RATE Group | Africa Is Bullish on Crypto Despite Infrastructure and Regulatory Hurdles
88813
post-template-default,single,single-post,postid-88813,single-format-standard,ajax_fade,page_not_loaded,,qode_grid_1300,side_area_uncovered_from_content,footer_responsive_adv,qode-content-sidebar-responsive,qode-child-theme-ver-1.0.0,qode-theme-ver-13.3,qode-theme-bridge,wpb-js-composer js-comp-ver-7.9,vc_responsive
 

Africa Is Bullish on Crypto Despite Infrastructure and Regulatory Hurdles

21 May Africa Is Bullish on Crypto Despite Infrastructure and Regulatory Hurdles

Posted at 05:01h in Cryptocurrency News by

A new report published by Arcane Research shows that African countries have some of the highest cryptocurrency ownership rates worldwide. 

South Africa ranked third throughout the world with 13% of its internet users owning or using cryptocurrencies. Nigeria took the fifth spot with 11% of internet users owning cryptocurrencies. The worldwide average for the same stands at 7%.

Indeed, as Cointelegraph recently reported, Bitcoin (BTC) trading volume in Sub-Saharan Africa broke past records posted at the heights of 2017’s rally.

Clear interest in crypto

Arcane Research noted that Uganda, Nigeria, South Africa, Kenya and Ghana feature in the top-10 countries searching for the term “cryptocurrency” on Google. 

Sub-Saharan Africa also has a huge remittance market that brings in about $48 billion annually. Expats today rely on slow and centralized remittance systems that charge transaction fees as high as 9%. Even mobile payment alternatives charge a fee of around 11%.

These factors…

Source link

Tags:
, , , , ,