E Amazings
  • Home
  • Automotive
  • Business
  • CBD
  • Crypto
  • Education
  • Entertainment
  • Fashion
  • Finance
  • Health
  • Home Improvement
  • Law \ Legal
  • News
  • Shopping
  • Sports
  • Technology
  • Travel

Subscribe to Updates

Get the latest creative news from FooBar about art, design and business.

What's Hot

March session in Kashmir 2022 and Jammu and Kashmir schools? JKBOSE moots proposal – Details

August 9, 2022

Ethereum Merge Attracts Institutional Investors: Report

August 9, 2022

Multas a los vendedores ambulantes aumentaron durante el primer año del DCWP

August 9, 2022
Facebook Twitter Instagram
E Amazings
  • Home
  • Automotive
  • Business
  • CBD
  • Crypto
  • Education
  • Entertainment
  • Fashion
  • Finance
  • Health
  • Home Improvement
  • Law \ Legal
  • News
  • Shopping
  • Sports
  • Technology
  • Travel
Facebook Twitter Instagram
E Amazings
You are at:Home»Crypto»Kenya is the African Leader in Crypto Adoption (Report)
Crypto

Kenya is the African Leader in Crypto Adoption (Report)

Paul EasterBy Paul EasterJuly 11, 2022No Comments3 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Share
Facebook Twitter Pinterest WhatsApp Email



A study conducted by the United Nations (UN) determined that 8.5% of Kenya’s population own digital assets, which makes up around 4.25 million people. This makes the country a leader in cryptocurrency adoption across Africa, while globally, Ukraine ranks first, with 12.7% of its residents being HODLers.

Kenyans’ Surging Appetite for Crypto

Kenya – an African nation considered a tech and innovation hub on the continent – has been tied to the cryptocurrency industry for years now. In 2020, amid the COVID-19 crisis, struggling citizens of the country turned to local digital assets (such as Sarafu) to aid their monetary issues.

According to a recent UN study, Kenyans’ interest in crypto has increased in the following years, and currently, it is the leading African nation in terms of HODLers. The report stated that 8.5% of the domestic population, or over 4.2 million people own digital assets. In comparison, 7.1% of the South African residents and 6.3% of Nigerians have bitcoin or alternative coins.

It is worth noting that Kenya’s crypto adoption rate surpasses top economies, including the United States (8.3%). However, it is hard to establish the value of digital currencies held by Kenyans due to the lack of supervision in the sector:

“The returns from cryptocurrency trading and holding are, as with other speculative trades, highly individual. On balance, they are overshadowed by the risks and costs they pose in developing countries. The sector is not regulated in the country and remains largely unregulated even in the developed world.”

The UN’s research found Ukraine is the global leader, with 12.7% of its residents having exposure to crypto, while Russia is second with 11.9%. Venezuela and Singapore round up the top 4 with respectively 10.3% and 9.4%.

Is Kenya Leaning Towards Bitcoin or CBDC?

The national currency of the country (shilling) has lost a significant chunk of its value against the US dollar over the past years. On that note, last year, Central Bank Governor Patrick Njoroge opined that switching to bitcoin could ease some of Kenya’s economic troubles:

“Our decision to shift to Bitcoin is both tactical and logical. Our currency has always been the punching bag for the IMF, which always claims that the Kenya Shilling is overvalued… We are losing too much simply because someone at IMF woke up on the wrong side of the bed. Bitcoin will put an end to this.”

Earlier this year, the Central Bank of Kenya (CBK) argued that a potential CBDC could bring certain benefits to the domestic banking infrastructure and enhance cross-border payments. The institution even released a discussion paper to examine whether locals support such a product.

It is worth mentioning, though, that bitcoin and CBDCs are very different assets. While the primary cryptocurrency is decentralized, CBDCs would be fully monitored and issued by governments and central banks, leaving less privacy to consumers.

SPECIAL OFFER (Sponsored)

Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to receive up to $7,000 on your deposits.



Source link

Paul Easter

Related Posts

Ethereum Merge Attracts Institutional Investors: Report

By Paul EasterAugust 9, 2022

Vitalik Outs Himself as Having Used Tornado Cash

By Paul EasterAugust 9, 2022

Earn Rewards Through Crypto’s Piggy Bank

By Paul EasterAugust 9, 2022

Tether Announces Support for Ethereum Proof of Stake Transition

By Paul EasterAugust 9, 2022
Add A Comment

Comments are closed.

Our Picks

March session in Kashmir 2022 and Jammu and Kashmir schools? JKBOSE moots proposal – Details

By Paul EasterAugust 9, 2022

Ethereum Merge Attracts Institutional Investors: Report

By Paul EasterAugust 9, 2022

Multas a los vendedores ambulantes aumentaron durante el primer año del DCWP

By Paul EasterAugust 9, 2022
Recent Posts
  • March session in Kashmir 2022 and Jammu and Kashmir schools? JKBOSE moots proposal – Details August 9, 2022
  • Ethereum Merge Attracts Institutional Investors: Report August 9, 2022
  • Multas a los vendedores ambulantes aumentaron durante el primer año del DCWP August 9, 2022
  • Ashish Kacholia stock: This packaging company’s shares hit new lifetime high on Monday; brokerages recommend Buy – check price target August 9, 2022
  • Stock Markets: REVEALED! Why world economies fearing recession but India is emerging even stronger August 9, 2022
  • This American tech company joins ONDC in major boost to government’s effort to reshape e-commerce landscape August 9, 2022
  • 91% JUMP! Life insurers’ new premium income rises to Rs 39,079 cr in July 2022 August 9, 2022
Archives
  • August 2022
  • July 2022
  • June 2022
Facebook Twitter Instagram Pinterest TikTok
  • Home
© 2022 E Amazings - All Rights Reserved.

Type above and press Enter to search. Press Esc to cancel.