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Africa’s Bitcoin adoption grows by 1,200% within a year

Over the past year, Bitcoin adoption in Africa has grown by over 1,200%. According to a report by blockchain analytics firm Chainalysis, Africa is the third-fastest growing Bitcoin...
Africa’s Bitcoin adoption grows by 1,200% within a year © Reuters. Africa’s Bitcoin adoption grows by 1,200% within a year

Over the past year, Bitcoin adoption in Africa has grown by over 1,200%.

According to a report by blockchain analytics firm Chainalysis, Africa is the third-fastest growing Bitcoin economy globally. The increased crypto activity in the region has been fuelled by retail investors who turn to Bitcoin for savings, remittances, and peer-to-peer (P2P) trading.

Artur Schaback, COO and co-founder of P2P exchange Paxful, told Chainalysis that his platform had seen immense growth in African countries over the past year, notably 57% in Nigeria and over 300% in Kenya. In fact, Africa has the largest volume of P2P Bitcoin trading in the world due to banking restrictions from authorities.

African citizens have been able to bypass government restrictions on remittances and transfer funds across borders by purchasing Bitcoin through P2P markets.

Schaback also explained that Bitcoin allows African businesses to make international transactions more efficiently. They resort to P2P markets for purchasing Bitcoin and for paying for goods they wish to import, a more efficient way than using the traditional banking system.

If you’re working with a partner in China to import goods to sell in Nigeria or Kenya, it can be hard to send enough fiat currency to China to complete your purchases […] It’s often easier to just buy bitcoin locally on a P2P exchange and then send it to your partner.
Another use case that is fueling Bitcoin adoption in Africa is the continent’s hostile economic conditions, where fiat currency debasement is often the norm.

Meanwhile, the Nigerian government has decided to tackle rising Bitcoin awareness and usage in its jurisdiction by developing its own central bank digital currency (CBDC). Its citizens have not shown much interest in the e-naira project and might continue using the far superior Bitcoin, according to Adedeji Owonibi, CEO of blockchain consultancy firm Convexity.

Last week in a Clubhouse room of Nigerian crypto users, I asked the group if they would use the e-Naira when the central bank rolls it out […] The overwhelming majority of attendees said no because they expect it to have the same instability and management issues the Naira has today.

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18-09-2021 02:20:55 (UTC+7)

EUR/USD

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EUR/USD

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 EUR/USD1.1731↑ Buy
 GBP/USD1.3740Neutral
 USD/JPY109.93Buy
 AUD/USD0.7274↑ Sell
 USD/CAD1.2745↑ Sell
 EUR/JPY128.96↑ Buy
 EUR/CHF1.0938↑ Buy
 Gold1,753.45Neutral
 Silver22.418Neutral
 Copper4.2440↑ Sell
 Crude Oil WTI72.00Sell
 Brent Oil75.38Neutral
 Natural Gas5.069Buy
 US Coffee C186.75Buy
 Euro Stoxx 504,130.84↑ Buy
 S&P 5004,435.92↑ Sell
 DAX15,490.17↑ Buy
 FTSE 1006,963.64↑ Buy
 Hang Seng24,920.76↑ Buy
 Small Cap 20002,227.60↑ Sell
 IBEX 358,760.90↑ Sell
 BASF63.085↑ Sell
 Bayer45.07↑ Sell
 Allianz190.23↑ Sell
 Adidas281.60↑ Sell
 Lufthansa8.210Neutral
 Siemens AG148.76↑ Sell
 Deutsche Bank AG11.080↑ Sell
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank5,600/ 5,665
(0/ 0) # 809
SJC HCM5,600/ 5,665
(0/ 0) # 810
SJC Hanoi5,600/ 5,667
(0/ 0) # 812
SJC Danang5,600/ 5,667
(0/ 0) # 812
SJC Nhatrang5,600/ 5,667
(0/ 0) # 812
SJC Cantho5,600/ 5,667
(0/ 0) # 812
Cập nhật 18-09-2021 02:20:57
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E5 RON 92-II2014020540
DO 0.05S1602016340
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Dầu hỏa1508015380
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$ Tỷ giá Vietcombank
Ngoại tệMua vàoBán ra
USD22.640,0022.870,00
EUR26.118,3927.477,69
GBP30.621,6331.901,01
JPY202,13213,83
KRW16,7120,34
Cập nhật lúc 18:53:14 17/09/2021
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