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In his forecast for the African crypto market in 2022, Marius Reitz, general manager of African Luno, predicted that Kenya will expand the adoption of cryptocurrencies. To support this claim, Reitz pointed out that Kenya has become the world leader in peer-to-peer (P2P) transaction volume for the second year in a row.
Kenya’s booming crypto market
According to reports, Marius Reitz, General Manager (GM) of Luno Cryptocurrency Exchange in Africa, predicts that Kenya will lead the global P2P cryptocurrency market for the second consecutive year.
In justifying his reason for choosing Kenya before the usual heavyweights, GM was quoted in Report Point out the booming encryption market in East African countries and the familiarity of the Kenyan people with digital payment solutions.
“The country’s encryption industry is booming, and a large number of companies are building blockchain-based solutions. Considering its young population, mobile connected high heels, and familiarity with digital payment solutions such as mobile money, it firmly positions itself. As East Africa’s leading cryptocurrency hub in 2022,” Reitz’s explanation was quoted in the report.
Bitcoin.com news previously Report Kenya’s peer-to-peer cryptocurrency trading volume has surged, and South Africa has become the country with the second highest P2P transaction volume in Africa.
Cryptocurrency as an alternative currency
In addition to predicting that Kenya will continue to dominate the P2P cryptocurrency market, the report also cited Reitz to explain the continuing difficulties faced by African companies that want to obtain foreign exchange from the formal market. He predicted that these African-headquartered companies will be forced to “see cryptocurrency as an alternative way of handling cross-border transactions.”
However, in the same report, Reitz was quoted as saying that real progress in this area will also depend on progress in regulation. He said:
Similar to most aspects of the crypto industry, progress in this area will largely depend on a favorable regulatory environment. If this becomes a reality, cryptocurrencies may become the main asset of companies that conduct extensive operations throughout Africa.
Despite these and other potential obstacles, Reitz reiterated his belief that Africa is more suitable for adopting cryptocurrencies than other continents.
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