7 October 2022
As per the Chainalysis data, sub-Saharan Africa has witnessed the fewest cryptocurrency transactions than any other region, the continent being home to some of the most advanced cryptocurrency ecosystems.
The report highlights the excessive use of P2P platforms alienated the African region, with transfers of retail size below $10,000 making up 6.4% of its transaction volume, more than any other region. When we look at individuals The role of retail becomes even clearer when we look at the number of transfers.
The report states that 95% of all transactions in this sector are retail transfers. It added, “P2P exchanges account for 6% of all cryptocurrency transaction volume in Africa, which is more than twice the share of the next closest region, Central and Southern Asia and Oceania.”
Paxful CEO Ray Youssef also suggested how regulations affect crypto activity while driving reliance on P2P usage. The analyst noted in the report, “Nigeria banned the use of naira to buy crypto in 2021 due to concerns about scams and tax evasion, and because of this, many people started doing peer-to-peer trading.” Gave.”
The South African Reserve Bank recently issued guidelines for local banks to conduct business with cryptocurrency and cryptocurrency companies.
Earlier, Nigeria and Kenya with the top 20 ranking in the Global Crypto Adoption Index, have a strong presence in the P2P market.
Disclaimer: The author’s thoughts and comments are solely for educational reasons and informative purposes only. They do not represent financial, investment, or other advice.