The beauty of cryptocurrency is the blockchain technology used to develop the currency. When one currency token is developed, it cannot be deleted, only updated. This is important because it has helped track the amount of crypto, the number of users globally, and which countries have the most crypto among their governments and citizens. In Africa, cryptocurrency adaptation has been increasing at a high rate. In the last two years, there has been a 1200% increase in cryptocurrency adaptation in the continent. This article presents information on some of the countries in Africa that have the most cryptocurrency among their citizens.
1. Nigeria
Nigeria is the highest populated country in Africa. The large population means that people get innovative and are willing to try new ideas to improve their financial situation, which is the case with Nigeria. Many of the cryptocurrency holders in Nigeria are the youth who use the technology as an investment opportunity to get an income. Currently, about 13 million citizens in Nigeria use crypto, meaning in Nigeria, 6.3% of the population has adopted it. Although the government has yet to allow the use of crypto as a legal tender, citizens still need to figure out the benefits of crypto. Nigeria has also recently been the first country to legalise cryptocurrency.
2. Kenya
The second country in Africa that has adopted cryptocurrency is Kenya. Kenyan citizens are known for adapting to new technology to help improve their financial situation. A good example is Kenya adopted mobile transactions through the phone service called Mpesa years before cryptocurrency was developed. The country has over 4.5 million citizens involved in crypto, making the percentage of the population involved in it 8.5%. In Kenya, cryptocurrency has helped many young people obtain income through cryptocurrency trading and mining. Although crypto is not used to pay for goods, services, and bills, some companies pay their citizens using cryptocurrency. Apart from having the biggest percentage of the population adopting cryptocurrency in Africa, Kenya is also trying to develop their cryptocurrency to be used as legal tender. Doing this will influence and increase the percentage of people adopting cryptocurrency in Africa.
3. Senegal
The third country that has shown remarkable improvements in cryptocurrency adaptation is Senegal. Apart from the announcement of Akon city, where crypto will be the main currency in transactions, the country has already developed its national crypto coin. The country has already allowed the currency for payments in any transaction. People can buy products and pay bills and taxes with the currency. This makes Senegal the benchmark for cryptocurrency adoption in Africa.
4. South Africa
The fourth country with a huge population adopting cryptocurrency in South Africa. South Africa has over 4.2 million citizens involved in cryptocurrency in one way or the other, making the percentage of the total population 7%. Although the government has not yet allowed crypto as a legal tender, the central bank is researching the possibility of adopting crypto.
5. Botswana
In Botswana, cryptocurrency is slowly but surely developing. The population of people involved in cryptocurrency is low. Still, cryptocurrency adaptation in the country will improve, just like in other African countries over the last few years. Most people in Botswana are involved in cryptocurrency trading and crypto mining.
6. Ghana
Another country that is forging a great future for cryptocurrency in Africa is Ghana. Just like Senegal, Ghana has already developed its cryptocurrency called e-cedi. The government and the Central Bank of Ghana are trying to figure out the necessary steps to allow e-cadi to be adopted as a legal tender for financial transactions in the country. In a few years, Ghana will significantly increase crypto adaptation, helping to improve the growth of crypto in Africa.
7. Tunisia
After the development of CBDC, other countries in Africa started developing a digital currency in blockchain development to be used in the country. Tunisia is one of the countries which lead to the development of eDinar. Some people, government transactions, and businesses have already started allowing the use of cryptocurrency as a tender for payment. Still, the country is looking to expand its influence and adaptation over the next few years.
8. Morocco
In Morocco, cryptocurrency was initially banned. However, the citizens were not allowed to use cryptocurrency as a form of currency in the country. This did not stop them from investing their money in cryptocurrency mining and trading. After the development of CBDC, the central bank and the government set up a committee to study the impact cryptocurrency would have if adopted in the country. If the study results are positive, Morocco might be one of the countries adopting cryptocurrency as a legal tender for financial exchange.
9. Madagascar
Another country to develop its cryptocurrency as a legal tender is Madagascar. The country has set plans to develop and adopt e-Ariary, which will be developed, mined, and used in the country. The more countries develop their cryptocurrency, the more benefits and chances to develop the country will have in the future.
10. Tanzania
Tanzania initially banned cryptocurrency as a legal tender in the country. But as more countries developed their CBDCs, Tanzania could not be left behind. The central bank and the government are currently in the planning stages for their cryptocurrency that will be used to pay bills and taxes and any other expenses people might have. If Tanzania develops and adopts cryptocurrency, it will be the second country in East Africa to do so, increasing the entire region’s financial position.
