P2P Bitcoin Trade Volumes Surge in Kenya and Ghana but Nigeria Still Dominates
According to new data, peer-to-peer (P2P) bitcoin trade volumes in Kenya and Ghana surged in Q1 of 2021, with the two countries now ranked second and third respectively. On the other hand, volumes in South Africa, which occupied second place in 2020, dropped marginally. Consequently, South Africa has now been relegated to the fourth position the data shows. Contrasting Regulatory Regimes Meanwhile, one report has attributed the surge in Kenya and Ghana’s P2P volumes to the two countries’ tacit endorsement of cryptocurrencies. For instance, the report points to the Central Bank....
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Many analysts are confident the drift will keep growing to the extent where Nigeria may overtake countries like Kenya and Ghana. Bitcoin adoption in Africa was being spearheaded by South Africa, Kenya, and Ghana, until recently. In fact, the year 2016 witnessed the upward improvement of Bitcoin penetration in the Federal Republic of Nigeria in an encouraging dimension. In October 2016, a Nigerian based Exchange BitX announced that their wallet on Google Play Store recorded 100,000 downloads. Besides the increase in volume, the exchange also stated among other things that the price rate was....
In terms of Crypto Adoption, the developing countries are not behind. Emerging crypto markets in West Africa, such as Nigeria and Kenya, are leading the fronts in adoption. Chainalysis reported that Nigeria and Kenya ranked among the top 20 countries in the crypto adoption index. More countries in West Africa are joining the league. Ghana, […]
Paxful CEO Ray Youssef said that the current growth trends in Ghana show that it has the potential to be a leader in terms of crypto adoption. As emerging markets take the lead in crypto adoption, Ghana, a country located in West Africa, may soon catch up to other African countries regarding cryptocurrency use. In a report released by blockchain analytics platform Chainalysis, researchers found that Ghana has the potential to achieve crypto adoption levels similar to Kenya and Nigeria, countries which ranked 11th and 19th in the analytics firm’s global crypto adoption index. According to....
Nigeria’s peer-to-peer bitcoin trade volumes went up to just under $38 million in June 2021, the latest data shows. This surge becomes only the second time Nigerian P2P traded volumes have breached the $35 million mark in 2021. March 2021 is the only other period when P2P bitcoin traded volumes nearly surpassed the $38 million mark. Nigerian P2P Growth Unhindered by Central Bank Crypto Restrictions Still, as the data shows, the country’s June volumes surge had been preceded by the marginal drop of traded value to $35.2 million and $34.9 million in the months of April and May....
The Dream Bitcoin Foundation, founded by Philip Agyei Asare, is a non-profit organization that aims to empower young entrepreneurs in Ghana through education on entrepreneurship and cryptocurrencies. Conceived in January of this year, the Foundation was officially registered in Ghana on September 9, 2014. The Foundation consists of eight board members and currently has approximately 80 members. Digital payment systems are already the norm in many African countries. 43% of Kenya's GDP is cycled through M-Pesa, a "mobile phone based money transfer and micro-financing service." And nearly 80%....