Cryptocurrencies are acceptable for business transactions in many Africa countries. Hence, if cryptocurrency is approved as a form of payment, it may really contribute to and speed up Africa's development while also endangering national finances.
I believe that the governments of African nations should give cryptocurrency a chance to succeed or fail.
As time goes on, they'll start to realize how important it is to use cryptocurrency for financial transactions.
Topic: crypto market has grown in africa - page 2. (Read 227 times)
This is quite true. A survey carried out by Luno sometime in 2020 showed that Nigeria, S/Africa and others had grown in the adoption of cryptocurrency. To me, these countries are gaining great exposure about web3 through the internet and Bitcoin seems to be an alternative for trading, storage of value etc for some of their unstable currencies.
After El Salvador, I think some African countries will announce bitcoin adoption, but maybe it's only matter of time.
After El Salvador, Central African Republic, a small country with almost 5 million citizens, has accepted Bitcoin as a legal tender. But without being accepted as a legal tender, it is fast growing and being accepted as a means of payment.This is not limited to Africa, Bitcoin adoption globally is growing at a very fast rate.
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While reading some articles, Just found the headline "Crypto market has grown in Africa by 1200%". The greatest opportunity for the people of Africa to discover more about crypto and new web3 technology. Moreover, there is a chance that people would also start paying and accepting crypto.
If you also have links to the article you read, also try and include it in your thread; you never know, someone else may be curious enough to read it as well. Some people don't just reply on incomplete information, but trying to get the headline is sometimes difficult. I'm not sure what the headline you read is, but the recent article I saw about this is here.
According to records at Chainalysis, Kenya, Nigeria, South Africa, and Tanzania had among the highest rates of cryptocurrency adoption worldwide in 2022. No record yet exists for 2023, which probably should be released in the middle of the year or at the end of the year, but talking about the Web3 technology, its use cases in Africa are growing and will continue to grow, and there are a few factors that are making its usability grow in Africa, for example, remittance payments.
In Africa, remittances make up 1.3 percent of GDP and are expected to grow at an annual rate of 5.2 percent through 2025. The World Bank has estimated that there are about 400 million migrant workers in Africa, with about 50 percent of these migrants living outside their home country.
African households receive $100 billion in remittances each year – more than they spend on education and healthcare combined!
However, it is well known that several African nations now set a cap on the amount that can be transferred as well as charge steep rates. As a result, the number of remittance payments made using cryptocurrencies has been consistently increasing because of lower restrictions and fees, hence causing an upward scale in the crypto adoption rate as shown by Analysis.
African households receive $100 billion in remittances each year – more than they spend on education and healthcare combined!
However, it is well known that several African nations now set a cap on the amount that can be transferred as well as charge steep rates. As a result, the number of remittance payments made using cryptocurrencies has been consistently increasing because of lower restrictions and fees, hence causing an upward scale in the crypto adoption rate as shown by Analysis.
A recent study also shows that African cross-region transfers make up a more significant share of its cryptocurrency market than any other region globally, with Sub-Saharan Africa receiving over $ 48 billion of estimated remittances in 2019.
I am speculating that this year will yield more significant growth in crypto and Web3 User case than last year or 2019.
Moreover, there is a chance that people would also start paying and accepting crypto.
It's not sure how many African countries will adopt bitcoin as means of payment in the future, but several people have announced that they are starting to accept bitcoin as payment for their businesses. After El Salvador, I think some African countries will announce bitcoin adoption, but maybe it's only matter of time.
While reading some articles, Just found the headline "Crypto market has grown in Africa by 1200%". The greatest opportunity for the people of Africa to discover more about crypto and new web3 technology. Moreover, there is a chance that people would also start paying and accepting crypto.
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