Cryptocurrency exchange KuCoin analysts reported that the use of cryptocurrencies among Africans has increased significantly, with transaction volumes in some countries up 2,670% in 2022.
In their report, the analysts acknowledge that such significant growth was possible due to the low volume of transactions with cryptocurrencies in previous periods. Even now, users from Africa make only 2.8% of the total volume of cryptocurrency transactions.
“The adoption of digital assets in Africa is increasing exponentially. African countries have the highest adoption rate of cryptocurrencies in the world, even ahead of regions such as the US, Europe and Asia,” said Johnny Lyu, CEO of KuCoin.
Exchange analysts also noted that Africans often use cryptocurrencies for cross-border transfers – they account for 88.5% of all transactions in the region. Low fees for transfers in digital assets allow Africans to pay less than 0.01% of the transaction amount.
“Such transaction growth rates may depend on local politicians and officials. However, I believe that the crypto industry in Africa has a promising future. The financial problems in the region are pushing people towards new tools and technologies that give them economic freedom,” Liu said.
Recall that at the end of last year, Chainalysis also noted a high level of penetration of cryptocurrencies in African countries. Thus, in the period from July 2020 to June 2021, the volume of trade in crypto assets in the country amounted to $105.6 billion. The indicator increased by 1,200% year on year.
Source: Bits
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