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Africa on the Rise Leads in Ownership of Digital Coins

While other users are contemplating on whether or not to join the crypto space as investors or coin holders as Africans do it. Basing on surveys done by several firms, Africans are leading in the ownership of bitcoins and the likes. Among the many polls is Global Agency Wearesocial and Hootsuite survey which is the most recent one with South Africa on the leading front coming in second is Thailand while Indonesia closes the top three nations. SA is leading with 10.7% of its citizens being crypto holders while 9.9 and 9.5 represent the overall percent of owners in Thailand and Indonesia respectively.

And if the above report isn’t proof enough for you, the 2019 Global Digital Report confirms the survey done by the two firms above. In Global Digital report, countries such as Kenya and Ghana are leading in the list of countries with its citizens being crypto holders. The two are among 45 other countries in the Sub Saharan region with many users. Global Digital report survey was done for six consecutive months up until September 2018. The survey was targeting internet users between the age groups of 16 and 64.

But one may ask with this huge number of enthusiasts in Africa what are they holding the coins for? Reports show many users are using digital currencies to facilitate their day to day financial needs, buying goods or paying for services. On the other hand, there is another batch of holders using cryptocurrency to complete their business transactions both locally and on intentionally. Similarly, there is an influx of Africans making investments in virtual currencies. Furthermore, some are after profit and trade crypto to get profits. Paxful Inc. 2018 report shows Africans made transactions accounting to $64.5 million every month last year. Moreover, the exchange’s data shows 1.2 billion traders on its platform are Africans. Some countries had a 100% rise in the number of both users and traders.

Industry Grows Despite not Having Regulations

Although other markets in South African have proper and robust regulations in place, the crypto industry hasn’t had any draft or framework in place. But now the South African Reserve Bank has taken to the public to submit their views on rules and policies to be put in place to control the sector. SRB also has its proposals in play and looks like it might go for not making crypto legal tender.