Ghana set to catch up to Nigeria and Kenya in terms of crypto adoption: Chain...
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....
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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, […]
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....
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....
Aside South Africa, Kenya and to some extent the Federal Republic of Nigeria, Bitcoin doesn’t seem to be penetrating other African countries. Many have attributed it to lack of infrastructure and ignorance of the digital currency. Godwin Bush, Director of Operations at PmCedis Capital, an Accra based Bitcoin Exchange, spoke to Cointelegraph about the future of Bitcoin in Ghana. He stated that Bitcoin adoption in Ghana is invigorating but it is most popular among the young generation. It is significant to mention that Bitcoin has an enormous power to lift the copious unemployed Ghanaian....
Lower-middle income countries hold a majority of the positions in the top 20 countries in terms of crypto adoption. While global adoption slowed down because of the chilling winds brought about by the crypto winter, emerging markets seem to be on fire in terms of crypto adoption as they surpass higher-income countries in an index that measures adoption. In a report titled The 2022 Global Crypto Adoption Index, blockchain data platform Chainalysis analyzed the millions of crypto transactions worldwide, web traffic and other on-chain metrics to determine which countries are on top in terms....