China remains in the top 10 while Nigeria dethrones Kenya on crypto adoption
We kick off with the latest crypto adoption report by Chainalysis. Despite the cryptocurrency ban by The People’s Bank of China (PBOC), China secured a spot in the top 10 list. There were fears that crypto was facilitating capital flight in China markets and bypassing conventional restrictions. Kenya which topped last year’s peer-to-peer volumes, dropped to position 5 in the same category while Nigeria was in position 11 overall.
Njoroge, the Central bank of Kenya governor has stated that he would not welcome the idea of converting the country’s reserves into Bitcoin. Among others, he opined that the cryptocurrency is volatile and would not take that risk. However, other countries are adopting Bitcoin as legal tender and Ghana has huge potential to exploit crypto and blockchain opportunities.
Cryptocurrencies enhance convenience in transactions whereby one can transact without volume limits, and cross-border transactions can occur with ease. On the other hand, Russia is fast-tracking its digital rubble for mutual settlement with China, a move that aims to reduce the US dominance over global financial systems. Learn more about crypto here and how you can earn free crypto and grow your crypto portfolio with Adbank.
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