In his Africa crypto market forecast for 2022, Marius Reitz, Luno’s general manager in Africa, predicted that Kenya will expand the adoption of cryptocurrencies. To support this claim, Reitz cites Kenya’s position as the leader in peer-to-peer (P2P) trading volumes in the world for the second year in a row.
Kenya’s booming crypto market
Kenya is expected to lead the global peer-to-peer cryptocurrency market for the second year in a row, Marius Reitz, the general manager (GM) of the Luno cryptocurrency exchange in Africa, has reportedly predicted.
To justify his choice of Kenya over the usual heavyweights, the GM is quoted in a report that refers to the booming crypto market in the East African country and the familiarity of Kenyans with digital payment solutions.
“The country’s crypto industry is booming with a rapidly emerging group of companies developing blockchain-based solutions, and given its young population, high heels of mobile connectivity, and familiarity with digital payment solutions like mobile money, it is firmly positioned to be a leader East Africa’s cryptocurrency will emerge as a hub in 2022, ”Reitz is quoted in the explanatory report.
Bitcoin.com News previously reported on the surge in peer-to-peer cryptocurrency volume in Kenya, which had made South Africa the country with the second highest P2P volumes in Africa.
Cryptos as an alternative currency
In addition to predicting Kenya’s continued dominance in the P2P cryptocurrency market, Reitz is quoted in the report explaining the ongoing difficulties faced by African companies seeking to access foreign currency through formal markets. He predicts that such African-based companies will be forced to “view cryptocurrencies as an alternative means of processing cross-border transactions.”
Reitz, however, is quoted in the same report and warns that real progress in this area also depends on progress on the regulatory front. He said:
Similar to most aspects of the crypto industry, advances in this area will be heavily reliant on a favorable regulatory climate, and if that materializes, cryptocurrencies could become an important asset for companies with extensive operations across Africa.
Despite these and other potential hurdles, Reitz still reiterated his belief that Africa is better able to adopt cryptocurrencies than other continents.
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Terence Zimwara is an award-winning journalist, writer, and writer based in Zimbabwe. He has written extensively on the economic problems faced by some African countries and how digital currencies can provide an escape route for Africans.
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