The African continent is leading the rest of the world in peer-to-peer Bitcoin trading this year. Analysis indicates that the continent generated over $17 million in P2P trading volume. The remarkable feat exhibits a yearly increase of over 50 percent.
Data revealing the extent of cryptocurrencies adoption all over the globe makes Africa the most active Bitcoin trading continent. African nations often witness a 15 to 30 percent increase in Bitcoin trading volume every year. This dwarfs the result from North America that experienced an 18 percent decline in trading volume.
Countries in the Sub-Saharan region boast of the biggest concentration in the continent. The region led by Nigeria and Ghana has realised over $17 million in P2P trading volume last month. Countries in the Middle East and in North Africa have a way smaller trading turnover of less than $1 million.
African Involvement in Cryptocurrencies Spike as Tanzania Gears for Crypto Use
Africa is the only continent that has recorded a Bitcoin trading adoption rate faster than other continents. North America stands as the most active continent in regards to trading, however the rating though still leading has significantly reduced. Since 2020 the active involvement of Africans have soared with search engines testifying of heightened interests in Crypto-related transactions.
Of course, the testimonial from Africa indicates the increasing rate of adoption of cryptocurrencies all over the world. A nation like India that has placed a firm regulation on crypto appears to be giving the concept a second thought.
Tanzania, an African nation, is working to have its Central Bank create and offer a Central Bank Digital Currency (CBDC) to its citizens. The move was sent out by president Samia Suluhu who told the apex bank to create a CBDC at the inaugural ceremony of the bank. The president admits that an entry to blockchain technology will see the country take benefits from the globalised trend.
In the same manner, Jack Dorsey the CEO of Twitter revealed that Nigerians would “lead Bitcoin” as crypto enthusiasm in the country swells.
— jack (@jack) June 13, 2021