EXPERTS KENYA Kenya’s interest in bitcoins is a fraction of Africa’s involvement 3 years ago Iwo Bulski Post Views: 699 Before the world was shut down by the COVID-19 pandemic, Twitter’s Jack Dorsey had visited the continent of Africa and confidently proclaimed that Africa will define the future of Bitcoin. In light of the aforementioned statement and many who share such sentiments, Arcane Research recently shared information concerning Kenya’s use of Bitcoin over the past few days. Arcane Research reported that Bitcoin trading in Kenya had reached a milestone of 100 BTC on the weekly volume charts of Paxful exchange. The attached data suggested that in spite of global economic turmoil, Bitcoin enthusiasts in Kenya are not taking their eyes off the Bitcoin markets. In fact, Kenya’s P2P volume has increased by up to 190 percent in terms of USD, with the average weekly volume above $1 million for the first time since the start of 2019. When compared to other Bitcoin-crazy countries such as the United States, it can be argued that the data sample size is relatively small. However, at the moment, continued engagement and activity on the network can be argued to matter more than the size of the trading volume. Besides Bitcoin, Kenya had also proposed a blockchain and artificial intelligence task force for a CBDC back in 2018. Bitange Ndemo, the chairman of the aforementioned taskforce, had then stated, “A digital currency is the same as cash. Once you pile up, you can go to any bank and take the cash. Actually, there is no need to print cash if we get used to digital cash. The good thing about digital cash its traceability.” It should be noted, however, that any development on the CBDC front hasn’t surfaced since. Kenya, Bitcoin, and the rest of Africa Back in October, a research report by Citigroup Inc. had revealed that a number of the nations across the world were registering high per capita holdings of Bitcoin. The study listed eight countries in total, including Kenya, a list that surprisingly, did not have the United States. Russia, New Zealand, Ukraine, the United Kingdom, and Colombia were some of the countries listed here. The other three belonged to the African continent and included Kenya, Nigeria, and South Africa. Africa’s involvement in Bitcoin and crypto is a legitimate thing at the moment and the interest in the digital asset will only rise over the next few years. Source: eng.ambcrypto.com About Post Author Iwo Bulski Issues related to the gambling business is engaged in more than 30 years. My empirical experience gives me the opportunity to present events and companies from this business with full knowledge and industry knowledge. See author's posts Iwo BulskiIssues related to the gambling business is engaged in more than 30 years. My empirical experience gives me the opportunity to present events and companies from this business with full knowledge and industry knowledge. Facebook Twitter LinkedIn Email Print Tags: bitcoin, CBDC, Kenya Continue Reading Previous What Africa’s gambling firms could learn from the pandemicNext What gamblers would change in online casinos More Stories EXPERTS WORLD NEWS What does the UK’s involvement look like in African business today? 9 hours ago Szarlot EXPERTS NIGERIA GamStop And Responsible Gambling in Nigeria 11 hours ago Szarlot EXPERTS KENYA KRA gains more from gaming and betting collections 12 hours ago Iwo Bulski EXPERTS KENYA Betting firms inflating sponsorships to avoid taxes 12 hours ago Szarlot EXPERTS NIGERIA Is the Cryptocurrency Noise in Nigeria Gradually being Silenced? 1 day ago Samuel EXPERTS KENYA Kenyan Govt Invites Public Submissions in the Creation of National Lottery 1 day ago Szarlot EXPERTS KENYA Naira Marley advises Muslims to forget betting during Ramadan 2 days ago Samuel KENYA LOTTERIES Ruto boosts national lottery plan with two new Bills 2 days ago Szarlot EXPERTS WORLD NEWS Record 2022 numbers for Playtech 5 days ago Iwo Bulski BETTING EXPERTS Is Long-Term Betting a Smart Investment Strategy? 6 days ago Szarlot BETTING KENYA MossBets Steps Up Virtual Gaming In Kenya 6 days ago Samuel EXPERTS GHANA Casino Industry in Ghana Compared to South Africa 1 week ago Szarlot Leave a Reply Cancel replyYour email address will not be published. Required fields are marked *Comment * Name * Email * Website Save my name, email, and website in this browser for the next time I comment. Δ This site uses Akismet to reduce spam. Learn how your comment data is processed.