Peer-To-Peer Bitcoin Trading Rising Across Africa
The conditions for growth are ripe as the continent embraces the freedom of Bitcoin.Bitcoin was developed with the intent of putting financial control back in the hands of the people. In the years since its inception, Bitcoin adoption has grown worldwide. Recently, there has been a sharp increase in peer-to-peer bitcoin trading across Africa.According to data from UsefulTulips, Ghana and Kenya have seen a steady increase in bitcoin trading, overtaking South Africa to become the second- and third-leading cryptocurrency markets in Africa during the first quarter of 2021. Nigeria, which....
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Chipper Cash, an African fintech start-up, has extended its peer-to-peer instant money service to South Africa. In addition to being able to use the remittance service, South African users will be able to buy, sell, and transfer cryptocurrencies like bitcoin, ethereum, and the USDC stablecoin. South Africa Ripe for Disruption and Innovation According to a report that quotes the start-up’s VP for strategy and partnerships in Africa, Pardon Mujakachi, Chipper Cash has made the foray into South Africa because it believes the country “is ripe for disruption and innovation in the....
In the year 2021, Morocco, which previously announced measures restricting crypto trading, became North Africa’s leading crypto-trading nation after its peer-to-peer (P2P) trade volumes surged to $6 million.
Morocco in Africa’s Top Four
In 2021, Morocco’s peer-to-peer crypto trade volume of $6 million was enough to see it ranked North Africa’s top cryptocurrency trading nation, according to the latest data from crypto payments company Triplea. The data also shows that only three African countries topped Morocco’s volumes and these include....
The continent recently surpassed North America in bitcoin P2P trading volume, having transacted $18,073,777 worth of BTC in the last seven days.
Nigerians have resorted to peer-to-peer trading after the Central Bank of Nigeria banned regulated institutions from dealing with bitcoin in February.
These new regulations will also have an impact on Bitcoin in China. Since cryptocurrency does not fall under these regulations, it may become the new peer-to-peer lending option. Peer-to-peer lending has always been a very popular trend in China. That is not entirely surprising, as the country is keen on innovation and embracing new trends. But there have been a fair amount of problems with P2P lending in China over the past few months. New rules have been announced, which will put a vice grip on this innovative business model. At its core, any peer-to-peer service should not shut down....