What is happening with the crypto market in Africa
The cryptocurrency market in Africa is experiencing significant growth and several interesting trends:
Cryptocurrency Adoption: Nigeria leads the way in cryptocurrency adoption in Africa, standing out in cryptocurrency trading and the importance of international remittances. Ghana is also showing notable growth in volume and number of transactions1.
Regulation and Development: The African Union has given the green light to the adoption of artificial intelligence among member states, which could drive innovation and growth in the cryptocurrency sector. Additionally, countries such as Ethiopia are taking steps towards the creation of a central bank digital currency (CBDC)3.
Infrastructure and Technology: Lack of infrastructure and climate make Bitcoin mining in Africa difficult, leading to high trading margins. However, the relative financial stability of digital money and profit opportunities make cryptocurrencies very popular on the continent3.
User Growth: Memecoins, P2P and TON usage have driven significant user growth in Africa, according to Bitget
