• Home
  • Login
  • Register
Currency Insider
  • Home
  • Reading Library
  • CBDC Think Tank
SUBSCRIBE
No Result
View All Result
Currency Insider
  • Home
  • Reading Library
  • CBDC Think Tank
Currency Insider
No Result
View All Result

Three Countries Account for Nearly Two-Thirds of Africa’s Crypto Holders

by CBDC Insider
December 21, 2022
in Africa, Business
Reading Time: 2min read
0
Three Countries Account for Nearly Two-Thirds of Africa’s Crypto Holders
Share on FacebookShare on Twitter

According to a new study, out of the estimated 55.3 million cryptocurrency holders that are spread among 33 African countries, three countries — Nigeria, South Africa, and Kenya — account for approximately 36.14 million or nearly two-thirds of this total. In contrast, the study found that Seychelles, which is home to several cryptocurrency exchanges, has approximately 1,000 cryptocurrency holders.

Nigeria Dominates

The findings of the latest study undertaken by the Moroccan think tank Policy Center for the New South (PCNS), suggest that Nigeria has by far the largest number of cryptocurrency holders (40.5%) among the 33 African countries that were surveyed. The study findings also show South Africa as the next highest-ranked African country with an estimated 7.71 million cryptocurrency holders. Kenya’s estimated 6 million crypto holders mean it is the third highest-ranked African country.

In addition to having the highest number of crypto holders among the surveyed states, the three countries are the only ones whose proportion of holders relative to their population size is higher than 10%. However, when using this metric, it is South Africa — whose proportion of crypto holders is 12.27% — that is ranked number one. Kenya is ranked second with 11.85% while Nigeria, Africa’s most populous state, is ranked third with 10.33%.

RELATED STORIES

Amid crypto winter, central banks rethink in-house digital currencies

Amid crypto winter, central banks rethink in-house digital currencies

January 24, 2023
Digital currency firm Amber reduces employee count in Hong Kong

Digital currency firm Amber reduces employee count in Hong Kong

January 22, 2023

 

Rising Number of Crypto Holders Down to Urban and Economic Factors

For the rest of the surveyed countries, the PCNS study found that the proportion of crypto holders ranges between one and five percent. Ghana (4.3%) and Togo (4.22%) lead countries in this category, while Cabo Verde (1%) is the lowest ranked.

Meanwhile, in Seychelles, where major cryptocurrency exchanges like Huobi and Kucoin are domiciled, the percentage of crypto holders relative to its estimated 90,000 plus inhabitants is 1.33%.

 

READ MORE AT bitcoin.com

Previous Post

As China pushes its digital currency plans, the US falls behind

Next Post

Digital Dollar Is a Long Way From Reality, US Treasury Official Says

Next Post
Digital Dollar Is a Long Way From Reality, US Treasury Official Says

Digital Dollar Is a Long Way From Reality, US Treasury Official Says

© 2022 CBDC Insider

No Result
View All Result
  • Home
  • Map
  • Reading Library
  • CBDC Think Tank
  • Partners
    • DEA
  • Login
  • Register