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Africa On the Road to an Economic Recovery Through Crypto Adoption?

Crypto Adoption
Crypto Adoption

The blockchain is making its way to the city of Africa, with increased crypto ownership, trading volume, and regulation.

A recent report by Arcane Research and Luno found that Uganda, Nigeria, South Africa, Ghana, and Kenya are frequently among the top 10 countries by Google searches for the word “Bitcoin.” as stated in recent reports by cointelegraph.

The report describes the continent as “one of, if not the most promising region for the adoption of cryptocurrencies,” emphasizing Africa’s combination of low existing crypto adoption alongside an “enormous” domain possibility.

The firms emphasize that Africa exhibits a young population, frequent monetary crises and currency failures, large unbanked or underbanked populations, and expensive means of payment.

Image source: Blue Ox Studio, pexels

The establishment of the future crypto city

In order to stabilise trades and economy, veterinarian singer Akon has taken its measures through the creation of Akon city and the new passing of the whitepaper describes its Akoins as a utility token that is tradable among cryptocurrencies. 

Akon labelled the current mobile credits as unstable as they are being used as a currency in Africa as a way of trading. As the currency can come from untrusted sources and is hard to keep track of, it has gotten to the point where Africans have stopped using the currencies, they’re using their cell phone minutes and credits as a way of trading instead for basic goods like produce, fish, fruits and items on the market.

Additional measures as South Africa emerges its crypto hub

While Nigeria has long dominated the continent’s trade volume, the report found that South Africa has the highest percent of cryptocurrency ownership or use among internet users in Africa with 13%, followed by Nigeria with 11%.

South Africa now ranks fifth for crypto adoption among connected citizens worldwide.

During the past week South Africa was seen to have  posted its second-strongest weekly volume on peer-to-peer Bitcoin (BTC) marketplace Localbitcoins, with nearly $1.65 million worth of BTC changing hands.

Surge in Trading volumes

The increase in trading volume across the continent has also seen P2P volume from Sub Saharan Africa beat out Latin America for the first time. Nigerian P2P trade is rallying to record highs, producing $9.2 million in combined weekly trade.

News Source: cointelegraph

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