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Kenya Emerges Second In Africa After Trading Sh6.1 billion in Virtual Currency in the Last Five Years

Cryptocurrency
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Kenya has traded more than Sh6 billion in Bitcoin over the past five years, coming second to Nigeria which has the highest figures in Africa at Sh63 billion.

According to a research by Paxful compiling cryptocurrency trade globally, Kenya has recorded increased interest in cryptocurrency trade among users, with 90 percent of the trading done this year.

“Kenya is one of the biggest Bitcoin trading countries in the world, beating the likes of the Philippines and South Africa,” the report said in part.

Read: Kenya Lagging on Regulation Plans as Bigger African Economies Lay Out Frameworks for Cryptocurrency

“Despite Covid-19 and the fact that the year isn’t over, 2020 has seen more Bitcoin trading in Kenya than ever before, with 4,524.7 Bitcoin being traded, a 319 per cent increase from 2019,” said the report.

The report was compiled based on Bitcoin trading analysis conducted in 28 countries in the last five years. The report is in line with developing countries among top ten economies where digital currency trade is taking root.

The Global Crypto Adoption Index released in 2019 placed only the US and China among the top ten.

Read also: CMA Warns Kenyans Against Initial Coins Offering (ICO) ‘Pre-sale’

Kenya emerged fifth after China and before the US and South Africa among 154 countries adopting Bitcoin.

Kenya has been cautious about the adoption of virtual currency, with Central Bank Governor Patrick Njoroge warning investors in 2017 to keep off from the trade which he said was a Ponzi scheme.

Last year, ICT CS Joe Mucheru said the country would start exploring the use of Blockchain and cryptocurrencies in some public functions.

The rise in the adoption of virtual currency was attributed to the uncertainty around income and investments brought about by the Covid-19 pandemic.

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Written by Vanessa Murrey

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