As emerging markets take the lead in cryptocurrency adoption, Ghana, a country located in West Africa, could soon catch up with other African countries in crypto usage.
In a report published by blockchain analytics platform Chainalysis, researchers found that Ghana has the potential to reach similar cryptocurrency adoption levels as Kenya and Nigeria, countries that ranked 11th and 19th in the Global Crypto Adoption Index. analysis firm.
According to Ray Youssef, CEO of peer-to-peer (P2P) transaction platform Paxful, the needs of the local population coupled with current growth trends in Ghana show its potential to become a leader in cryptocurrency adoption in Africa.
Youssef said that the total volume of trade from Ghana on its P2P marketplace has grown by 400% in the last two years. The executive also believes that many Nigerians call Ghana home during the summer and are educating Ghanaians about Bitcoin (BTC) and other cryptocurrencies.
Chainalysis also mentioned that the insights provided by Youssef align with his data on Ghana. The analytics firm added that apart from Ghana, other sub-Saharan African countries are expected to have higher levels of cryptocurrency use, as many residents continue to face problems that could be solved with them.
In a recent interview with Cointelegraph at the Africa Money & DeFi summit, Kwame Oppong, an executive at the Bank of Ghana, shared that the country is testing and preparing a central bank digital currency (CBDC). According to Oppong, the reason for seeking a CBDC is to foster financial inclusion in the country. The executive believes that there is great potential for the use of cryptocurrencies due to its benefits for man.
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