- Policy Center for the New South (PCNS) shared a new report that suggested Nigeria, South Africa, and Kenya have the most crypto holders among all African countries.
- Seychelles accounts for the most cryptocurrency exchanges involving Huobi, and Kucoin.
- Nigeria accounts for 40.5% of crypto holders among the 33 countries on the continent.
A recent report shared by the Policy Center for the New South (PCNS), based in Morocco, has recently shown that South Africa, Kenya, and Nigeria have the most cryptocurrency holders among 33 African nations. As revealed, this accounts for around 36.14 million of the 55.3 million total crypto holders on the continent, which is equivalent to almost two-thirds.
The report also disclosed that one of the African nations with the most crypto exchanges, Seychelles, including Huobi and Kucoin, only managed to have around 1,000 crypto holders, that’s 1.33%.
In accordance with the report, Nigeria accounts for 40.5% of crypto holders among the 33 countries on the continent, followed by South Africa with around 7.71 million, with Kenya securing the third rank with 6 million crypto holders.
It should be laid emphasis on the fact that the rest of the African countries covered in the Policy Center for the New South study had all their crypto holders fall between one and five percent. Ghana and Togo held 4.3% and 4.22%, respectively, with Cape Verde securing the lowest rank with 1%.
As per a statement derived from the report, it was read that such emergence owes nothing to chance. Factors such as urban, demographic, and economic specific to the content explain it in part. The other explanatory part is associated with the technology of cryptocurrencies, which allows the transfer of capital at a faster rate and at a lower cost.