Cryptocurrency use in Sub-Saharan Africa enjoys a high adoption rate, as digital assets are integrated into users' daily financial activity.
Cryptocurrency use in Sub-Saharan Africa enjoys a high adoption rate, as digital assets are integrated into users’ daily financial activity.
Part of the driving force for cryptocurrency adoption there is fiat currency devaluation, high unemployment rate, and economic instability.by blockchain analytics firm Chainalysis, retail users make up the bulk of crypto-related activities in Sub-Saharan. Institutional presence in the region is smaller than is the case in other countries.
“Our interviews suggest that this reflects the trend of many young people in Sub-Saharan Africa turning to cryptocurrency as a way to preserve and build wealth in spite of low economic opportunity, as opposed to other countries where we see many using cryptocurrency as a way to multiply their existing wealth,” Chainalysis stated in the blog post.
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