Ghana set to catch as much as Nigeria and Kenya when it comes to crypto adoption: Chainalysis

As rising markets take the lead in crypto adoption, Ghana, a rustic situated in West Africa, could quickly meet up with different African nations relating to cryptocurrency use. 

In a report launched by blockchain analytics platform Chainalysis, researchers found that Ghana has the potential to attain crypto adoption ranges much like Kenya and Nigeria, nations that ranked eleventh and nineteenth within the analytics agency’s Global Crypto Adoption Index.

According to Ray Youssef, the CEO of peer-to-peer (P2P) platform Paxful, the native inhabitants’s wants together with the present progress tendencies in Ghana present its potential to develop into a pacesetter in crypto adoption in Africa.

Youssef stated that the whole trading quantity from Ghana of their P2P alternate has grown by 400% within the final two years. The govt additionally believes that many Nigerians think about Ghana as their dwelling through the summer season and are educating Ghanaians on Bitcoin (BTC) and crypto.

Chainalysis additionally talked about that the insights supplied by Youssef align with their knowledge on Ghana. The analytics agency added that other than Ghana, different sub-Saharan African nations are anticipated to have increased ranges of crypto utilization as many residents proceed to face points that could possibly be solved by crypto.

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In a latest interview with Cointelegraph on the Africa Money & DeFi Summit, Kwame Oppong, an govt on the Bank of Ghana, shared that the nation is testing and getting ready for a central bank digital currency (CBDC). According to Oppong, they’re pursuing a CBDC to foster financial inclusion inside the nation. The govt believes that there’s a lot of potential for crypto use resulting from its many advantages.