In his predictions on Africa’s crypto market for 2022, Marius Reitz, the CEO of Moon in Africa, predicted that Kenya will increase the adoption of cryptocurrencies. To support this claim, Reitz points to Kenya’s position as the leader in the world’s inter-to-peer (P2P) trading volumes for the second year in a row.
Kenya’s Crypt Market
Kenya is poised to lead the global cryptocurrency market for the second year in a row, said Marius Reitz, GM’s chief executive of the Moon’s cryptocurrency exchange in Africa.
Justifying his choice of Kenya before the usual heavyweights, the GM is quoted in a report showing the crypto market of the East African country as well as the familiarity of Kenyan people with digital payment solutions.
“The country’s crypto industry is thriving with a rapidly emerging crop of companies building blockchain-based solutions and considering its young population, high heels of mobile connectivity and familiarity with digital payment solutions as mobile money, it is firmly positioned to emerge as the leading crypto orient -Africa. Hub in 2022, “Reitz is quoted in the report as explaining.
Bitcoin.com News has previously reported on the rise in Kenya’s cryptocurrency volumes, which saw South Africa drop to become the country with the second highest P2P volumes in Africa.
Cryptos as an Alternative Currency
In addition to predicting Kenya’s continued dominance of the P2P cryptocurrency market, Reitz is also quoted in the report as explaining the continuing difficulties faced by African companies wishing to access foreign currency from formal markets. He predicts that such Africa-based companies will be forced to “look at cryptocurrencies as an alternative means of dealing with cross-border transactions.”
However, Reitz is quoted in the same report warning that real progress in this area will also depend on progress on the regulatory front. He said:
Like most aspects of the crypto industry, progress in this area will largely depend on a favorable regulatory climate and if this were to happen, cryptocurrencies could emerge as an important asset for companies with extensive operations across Africa.
Despite these and other possible obstacles, Reitz still reiterated his belief that Africa is in a better position to adopt cryptocurrencies than other continents.
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