[Blockchain Today Correspondent Han Ji-hye] Crypto exchange KuCoin recently announced that the adoption of cryptocurrencies in some African countries is growing at a rapid pace, with cryptocurrency trading increasing by up to 2670% in 2022.
According to KuCoin’s report delivered by Cointelegraph on the 21st (local time), such a ‘remarkable growth rate’ stems from the low use of cryptocurrencies in African countries. As a result, the number of cryptocurrency transactions on the African continent accounted for about 2.8% of the global transaction volume.
“Africa’s adoption of virtual assets will continue to grow exponentially,” said Johnny Lyu, CEO of KuCoin, to Cointelegraph. there,” he said.
Nourou, founder of Bitcoin Senegal, said: “In the meantime, look at the remarkable growth of automobiles, mobile phones and consumer electronics in Africa. “The 1000% growth rate of Bitcoin (BTC) adoption will continue for years to come.”
KuCoin’s report stated that “more than 88.5% of Africans’ cryptocurrency transactions were cross-border remittances” with a fee lower than 0.01% of the total transaction amount for cryptocurrency remittance.
However, CEO Jory-ryu warned that the ‘extraordinary growth rate’ of cryptocurrency use in some African countries could vary depending on the attitudes of local policy makers and individual stakeholders. However, he expressed his position that “the future of cryptocurrencies on the African continent is bright.”
For example, Bitcoin adoption is increasing because of distrust and anxiety about the CFA, the currency used by 14 countries in Central and West Africa.
In a previous article, Cointelegraph analyzed the cryptocurrency adoption situation in Africa and noted that “the economic opportunity in this region is enormous.”
CEO Johnny Ryu analyzed that Africa’s economic problems, such as rising inflation, high unemployment, poor access to banking services, and high fees for external payments, “are creating a favorable environment for the growth of cryptocurrencies.” In addition, Africa has a young population with an average age of 19, and more than 40% of the population is urban.
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