Cryptocurrency

Kenya to Scale Up Crypto Adoption in 2022- Luno

Kenya to Scale Up Crypto Adoption in 2022- Luno

  • The general manager of Lunk Africa Marius Reitz has predicted that Kenya will scale up the adoption of cryptocurrencies in 2022
  • Reitz pointed to the East African country’s position as a leader in peer-to-peer (P2P) cryptocurrency trading
  • He however lamented the difficulties that African countries face in accessing foreign currency from formal markets

Marius Reitz, the general manager (GM) for Luno cryptocurrency exchange Africa has predicted that Kenya will lead the world’s peer-to-peer cryptocurrency market in 2022.

Fritz justified his selection of the East African country by pointing to the booming crypto market and the familiarity with digital payment solutions.

A portion of his statement can be seen below:

“The country’s crypto industry is booming with a rapidly emerging crop of companies building blockchain-based solutions and considering its young population, high heels of mobile connectivity, and familiarity with digital payment solutions like mobile money, it’s firmly positioned to emerge as East Africa’s leading crypto hub in 2022,”

Kenya

It should be noted that Kenya toppled South Africa in 2021 to become the country with the second-highest P2P volumes in Africa, only behind Nigeria.

Asides, his prediction about Kenya’s dominance of Africa’s crypto markets Reitz cited some difficulties that African companies are bound to face, especially access to the foreign currency from formal markets.

Read also: Crypto Fear and Greed Index Hits 5-month Low as Bitcoin Crashes

He stated Africa based companies may be forced to look towards cryptocurrencies as an alternative for handling transactions.

Cryptocurrency scammers

However, he expects that real progress in this area will depend on progress in the regulatory front of various countries.

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