Africa is leading the charts for Bitcoin P2P trading volume, recording $17 million in May 2021. This growth represents a nearly 50% jump over the same period last year.
Africa is the fastest growing region among all continents in terms of P2P transaction volume. Overall, North America is still the most active region, despite the significant decline in recent times. Africa’s participation in the cryptocurrency market has increased since 2020, with explosive search volume indicating growing interest.
Over the past six months, most African countries have seen Bitcoin trading volumes increase by 15% to 30%. Meanwhile, North America fell 18% on this index. According to the data chart from UsefulTulips, the growth (green area) has covered North America, but the opposite of the growth (red area) is very strong in Africa and Asia.
The massive trading activity in Africa shows the growth of the cryptocurrency market that is taking over the world. Several countries are now launching markets and enforcing regulations. India, another major market for Bitcoin, also seems to be changing its stance on the digital asset.
See more: India is reportedly slowly lifting the Bitcoin ban in favor of cryptocurrencies as an alternative asset
Tanzania is the next typical African country to start research and development of a central bank digital currency (CBDC). The President of Tanzania urged the central bank to prepare for cryptocurrencies, starting work on CBDCs in a speech given at the inauguration of the Swahili Central Bank building in Mwanza.
Besides that, other African countries are also starting to enter the cryptocurrency market. Most notably, Nigeria has announced that it will also operate on CBDCs. Twitter CEO Jack Dorsey also said that “Nigerians will lead in Bitcoin.”
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