Despite various rules put in place by some African countries to discourage their citizens from trading cryptocurrencies, they are still thriving.
A statement released by "documenting bitcoin", reveals that Africa is leading the world in peer-to-peer bitcoin trading volume growth this year so far.
Giving the unfair condition of the market in Africa especially Nigeria where the government has banned financial institutions from engaging in the buying or selling of crypto, this comes as a surprise.
I was just looking through the numbers and Nigeria does have some unbelievable statistics when it comes to trading Bitcoins. According to statista.com, Nigeria had taken 3rd spot with almost double the trading volume of China. However, even if trading does get banned in Nigeria, there are a few more african countries that have been flourishing in Crypto Trading. Such as Kenya, which has more online Bitcoin trading than India and Canada. These stats are from 2020 though, so there might be a few changes since. Also, Even if the govt. stops Crypto to cash exchanges, P2P exchanges can still thrive and are almost unstoppable.
Interesting numbers, a bit surprise for me! I knew that Nigeria and Kenya have active crypto communities, but I didn't know they are so highly ranked in trading volume! Especially with all those bans and regulations over there, we have some long topics about it here in the economic section!
Surprise, a pleasant surprise I must say! And I hope people there will endure, it's never easy to go against government rules, but people there will have to find a way and stay active in crypto... it's the only way for them to win that battle and make African governments to start changing their opinion and policies regarding crypto!