Africa a new phase for Crypto-currencies as Nigeria and south Africa leads, coinnewsafrica research
December 16, 2020 4:02 AM
Africa could be the next frontier for cryptocurrency with Countries like South Africa, Nigeria and kenya amongst top precursors.
In April, South Africa took its first steps towards creating cryptocurrency laws by publishing a framework proposal and, more recently, Nigeria laid out plans to regulate cryptocurrencies through its Securities and Exchange Commission.
The Nigerian SEC seeking crypto-currencies regulation amidst massive involvement amongst Nigerians. Also with Google search proving that Nigerians show more interest in crypto-currencies when compared globally, that means more Africans will have the tools to plug into the cryptocurrency ecosystem with rising fintech companies in the region.
Recently, Chainalysis reported booming crypto adoption in Africa as the continent ranked second in P2P trading. Two African countries also emerged in the top 8 of the crypto adoption index. Nigeria leads the growth, recording weekly peer-to-peer volumes of between $5m to $10m. Kenya and South Africa tie at second place with an average $1m to $2m per week.
Crypto-currencies to many in this part of the world Africa, offers the lifeline the government's can not provide them, with most individuals improving their crypto asset amidst declining economical factors. Also, Emergence of more Fintech related startups has shown that 2021 could be the breakthrough year for most African Communities with Nigerians and South Africans leading the pack.