Crypto Ownership in Africa Gigantic Despite Infrastructure Issues
According to a new study done by Arcane Research on Africa crypto, some of the countries with the highest crypto ownership rate comes from Africa. In fact, there are two countries in the top ten list.
A report published by @ArcaneResearch shows that African countries have some of the highest cryptocurrency ownership rates worldwide. We have seen significant growth of mining industry in Africa. #AvalonMiner shows good stability to ensure maximum profits for miners. pic.twitter.com/pwcLa0RPV9— Canaan (@canaanio) May 21, 2020
Crypto ownership in South Africa and Kenya ExemplarySouth Africa leads the way and makes it to the top three, followed by Kenya. In South Africa, 13% of internet users own crypto whereas, in Kenya, 11% do the same.
Despite the poor internet obstacles in many parts, four African countries are in the Google list of searching about "cryptocurrency". The area has not just poor internet but also have to tackle other major issues. The remittance system is sluggish, centralized and charges high transaction fees. The inflation rates in some African countries make things worse and even mobile banking alternative with poor internet quality also charges 11% on transactions. However, despite all the struggles the remittance market has flourished and crypto ownership has blossomed in Africa.
The governments of African countries haven't aided the crypto cause in the country. Vague statements, ambiguous policies has bamboozled the people. The infrastructure is fragile and fields of crypto mining, more mobile crypto-friendly apps, faster internet are massively under-developed. The regulations continue to cause controversies and don't provide a clear outlook on crypto ownership according to the Arcane Research report. Majority of the nations are yet to clarify their stance on whether they want cryptocurrency in their country or not.
In spite of all the trouble which continuously lead the people of Africa to run into a snag, it is safe to say that they've taken matters into their own hands. If they would have relied on the governments, the remittance system wouldn't generate $48 billion annually and also both South Africa and especially Kenya won't make it to the top 5. The CEO of Binance recently showcased his belief in Africa and also highlighted similar issues regarding crypto ownership in Africa.
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About The Author
Zain RazaZain is a fervid fan of bitcoin and has been meticulously covering the field for a fair amount of time now. An aficionado of Spider man, Liverpool and Slim Shady.
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