INSUBCONTINENT EXCLUSIVE:
While Sub-Saharan Africa contributes to 2.3% of global crypto trades, nearly 10% of its transactions are in Bitcoin, surpassing both North
America and Eastern Europe.High inflation, especially in Ghana, pushes people towards Bitcoin as a safer bet
Nigeria also shines, ranking second globally in Bitcoin usage, only behind India.It boasts a 9% annual growth in crypto activities
Recessions and a weak national currency add fuel to this trend.Stablecoins also grow in popularity, according to Moyo Sodipo, co-founder of
a Nigerian crypto exchange.In South Africa, clear regulations are paving the way for more crypto usage
The Financial Sector Conduct Authority launched a crypto licensing system recently.Consequently, Luno, a South African platform, saw a 50%
user surge over three years.Sub-Saharan Africa Tops in Bitcoin Use Ratio
(Photo Internet reproduction)Chainalysis concludes that while richer countries might trade more, the real need for crypto is more pressing
in developing markets.Regulatory clarity is boosting this trend, helping local platforms grow.BackgroundThe Chainalysis report is a
It disproves the idea that crypto is a mainly Western trend.In Sub-Saharan Africa, high inflation and economic woes make Bitcoin and other
cryptos more than just assets; they are necessities.Ghana serves as a prime example
Users are no longer just chasing high returns; they seek stability, reflecting a mature market.In summary, the report highlights the crucial
role of crypto in these emerging markets
