According to new information, peer-to-peer (P2P) bitcoin commerce volumes in Kenya and Ghana surged in Q1 of 2021, with the 2 international locations now ranked second and third respectively. On the opposite hand, volumes in South Africa, which occupied second place in 2020, dropped marginally. Consequently, South Africa has now been relegated to the fourth place the information reveals.
Contrasting Regulatory Regimes
Meanwhile, one report has attributed the surge in Kenya and Ghana’s P2P volumes to the 2 international locations’ tacit endorsement of cryptocurrencies. For occasion, the report factors to the Central Bank of Ghana’s launch of “a regulatory sandbox that prioritized blockchain-based firms together with cryptocurrency startups” as one issue that will have boosted the nation’s volumes.
This is in distinction to the scenario in South Africa the place regulator warnings about cryptocurrency use and funding elevated following the collapse of Mirror Trading International, the biggest rip-off bitcoin in 2020, in accordance with Chainalysis. As defined in the report, crypto dealings in South Africa “have come below elevated scrutiny, with harder laws together with necessary licenses and taxes triggering investor exits. The report additionally provides that “bitcoin buying and selling in South Africa has successfully misplaced its autonomy and this has lowered its market attraction to buyers.”
Nigeria P2P Volumes Surge After Central Bank Directive
In the meantime, the information reveals that P2P volumes in Nigeria appear to have been boosted by the Central Bank of Nigeria (CBN)’s directive in opposition to crypto entities that was issued on February 6. As the Tulip data reveals, Nigeria’s P2P bitcoin traded volumes in the previous 90 days surged to just about $100 million. The determine, which is almost two and half occasions greater than that of second-placed Kenya, suggests extra bitcoin customers at the moment are utilizing P2P platforms.
Meanwhile, the information seems reveals that P2P traded volumes in many different African international locations surged after March 2020, when lockdown measures took maintain. Since then, many international locations on the continent have seen their P2P bitcoin traded volumes develop steadily.
What are your ideas on the rising P2P BTC traded volumes in Kenya and Ghana? Tell us what you suppose in the feedback part under.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational functions solely. It just isn’t a direct supply or solicitation of a proposal to purchase or promote, or a advice or endorsement of any merchandise, companies, or firms. Bitcoin.com doesn’t present funding, tax, authorized, or accounting recommendation. Neither the corporate nor the creator is accountable, straight or not directly, for any harm or loss triggered or alleged to be attributable to or in reference to using or reliance on any content material, items or companies talked about in this text.