Nigeria Dominates P2P Bitcoin Trade Volume Ranks

• The latest CBN crypto policies encourage higher P2P trade volumes.
• Ghana places second after newly placed regulations.
• Scam Bitcoins lessen crypto interests amongst South African traders.
• African P2P trade has surged overall since the first lockdown.

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Nigeria’s current achievements in crypto market capacities all started back in February. This was when the Central Bank of Nigeria issued a crypto ban hindering all forms of trade of cryptocurrencies using Nigerian bank accounts. The news has caused a stir amongst local exchanges and traders to date. However, it eventually led to mainstream P2P adoptions in the country, therefore, spiking up volumes.

Likewise, in Ghana, newer policies have led to a rise in crypto activities. All fingers point to the new Central Bank of Ghana’s policies that launched were launched in favor of digital coins. These policies have created a welcoming approach to blockchain-inclined businesses and companies. Hence, overall cryptocurrency activities have grown in numbers.

In contrast to the successes faced by African countries and crypto trading, South Africa, on the other hand, seems to be taking a plunge in crypto activities. This has been the main cause of the lessened trading volume rankings of South Africa. This accounts for the demoted rank of second to the fourth position.

Seemingly, after a huge Scam Bitcoin, reported by Chainalysis to be the largest of 2020, crypto interests have greatly lessened. The incident was followed by deep scrutiny and criticism thrown at cryptocurrencies in general. This minimized crypto participation among traders and investors. Furthermore, it led to the decline of P2P trading volumes all over the country.

In conclusion, Nigeria continues to rise above all other African nations, with volumes inching onto a near $100 million. This was recorded over the last two months. Overall, cryptocurrency activities have grown since the global economic meltdowns brought about by the COVID-19 pandemic. Ultimately, since the first-ever recorded lockdown in March 2020.

Do you think other African countries stand a chance against Nigeria’s high numbers in Bitcoin market P2P trading capacities?