Chainalysis Report: Cryptocurrency Gently Growing in Sub-Saharan Africa
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Sub-Saharan Africa - Highest Prevalence of P2P Transactions
The research demonstrates that Sub-Saharan Africa has the highest prevalence of peer-to-peer transactions worldwide. Peer-to-peer transactions in Africa account for around 6% of the total volume of cryptocurrency transactions, much exceeding the number in Central and Southern Asia and Oceania, which is the second-highest area in that category.
Wide Use of Cryptocurrency
The research claims that many Africans now use cryptocurrency in their daily lives. Remittances and business transactions, besides retail purchases, have been significant considerations in driving Africa's large-scale deployment and usage rates.
The survey demonstrates two things: first, a varied region with variable usage and acceptance rates, and second, significant demand for cryptocurrencies. According to the report, rich Western nations that use crypto to generate wealth differ from impoverished African countries that utilize crypto to maintain and build wealth despite adverse economic situations.
The Chainalysis Global Crypto Adoption Index compared nations like Burkina Faso and Malawi to others in Africa like Nigeria and Kenya. Nigeria and Kenya placed 11 and 19, respectively, while Burkina Faso and Malawi ranked 133 and 137 out of 146 nations in the ranking. This broad range demonstrated how cryptocurrencies are widely used and adopted throughout the African continent.
Opportunities Provided by Cryptocurrency
Business owners and startups may benefit from a market where cryptocurrency is employed. The paper demonstrated the steady retail use of crypto despite a down market. The number of modest retail transfers increased starting at the beginning of the bear market in May.