The continent of Africa continues to remain as one of the most active, dynamic, and exciting markets for cryptocurrencies and has successfully recorded a staggering growth of more than 1200 percent only during the period of the last twelve months.
The adoption rate of cryptocurrencies and other digital assets such as Non Fungible Tokens is constantly rising and increasing at a rate beyond imagination. Only in the course of the last twelve months has there been a significant jump in the total number of individuals and entities choosing cryptocurrencies and digital assets across the emerging economies in Asia.
But the continent of Africa has stunned everyone when it comes to the staggering rate of crypto adoption across the continent, which stands at a whopping 1200 percent! At the same time, the regulations surrounding cryptocurrencies are still dwelling in a grey area, so to speak.
According to a very recent analytical report which was published by the popular Chainalysis, which is one of the biggest data platforms for blockchain, some of the African countries such as Nigeria, Tanzania, South Africa, and Kenya are all ranked amidst the top twenty Index of the company’s Global Cryptocurrency Adoption Index.
The hugely popular and growing adoption rates of cryptocurrency in these countries stem from certain factors which are pretty similar to one another. These factors are primarily peer-to-peer platforms for transactions, making the proper use of digital currencies and related digital assets in the form of hedge funds in order to combat the constantly rising levels of inflation, and lastly, the ever-growing necessity for remittance. Especially over the course of the previous year, experts have noticed that there has been a significant and sharp increase in the number of P2P exchanges in the continent of Africa.
In their latest report by the globally popular crypto website, Crypto.com, they have highlighted that there has been a mind-blowing jump in the total number of cryptocurrency and digital assets users across the globe, especially during the initial half of the ongoing year of 2021. In addition to that, during the month of June 2021, the number of cryptocurrency and digital assets users has jumped to a considerably large 221 million across the world. According to the Global Cryptocurrency Index maintained by the popular website, Chainalysis, the African country of Kenya is ranked number 5 on the list of global crypto adoption rates, which is, by all means, a surprising fact in itself!
Among other African countries, Nigeria has been marked number 6 on that Index, while countries such as Ghana, South Africa, and Tanzania have been ranked among the top 20. However, it is the country of Vietnam, which has been listed at the top of the Global Crypto Adoption Index, surprising everyone.
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