According to a report released by Arcane Research, Africans own a huge amount of cryptocurrencies in the world.
South Africa is ranked as third in the global report. Thirteen of South Africa's internet users own or use digital currencies. Nigeria sits in the fifth position with 11% of internet users having Bitcoin, Ethereum or other altcoins.
A report by Cointelegraph showed that the volume of BTC being traded in Africa had broken the records of the bull run era.
The research pointed out that African nations rank among the top ten countries searching the internet for terms relating to cryptocurrency.
High transaction rate on fiat transaction and unending inflation necessitates the acceptance and adoption of blockchain solutions in the continent.
Conversely, the report reveals that the absence of necessary resources such as internet connection, smartphones, finance facilitators and mining facilities are limitations to the massive adoption of cryptocurrencies in Africa.
Also, the legality of bitcoin is still nebulous as the majority (60%) of African governments have failed to develop a policy and regulatory response to crypto asset activities.
Despite the legal barrier and infrastructural limitations, the fact that Africans are banking on cryptocurrencies proves that there's room for massive acceptance of crypto assets across Africa.
Among the many cryptocurrency investors penetrating the African Market, Binance Exchange founder, Changpeng Zhao believes that Africa is a potential major market for crypto.
Source: Cointelegraph
