fifth in terms of crypto currency adoption among connected citizens.

Last week, South Africa released its second strongest weekly volume on the Localbitcoin (BTC) market, with nearly $1.65 million in BTC changing hands.

 

The increase in trade activity meant that South Africa’s total volume of P2P trade exceeded that of Kenya last week with $1.95 million in trade between Localbitcoins and Paxful.

Last month, South Africa’s financial regulator issued a policy paper stating that cryptoactives and virtual currency activities „can no longer remain outside the regulatory perimeter“.

P2P volume in Africa exceeds Latin America for the first time

P2P volumes increase across Africa
Nigeria’s P2P trade is reaching record highs, producing $9.2 million in combined weekly trade.

Kenya’s trade has also seen a recent peak, with Localbitcoins trade between BTC and the Kenyan shilling producing its second strongest week on record for the third time in a row.

Morocco and Egypt have also seen record trade activity in recent weeks.

The increase in volume across the continent has also seen sub-Saharan Africa’s P2P volume surpass Latin America for the first time.