Kenya tops P2P crypto trade transactions 

Peer-to-peer (P2P) crypto transactions are found to be highest in Kenya. Other African nations are quickly adopting cryptocurrencies at a fast rate for the conveniences that cryptos provide on remittances and cross-border businesses. 

Unknown to many, Kenyans are Internet-savvy citizens, that is why it wasn’t too complicated for them to adopt cryptocurrencies and crypto platforms. 

According to Chainalysis, even with other countries’ fast adoption of cryptos, Kenya was still able to land at the top spot. Its P2P crypto enthusiasm has trumped 154 countries in the survey. 

Other African nations that have also ranked high in the survey are Togo (2nd) Ghana (10th), Nigeria (18th), and South Africa (62nd). 

Surging crypto use

“Many emerging markets face significant currency devaluation, driving residents to buy cryptocurrency on P2P platforms in order to preserve their savings,” the Chainalysis report said. 

With African currencies continuing to weaken partly because of the economic impact of the Delta variant of COVID-19, citizens are racing to adopt cryptos to protect themselves from the consequences of these circumstances. 

According to the Central Bank of Kenya, the country’s currency has depreciated by 6.3% against the U.S. dollar. 

Cheaper transactions

With traditional global payment transaction fees remaining high, African citizens are preferring cryptos for their cheap and fast process of transferring and receiving funds anywhere in the world. 

For so long, Africans have been bearing the high cost of international money transfers, that’s why their use of cryptos is their way of “escaping” from the costly system. 

Chainalysis also found that citizens in emerging countries are transferring around $10,000 worth of cryptos for their item purchases. 

The fast adoption of cryptos in African nations is a clear giveaway that citizens have been tied for a long time with a costly and slow financial system. 

Image courtesy of Cointelegraph News/YouTube

Source: https://bitcoinerx.com/blockchain/kenya-tops-p2p-crypto-trade-transactions/