Bitcoin Kenya: Cryptocurrency Revolution
Kenya continues to play a perfect host to the venture-backed Bitcoin companies, which are expanding fast in the region to give the premier money transfer agencies such as MoneyGram, PayPal, and Western Union, a run for their money. In February, the Bitcoin-based global remittance company BitPesa announced that it had raised $1.1 million in fresh funding, backed by hedge fund Pantera Capital. BitPesa expects to use the funding to penetrate deeper into the Kenyan markets, targeting small mobile payment services initially. The month also witnessed the entry of the Australian Bitcoin exchange,....
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Kenya has the fourth-highest interest in cryptocurrency globally, a new research study by Broker Chooser has found. According to the study, only three countries — Ukraine, Russia, and the United States — have had higher searches for cryptocurrency in the last 12 months than Kenya. Crypto Searches in Kenya Highest in Africa According to a Citizen newspaper report, searches for cryptocurrencies originating from Kenya during the twelve-month period topped 99,810. Alternatively, this means there was an equivalent of 18 searches per 10,000 people during this period. The ranking....
When thinking about the future of money, many of us now invariably have thoughts about bitcoin. Where is it going? What role might it play in our financial lives? No matter what you think about it, bitcoin is great for starting a debate on where digital money is heading. Africa is a place where bitcoin has major potential. But what you might not realize is how important electronic money already is to countries there such as Kenya. First, a little economic information about this East African nation. Kenya is one of the region's largest economies with a GDP of $41 billion dollars. Fifty....
In his Africa crypto market predictions for 2022, Marius Reitz, the general manager for Luno in Africa, has predicted that Kenya will scale up the adoption of cryptocurrencies. To support this assertion, Reitz points to Kenya’s as position as the leader in the world’s peer-to-peer (P2P) traded volumes for the second year running.
Kenya’s Booming Crypto Market
Kenya is set to lead the world’s peer to peer cryptocurrency market for the second consecutive year, Marius Reitz, the general manager (GM) for Luno cryptocurrency exchange in Africa, has....
The Central Bank of Kenya has warned the public against Bitcoin and other virtual currencies, citing that it’s not legal tender and is unregulated. People should therefore desist from transacting in Bitcoin and similar products. There are not many countries left in the world with a buoyant Bitcoin market where the central bank hasn't issued a cautious statement on using cryptocurrency. Now Kenya joins the club of frightened central bankers. “Domestic and international money transfer services in Kenya are regulated by the Central Bank of Kenya Act and other legislation. In this regard, no....
The akoin cryptocurrency, created by famous singer and philanthropist Akon, has started trading on a global crypto exchange. It is also being launched as a means of payment in a tech city in Kenya as a pilot for Akon City, the $6 billion futuristic city that is being built in Senegal. Akoin Crypto Starts Trading and Is Being Used for Payments in Kenya The much-anticipated cryptocurrency created by Senegalese-American star and philanthropist Akon that will be used as the primary currency in his $6 billion Akon City in Senegal has launched. The akoin cryptocurrency (AKN) began trading....