Luno’s general manager for Africa, Marius Reitz, predicts that the cryptocurrency business in Kenya will flourish this year. At the moment, around 10% of Kenya’s population holds digital assets. In terms of blockchain transactions and crypto ownership, the state ranks among the top ten countries in the world.
This prediction was made by Reitz, who noted that crypto usage in Africa is increasing. Last year, he feels, the market began to perform nicely. He goes on to say that the usage of digital currencies in Africa has increased by 1200 percent.
Kenya had been performing well in peer-to-peer trade, he noted. He went on to say that the country ranked first in the globe in terms of volume for the second year in a row. In addition, the state is rated fifth in the world in terms of total bitcoin activity.
Favorable regulatory climate
The country’s crypto business, according to Reitz, is heavily utilizing the market. Blockchain-based solutions are being developed by a growing number of companies. Kenya is also thinking about how crypto knowledge may affect the country’s youth. East Africa’s adoption of cryptocurrency is likely to be led by the country.
Nonetheless, Reitz stated that the country’s legislation will have a significant impact on the crypto industry’s progress. Digital assets will flourish if there is a favorable regulatory environment. They may turn out to be a valuable asset for large corporations across Africa. According to Reitz, Africa is in a better position than other continents to accept cryptocurrencies.
Three years ago, Kenya’s Bitcoin holdings represented around 3% of the country’s Gross Domestic Product (GDP). Given that ten countries have similar levels of GDP invested in digital assets, this is a significant amount. The residents of the country hold a high regard for cryptocurrency, as the country is the world’s leading Bitcoin maximalist state. The state has the highest level of interest in bitcoin searches, at around 95%. Kenya is also among the top ten countries in the world when it comes to cryptocurrency. Africa has made significant progress in recent years. The largest crypto countries are Botswana, Ghana, Kenya, South Africa, Nigeria, and Zimbabwe. Kenyans have prospered in the cryptocurrency market without emigrating to other countries.