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In his Africa crypto market forecast for 2022, Marius Reitz, the general manager of Luno in Africa, predicted that Kenya will step up the adoption of cryptocurrencies. To support this claim, Reitz highlights Kenya's position as the world leader in peer-to-peer (p2p) trading for the second consecutive year.
Kenya's thriving crypto market.
Kenya is expected to lead the global market for peer-to-peer cryptocurrencies for the second consecutive year, Marius Reitz, the chief executive officer (gm) of luno cryptocurrency in africa, would have foretold.
in justifying his selection of kenya ahead of the usual heavyweights, the gm is quoted in a report pointing to the east african country’s booming crypto market as well as kenyan people’s familiarity with digital payment solutions.
The country's crypto industry is booming with a rapidly emerging crop of companies building blockchain-based solutions and considering its young population, high heels in mobile connectivity and familiarity with digital payment solutions such as mobile money, it is firmly positioned to emerge as east africa's largest cryptography centre in 2022," reitz said in his report.
bitcoin.com news has previously reported on the surge in kenya’s peer to peer cryptocurrency volumes which had seen topple south africa to become the country with the second-highest p2p volumes in africa.
Cryptos is the alternative currency.
In addition to predicting kenya's continued dominance in the p2p crypto-currency market, reitz is also quoted in the report explaining the continuing difficulties faced by african companies that wish to access foreign currencies from formal markets. He predicts that such companies based in Africa will be forced to "consider cryptocurrencies as an alternative way of dealing with cross-border transactions."
However, Reitz is cited in the same report warning that actual progress in this area will also depend on progress on the regulatory front. he said:
similar to most aspects of the crypto industry, progress in this area will be heavily dependent on a favourable regulatory climate and should this materialise, cryptocurrencies could emerge as a major asset for companies with extensive operations throughout africa.
Despite these and other potential barriers, reitz reiterated its belief that Africa is in a better position to adopt cryptocurrencies than other continents.
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