Based on the survey by UsefulTulips, Africa’s bitcoin trading volume growth is the highest among all continents of the world. This proves that cryptocurrency adoption is getting higher in all parts of the world.
Bitcoin Trading Volume in Africa Has Risen by An Average Of 24%
Most African residents’ interest in bitcoin trading has soared by an average of 24%. For perspective, there was an 18% drop in trading volume from north American residents. The highest increase in trading volume was from sub-Saharan Africa with a 50% increase in trading volume amounting to about $18 million over the last 12 months.
Conversely, last month’s trading volume in North Africa and mid-eastern African countries dropped significantly last month – it was lower than $1 million. Generally, growth in global peer-to-peer trading volume is highest in Africa. However, North America has the most active trading volume even though trading volume there has dropped.
In the last year, Africa’s interest in the crypto market has been on the rise. Hence, it is no surprise that the continent’s crypto trading activity keeps rising monthly.
However, as the popularity of crypto rises, most countries now realize its value and have started enforcing greater control measures on the industry. A recent example is India who has now changed its decision on this asset class.
Tanzania On the Verge of a Central Bank Digital Currency
Apart from the interest in crypto trading, African central banks are also developing interest in central bank digital currencies. As previously reported on Tokenhell, Ghana has already commenced research on having its CBDC
Now, Samia Suluhu Hassan (Tanzania’s president) has confirmed that its country is following the footsteps of Ghana. Hassan disclosed (during the launch of a Swahili central bank building in Mwanza) that he has instructed Tanzania’s central bank to start research on how to develop a CBDC for the country. Hassan also said that the internet has given rise to new opportunities and urged the bank to also devote more research into understanding blockchain technology.
She reiterated that the importance and impact of technology, including blockchain technology cannot be overemphasized as the world becomes a global village. Apart from Ghana and Tanzania, Nigeria and other African countries have stepped up their research about the cryptocurrency market.
The crypto market seems ripe for adoption as El Salvador’s adoption of bitcoin as a legal tender has spurred other nations such as South Africa, Australia, Canada, and France to do the same. It is likely that in the second half of this year, more national authorities will release oversight measures for this asset category.
Ray Youssef: Nigeria is Paxful’s Biggest Market
Following Jack Dorsey’s tweet about Nigeria’s CBDC remarking that “the people of Nigeria will lead bitcoin”, Paxful’s CEO, Ray Youssef has confirmed that about 1.55 million users out of the total number of users on the peer-to-peer lending platform are Nigerians and these users’ trading volume is worth a combined $1.6 million.
Jack Dorsey tweet. Source: Twitter
Youssef opined that the country’s fast crypto adoption rate is because of its poor exchange rate, and inflation.