According to new data, bitumen trade volumes in Kenya and Ghana increased in the first quarter of 2021, with the two countries now ranked second and third respectively. In contrast, volumes in South Africa, which ranked second in 2020, declined slightly. This means that South Africa has dropped to fourth place according to the data.
Contrasting regulatory regimes
Meanwhile, a report attributed the surge in P2P volumes in Kenya and Ghana to the tacit adoption of cryptocurrencies in those two countries. For example, the report notes that the Central Bank of Ghana has introduced a regulatory sandbox that favors blockchain-based companies, including cryptocurrency startups, as one of the factors that may have boosted sales in the country.
This is in contrast to South Africa, where regulatory warnings about crypto-currency use and increased investment have increased following the collapse of Mirror Trading International, the largest bitcoin scam in 2020, according to Chainalysis. As the report explains, crypto trading in South Africa has come under heightened scrutiny, and stricter regulations, including mandatory licensing and taxes, have deterred investors. The report also adds that bitcoin trading in South Africa has effectively lost its autonomy, making it less attractive to investors.
Increase in P2P volume in Nigeria due to central bank directive
Meanwhile, data shows that P2P volumes in Nigeria have been boosted by the Central Bank of Nigeria (CBN) directive on cryptocurrencies, which was issued on 6. February. Tulip’s data shows that the volume of Nigerian P2P bitcoin exchanges has reached nearly $100 million in the past 90 days. This figure, which is almost two and a half times higher than that of second-placed Kenya, indicates that more bitcoin users are now using P2P platforms.
At the same time, the data shows that P2P trading volumes in many other African countries have increased since the March 2020 blockchain measures. Since then, the volume of P2P exchanges has continued to grow in many countries across the continent.
What do you think about the growth of P2P BTC transaction volumes in Kenya and Ghana? Tell us what you think in the comments below.
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