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- The African continent receives only 2 per cent of the total global value of all cryptocurrencies.
- Chainalysis ranks Kenya, South Africa, and Nigeria as three of the top ten countries for cryptocurrency adoption globally
- Many African countries have overlooked this financial innovation, maintaining cryptocurrency exchanges while failing to provide a regulatory framework or allowing trading but not providing an exchange for their citizens.
The development in internet access in sub-Saharan Africa has brought with it new technologies such as cryptocurrencies and blockchain that have the potential to enhance and significantly revolutionise financial and economic sectors.
The African continent receives only 2 per cent of the total global value of all cryptocurrencies. In February 2022, CoinGecko estimated the crypto market to be worth US$2.04 trillion, translating to a US$40 billion African market worth.
The rapid growth of crypto in the continent will profoundly impact the financial sector in sub-Saharan Africa, which …