A new report by Policy Center for the New South (PCNS) based in Morocco has shown that Nigeria, South Africa, and Kenya have the most crypto holders among 33 African countries.
This accounts for nearly 36.14 million of the 55.3 million holders on the continent, almost two-thirds.
This report, however also shows that Seychelles, one of the African countries with the most cryptocurrency exchanges including Kucoin and Huobi only manage to have an estimated 1,000 cryptocurrency holders, that’s 1.33%
According to the report, Nigeria accounts for 40.5% of crypto holders among the 33 countries on the continent, followed by South Africa with 7.71 million while Kenya ranked third had 6 million crypto holders.
The rest of the African countries covered in the PCNS study had their crypto holders fall between one and five percent. Ghana and Togo held 4.3% and 4.22% respectively, while Cape Verde was the lowest ranked with 1%.
A statement from the report reads, “Such emergence owes nothing to chance. Demographic, urban and economic factors specific to the continent explain it in part. The other explanatory part is linked to the technology of cryptocurrencies, [how this] allows the transfer of capital more quickly and at a lower cost.”
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