The African continent, which is often shadowed in the world economy, has been making moves to become one of the prominent players in the crypto scene. Nigeria, Kenya and the Republic of Congo (CAR) are three countries which have made it to the headlines for embracing crypto– to the extent that CAR even declared Bitcoin as a legal tender. Many African countries are facing hyperinflation and their fiat currencies are often pegged to a superior currency, hence crypto seems to be a viable option against their falling fiat currencies.
Now, Ghana, another African nation is indicating an increase in interest in cryptocurrencies as reports from analytics firm Chainalysis suggest that the country may soon compete with the adoption levels of Kenya and Nigeria. Kenya and Nigeria rank 11th and 19th respectively in the global crypto index.
Ghana has the potential to become a pioneer in the adoption of cryptocurrencies in Africa, according to Ray Youssef, the CEO of P2P platform Paxful, who also points to the requirements of the local population and the country’s present economic trends.
According to Youssef, the entire trade volume coming from Ghana in their P2P exchange increased by 400% over the previous two years. The CEO also thinks that a lot of Nigerians consider Ghana to be their home during the summer and are teaching Ghanaians about Bitcoin (BTC) and cryptocurrency.
Chainalysis agreed with Youssef’s comments since their data also implied the same. They also pointed out that Sub-Saharan countries are poised to experience higher levels of crypto usage as their residents think crypto can be useful to tackle domestic inflationary and depleting fiat currency problems.