In his predictions of the Africa cryptocurrency market for 2022, Marius Reitz, Luno’s general manager in Africa, predicted that Kenya will increase the adoption of cryptocurrencies. To back up this claim, Reitz points to Kenya’s position as the world’s leader in peer-to-peer (P2P) volumes for the second year in a row.
Kenya’s booming crypto market
Kenya is set to lead the global peer-to-peer cryptocurrency market for the second year in a row, Marius Reitz, general manager (GM) of cryptocurrency exchange Luno in Africa, has reportedly predicted.
Justifying its selection of Kenya ahead of the usual heavyweights, GM is cited in a report pointing to the East African country’s burgeoning crypto market, as well as Kenyan people’s familiarity with payment solutions. digital.
“The country’s crypto industry is booming with an emerging crop of companies creating blockchain-based solutions and, considering its young population, the high heels of mobile connectivity and familiarity with digital payment solutions such as the mobile money, is firmly positioned to emerge as the leading crypto in East Africa. hub in 2022, ”Reitz is quoted in the report as explaining.
Bitcoin.com News has previously reported on the surge in peer-to-peer cryptocurrency volumes from Kenya which had seen South Africa topple to become the country with the second highest P2P volume in Africa.
Crypto as an alternative currency
In addition to predicting Kenya’s continued dominance in the P2P cryptocurrency market, Reitz is also cited in the report as explaining the continuing difficulties faced by African companies wanting to access currency from formal markets. He predicts that such Africa-based companies will be forced to “look to cryptocurrencies as an alternative means of handling cross-border transactions.”
However, Reitz is quoted in the same report warning that actual progress in this area will also depend on progress on the regulatory front. He said:
As with most aspects of the crypto industry, progress in this area will largely depend on a favorable regulatory climate and if this materializes, cryptocurrencies could emerge as a major asset for companies with broad operations in Africa.
Despite these and other potential hurdles, Reitz still reiterated his belief that Africa is in a better position to adopt cryptocurrencies than other continents.
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