Report: Kenya Set to Scale Up Adoption of Cryptocurrencies in 2022 – Emerging Markets Bitcoin News

Report: Kenya Set to Scale Up Adoption of Cryptocurrencies in 2022 – Emerging Markets Bitcoin News

In his Africa crypto market predictions for 2022, Marius Reitz, the general manager for Luno in Africa, has predicted that Kenya will scale up the option of cryptocurrencies. To support this assertion, Reitz points to Kenya’s as position as the leer in the world’s peer-to-peer (P2P) tred volumes for the second year running.

Kenya’s Booming Crypto Market

Kenya is set to le the world’s peer to peer cryptocurrency market for the second consecutive year, Marius Reitz, the general manager (GM) for Luno cryptocurrency exchange in Africa, has reportedly predicted.

In justifying his selection of Kenya ahe of the usual heavyweights, the GM is quoted in a report pointing to the East African country’s booming crypto market as well as Kenyan people’s familiarity with digital payment solutions.

“The country’s crypto industry is booming with a rapidly emerging crop of companies building blockchain-based solutions and considering its young population, high heels of mobile connectivity and familiarity with digital payment solutions like mobile money, it’s firmly positioned to emerge as East Africa’s leing crypto hub in 2022,” Reitz is quoted in the report explaining. News has previously reported on the surge in Kenya’s peer to peer cryptocurrency volumes which h seen topple South Africa to become the country with the second-highest P2P volumes in Africa.

Cryptos as an Alternative Currency

Besides predicting Kenya’s continued dominance of the P2P cryptocurrency market, Reitz is also quoted in the report explaining the continuing difficulties faced by African companies that wish to access foreign currency from formal markets. He predicts that such Africa based companies will be forced to “look towards cryptocurrencies as an alternative means of handling cross-border transactions.”

However, Reitz is quoted in the same report warning that real progress in this area will also depend on the progress on the regulatory front. He said:

Similar to most aspects of the crypto industry, progress in this area will be heavily dependent on a favourable regulatory climate and should this materialise, cryptocurrencies could emerge as a major asset for companies with extensive operations throughout Africa.

Despite these and other potential hurdles, Reitz still reiterated his belief that Africa is in a better position to opt cryptocurrencies than other continents.

What are your thoughts about this story? Tell us what you think in the comments section below.

Terence Zimwara

Terence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. does not provide investment, tax, legal, or accounting vice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

ARTICLE: Report: Kenya Set to Scale Up Adoption of Cryptocurrencies in 2022 – Emerging Markets Bitcoin News
PUBLISHED: 2022-01-10 06:30:01 
  • bitcoinBitcoin (BTC) $ 37,791.00
  • ethereumEthereum (ETH) $ 2,032.45
  • tetherTether (USDT) $ 1.00
  • bnbBNB (BNB) $ 227.46
  • xrpXRP (XRP) $ 0.608485
  • solanaSolana (SOL) $ 59.33
  • usd-coinUSDC (USDC) $ 1.00
  • staked-etherLido Staked Ether (STETH) $ 2,030.45
  • cardanoCardano (ADA) $ 0.382183
  • dogecoinDogecoin (DOGE) $ 0.080716


Latest crypto news straight to your mailbox