Based on new information, peer-to-peer (P2P) bitcoin commerce volumes in Kenya and Ghana surged in Q1 of 2021, with the 2 nations now ranked second and third respectively. Then again, volumes in South Africa, which occupied second place in 2020, dropped marginally. Consequently, South Africa has now been relegated to the fourth place the info exhibits.
Contrasting Regulatory Regimes
In the meantime, one report has attributed the surge in Kenya and Ghana’s P2P volumes to the 2 nations’ tacit endorsement of cryptocurrencies. For example, the report factors to the Central Financial institution 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.
That is in distinction to the scenario in South Africa the place regulator warnings about cryptocurrency use and funding elevated following the collapse of Mirror Buying and selling Worldwide, the most important rip-off bitcoin in 2020, in keeping with Chainalysis. As defined within the report, crypto dealings in South Africa “have come below elevated scrutiny, with more durable rules together with obligatory 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 diminished its market attraction to buyers.”
Nigeria P2P Volumes Surge After Central Financial institution Directive
Within the meantime, the info exhibits that P2P volumes in Nigeria appear to have been boosted by the Central Financial institution of Nigeria (CBN)’s directive towards crypto entities that was issued on February 6. Because the Tulip information exhibits, Nigeria’s P2P bitcoin traded volumes prior to now 90 days surged to just about $100 million. The determine, which is almost two and half instances greater than that of second-placed Kenya, suggests extra bitcoin customers at the moment are utilizing P2P platforms.
In the meantime, the info seems exhibits that P2P traded volumes in lots of different African nations surged after March 2020, when lockdown measures took maintain. Since then, many nations on the continent have seen their P2P bitcoin traded volumes develop steadily.
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