Residents of the continent are actively using digital assets to bypass the restrictions of local financial regulators.
From July 2020 to June 2021, the cryptocurrency market in Africa grew by more than 1200%, according to the analytical platform Chainalysis .
During this period, the volume of transactions with digital assets on the continent increased by $ 105.6 billion. Chainanalysis notes that the African cryptocurrency market is the smallest in the world, but it is also one of the fastest growing.
Tanzania, South Africa, Nigeria and Kenya are among the top twenty of the Global Index implementation cryptocurrency (Global Crypto Adoption Index). The leaders of the index are Vietnam, India and Pakistan.
Chainalysis noted that many African financial regulators have limited the ability of local residents to transfer funds to centralized crypto exchanges, which is why there is a high level of P2P transactions on the continent.
Analysts believe that cryptocurrency is popular in Africa, as it makes it possible to bypass local government bans on money transfers to other countries and restrictions on the amount of transactions.
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