According to sources, Kenya could top the worldwide P2P cryptocurrency industry for the second year in a row, according to Marius Reitz, General Manager (GM) of Luno Cryptocurrency Exchange in Africa.
Marius Reitz was noted in the Report pointing to the developing encryption market in East African countries and the Kenyan people’s experience with digital payment systems as reasons for choosing Kenya over the typical heavyweights.
“The encryption business in the country is booming, and several companies are developing blockchain-based solutions.” It strongly positions itself, given its young population, smartphone-connected high heels, and familiarity with digital payment alternatives such as mobile money. Reitz’s reasoning was mentioned in the paper as “as East Africa’s premier cryptocurrency hub in 2022.”
Previously reported on Bitcoin.com Kenya’s peer-to-peer cryptocurrency trade volume has increased, and South Africa has surpassed Kenya as Africa’s second-largest P2P transaction market.
In addition to forecasting that Kenya will continue to dominate the peer-to-peer cryptocurrency industry, the report highlighted Reitz to explain why African enterprises are still having difficulty obtaining foreign exchange through the conventional market. He believes that these African-based businesses will be forced to “consider cryptocurrencies as a viable alternative to cross-border commerce.” However, Reitz was reported in the same report as noting that real success in this area will be contingent on regulatory improvement.
Despite these and other potential roadblocks, Reitz remains certain that Africa is better suited to cryptocurrency adoption than other continents.