In response to 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 information reveals.
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. As an illustration, the report factors to the Central Financial institution of Ghana’s launch of “a regulatory sandbox that prioritized blockchain-based corporations together with cryptocurrency startups” as one issue which 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 biggest rip-off bitcoin in 2020, in accordance with Chainalysis. As defined within the report, crypto dealings in South Africa “have come underneath 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 diminished its market enchantment to buyers.”
Nigeria P2P Volumes Surge After Central Financial institution Directive
Within the meantime, the information reveals 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 data reveals, Nigeria’s P2P bitcoin traded volumes up to now 90 days surged to almost $100 million. The determine, which is sort of two and half occasions greater than that of second-placed Kenya, suggests extra bitcoin customers at the moment are utilizing P2P platforms.
In the meantime, the information seems reveals 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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