The African continent has the potential to become one of the leading cryptocurrency markets in the world. Kenya has the largest share of its population with cryptocurrencies in Africa, according to a report by United Nations Conference on Trade and Development (UNCTAD). The report says that 8.5 percent of the population, or 4.25 million people own cryptocurrencies in the country.
This places Kenya ahead of developed economies such as the United States, which is ranked sixth with 8.3 percent of its population owning digital currencies. On the other hand, war-torn Ukraine is ranked top, with a 12.7 percent share of its population with cryptocurrencies, followed by Russia (11.9 percent), Venezuela (10.3 percent), and Singapore (9.4 percent).
Crypto market
The UNCTAD report attributes Kenya’s high ranking to the country’s exposure to the ongoing meltdown in the cryptocurrency market. With the crypto market in a state of flux, it remains to be seen how Kenya will fare in the coming months. However, for now, it seems that the country is leading Africa in cryptocurrency ownership.
According to UNCTAD, South Africa is the second-ranked country in Africa and eighth globally, with 7.1% of the population that owned or held cryptocurrencies in 2021. In Nigeria, which is one of the biggest cryptocurrency markets globally, about 6.3% of the population own or hold cryptocurrencies. This means from the country’s population of 211 million inhabitants, just over 13 million were owners of digital currencies in 2021.
The UNCTAD data shows that the number of Nigerians who invested in digital assets will likely increase considerably in the coming years.
Cryptocurrency popularity spikes in Kenya
UNCTAD believes that Kenya’s adoption of digital currencies is rising due to the low fees charged by crypto exchanges, the speed with which they can send remittances, and the internet access that allows them to transact online.
According to the report, “Kenya has emerged as a leader…
