Africa spearheads crypto adoption despite lack of government Clarity

• Arcane Research has just released a new report that indicates that countries in Africa have some of the highest crypto ownership rates on a global scale. 
• Specifically looking at South Africa, they came third throughout the world with 13% of its Internet users owning or using digital assets such as bitcoin.

Arcane Research has just released a new report that indicates that countries in Africa have some of the highest crypto ownership rates on a global scale. Specifically looking at South Africa, they came third throughout the world with 13% of its Internet users owning or using digital assets such as bitcoin. Nigeria was another country that took the fifth spot in the report with 11% of its Internet users owning crypto.

In searching for the term ‘cryptocurrency’ on Google, the research team highlighted that Nigeria, South Africa, Kenya, Ghana and Uganda featured in the top 10.

There are several reasons as to why Africa needs cryptocurrency and the inflation rate is just the start of it. There is a huge remittance market in the continent that brings in around $40 billion on a yearly basis. But according to the report, there is a significant lack of infrastructure when it comes to crypto mining operations.

Furthermore, there is almost no clarification from the government regarding regulation in many African countries. Almost 60% of governments in Africa are used to clarify how they feel about crypto and blockchain technology. As a result of this, the adoption of crypto and other digital assets is slowing down.

One thing to take away from the report though is that African nations seem to have the highest rate of crypto adoption despite this. With a high rate of adoption for digital assets such as bitcoin, who knows what the future will hold the continent. Many citizens on the continent are relying on crypto due to a lack of proper infrastructure and regulatory clarity surrounding the matter. This speaks volumes as to the state of the infrastructure in Africa.

It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!