Africa Is Fast Becoming Interested in Crypto

Many people living in Africa are becoming more interested in cryptocurrencies.

More people in Africa are now adopting cryptocurrencies. Most of them need it to trade or simply to store money.

African countries including Uganda, South Africa, Kenya, Nigeria and Ghana often show up when people search for the word “Bitcoin” on Google.

According to recent reports, Africa shows the highest interest in accepting crypto.

Part of the reasons why Africa may be promising include the presence of more youths in the region, dwindling economy, fewer people using banks and higher commissions when using other online payment processors.

South Africa, now a crypto-loving community

South Africa now dominates in the number of people using cryptocurrencies in  the region with Nigeria taking the second place. Nigeria used to be the first in the region for a long time but South Africa now records 13% of users while Nigeria closely follows with 11%. This recent growth now places South Africa as fifth in the world.

Last week, South Africa’s weekly trading volume on Localbitcoins reached almost $1.65 million. There was just one country ahead of it.

Kenya also performed well. Their P2P volume on Localbitcoins and Paxful totaled $1.95 million

South Africa, last month, started considering regulating the use of virtual currencies. This must have contributed to the rise in interest recorded recently.

P2P volumes increase generally in Africa

Nigeria is also improving in the amount of volumes traded across the P2P exchanges. Weekly trades reached $9.2 million.

Kenyans also did well especially on Localbitcoins. Last week was their second best on record. Most of the trades were between the BTC and Kenyan shilling.

Morocco and Egypt were not left out in contributing to last week’s performance in Africa.

SubSaharan Africa even did better than Latin America. This was the first time such a thing was happening.

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