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Crypto adoption and usage have remained on the rise as Kenyan investors explore new ways to preserve their wealth and carry out international transactions for individual remittances and commercial purposes, including importing goods.
Crypto experts have touted the payment of imports through digital currency as quick and convenient. People do not have to buy dollars using Kenya shilling or transfer money to cash transfer firms. Nevertheless, Kenyans, mainly the youth, have previously lost their hard-earned millions in crypto scams due to a lack of regulation in the sector.
So far, only a small portion of the population represents crypto adoption in Africa. If this trend continues, Africa is poised to be the next frontier of cryptocurrency adoption. Comparing the number of cryptocurrency owners against the country’s entire population across leading markets on the continent reveals that only 8.52 per cent of Kenya’s population is actively involved in crypto trading. South Africa, Nigeria, and Ghana follow closely at 7.11, 6.31, and 3.01 per cent, respectively. Consequently, many people remain curious to know how the crypto industry has transformed the payment landscape in Africa and the factors that have influenced the growth of crypto trading across Africa, even ahead of leading global markets.
Both cryptocurrency and forex have parallels and differences. The purchasing and selling of digital assets like cryptocurrencies, tokens, and NFTs is known as crypto trading (non-fungible tokens). Forex trading is exchanging one fiat currency for another, believing its value will grow. A trader might use this disparity to generate a profit and save money.
