Kenya Has the Highest Proportion of Cryptocurrency Owners in Africa, According to UNCTAD Data

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Kenya Has the Highest Proportion of Cryptocurrency Owners in Africa, According to UNCTAD Data

Kenya Has the Highest Proportion of Cryptocurrency Owners in Africa, According to UNCTAD Data
Source: BitcoinCom
1657468000 10 Jul / 15:46

According to the most recent data from the United Nations Conference on Trade and Development (UNCTAD), Kenya has the most significant proportion of crypto-owners among African nations. To combat the increasing usage of cryptocurrencies, UNCTAD suggests imposing tariffs that discourage crypto trading.

According to the most recent (UNCTAD) policy brief, Kenya's digital currency ownership rate of 8.5% of the population is the highest in Africa and the fifth-highest in the world. Only Ukraine (12.7%), Russia (11.9%), Venezuela (10.3%), and Singapore (9.4%) have a more significant proportion of citizens who possess cryptocurrencies than Kenya (9.4%).

According to the statistics, South Africa placed second in Africa and ninth internationally in 2021, with 7.1% of the population owning or holding cryptocurrencies. In Nigeria, one of the world's largest cryptocurrency marketplaces, around 6.3% of the population owns or holds cryptocurrencies. Using UNCTAD data indicates that of the country's 211 million residents in 2021, little over 13 million owned digital currencies.

Australia had the lowest percentage of its population (3.4% at the poll) that held bitcoin among the 20 nations studied.

In a study on its results, UNCTAD stated that the popularity of cryptocurrencies has increased because they are “an appealing avenue for sending remittances.” The UN agency also discovered that middle-income persons in inflation-stricken developing nations possess or keep cryptocurrencies as a “means of protecting household funds.”

Nevertheless, based on its results, UNCTAD concluded that “the adoption of cryptocurrencies may pose risks of financial instability.” Moreover, their use may create “a new avenue for illegal financial transfers.”

“Finally, if left unchecked, cryptocurrencies may become a widespread means of payment and even replace domestic currencies unofficially [a process called cryptoization], which could jeopardize the monetary sovereignty of countries. The use of stablecoins poses the greatest risks in developing countries with unmet demand for reserve currencies,” UNCTAD noted in the policy brief.

To mitigate these dangers, UNCTAD suggests mandating the registration of cryptocurrency exchanges and digital wallets. Additionally, the agency suggested implementing “entrance fees for crypto-exchanges” or taxing cryptocurrency trade. UNCTAD stated that doing so would make the usage of cryptocurrencies less attractive. Other ideas include limiting cryptocurrency advertising and introducing a digital currency by the central bank (CBDC).

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