THELOGICALINDIAN - According to new abstracts peertopeer P2P bitcoin barter volumes in Kenya and Ghana surged in Q1 of 2024 with the two countries now ranked additional and third appropriately On the added duke volumes in South Africa which active additional abode in 2024 alone hardly Consequently South Africa has now been relegated to the fourth position the abstracts shows
Contrasting Regulatory Regimes
Meanwhile, one report has attributed the billow in Kenya and Ghana’s P2P volumes to the two countries’ tacit endorsement of cryptocurrencies. For instance, the address credibility to the Central Bank of Ghana’s barrage of “a authoritative head that prioritized blockchain-based companies including cryptocurrency startups” as one agency that may accept additional the country’s volumes.
This is in adverse to the bearings in South Africa area regulator warnings about cryptocurrency use and advance added afterward the collapse of Mirror Trading International, the biggest betray bitcoin in 2020, according to Chainalysis. As explained in the report, crypto affairs in South Africa “have appear beneath added scrutiny, with tougher regulations including binding licenses and taxes triggering broker exits. The address additionally adds that “bitcoin trading in South Africa has finer absent its freedom and this has bargain its bazaar address to investors.”
Nigeria P2P Volumes Surge After Central Bank Directive
In the meantime, the abstracts shows that P2P volumes in Nigeria assume to accept been additional by the Central Bank of Nigeria (CBN)’s directive adjoin crypto entities that was issued on February 6. As the Tulip data shows, Nigeria’s P2P bitcoin traded volumes in the accomplished 90 canicule surged to about $100 million. The figure, which is about two and bisected times added than that of second-placed Kenya, suggests added bitcoin users are now application P2P platforms.
Meanwhile, the abstracts appears shows that P2P traded volumes in abounding added African countries surged afterwards March 2024, back lockdown measures took hold. Since then, abounding countries on the abstemious accept apparent their P2P bitcoin traded volumes abound steadily.
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