Cryptocurrency Industry Booms In Kenya – What’s Next For This Country?

Cryptocurrency adoption has increased quite a lot in Kenya over the past few years. Although the country is yet to adopt a crypto regulatory framework, the people in the country have shown a massive interest in the industry.

It is especially true when it comes to peer-to-peer transactions, in terms of which, Kenya has managed to become one of the leaders globally.

Many experts have indicated Kenya becoming one of the leaders in the crypto industry, saying that crypto adoption will continue to increase throughout 2022. Recently, the general manager of Luno, a cryptocurrency exchange in Africa, talked about crypto adoption in Kenya and its future prospects.

According to Marius Reitz, it is very likely for Kenya to continue its increasing adoption of cryptocurrencies. According to him, Kenya is about to become the leader in terms of peer-to-peer crypto transactions for the second consecutive year. He also noted that the number of crypto companies in the country continues to increase very fast.

According to Reitz, there are different types of companies emerging in the country that are building blockchain-based solutions, which are very much appreciated by the young population of the country. One of the main reasons why the crypto industry has become so popular in the country is its large young population, with a huge interest in the cryptocurrency trading industry. As Reitz predicts, Kenya has what it takes to emerge as a leading crypto hub in East Africa.

Previously, numerous organizations have reported regarding the massive surge of Kenya’s peer-to-peer transactions, showing that the cryptocurrency market is becoming more and more popular among the population of the country.

What’s Next For Kenya?

While it is true that Kenya has managed to become one of the leading countries in Africa in terms of crypto adoption, the future seems to be even better for the country. The representatives of the leadership of Kenya have yet to make any actual statements regarding what they are planning to do for the future, but some market experts have their own views about how the crypto industry will continue to develop in Kenya.

Among many predictions that Reitz has made is that many countries in the region, including Kenya, might be looking at crypto as an alternative means of handling cross-border transactions. He talked about this when discussing different types of difficulties that African countries are facing when it comes to accessing foreign currencies from formal markets. He says that this might be one of the main ways the crypto industry can continue to develop in African countries in the near future. However, he also added that the development of this opportunity in the region depends on many other factors as well, such as the regulatory frameworks that the African countries might decide to go with.

According to him, the future progress of the industry very much depends on the regulatory environment. If the regulations prevent the future development of the industry, it is very hard to see Kenya truly exploring its opportunities through the crypto industry. On the other hand, if favorable regulations are adopted, the market can very much flourish in the country, as well as the whole region of Africa.

What Makes Crypto So Popular in Africa?

The past few years have shown how popular the cryptocurrency market has become in Africa. There are many different reasons behind the recent surge in popularity of the industry in the region.

Although the governments of many African countries have warned their citizens about the dangers that crypto trading might come with, the popularity of the market continues to grow sharply.

One of the reasons why so many people in Africa are turning to cryptocurrency investments is that it has become a very easy thing to get started in the market. There are numerous crypto exchanges available in the market, offering traders very comfortable and easy-to-use services.

Even those who do not have any experience in the crypto trading market can start trading thanks to different types of trading automation tools offered by different companies. By using automated crypto trading individuals are able to do market analyses in a matter of a few minutes and make profits quickly and easily.

But, this is not the only reason why the number of crypto traders increases so fast in Africa. The reality is that the majority of the African countries suffered from hyperinflation, which makes it very hard for the citizens to have any trust in their national, fiat currencies.

These people have already seen what a depreciation of the national currency can do to their wealth, and they simply do not want to have the same experience. Another factor is that many of the people in the region go abroad to work and send money back to their families. Doing so can be quite a challenge for Africans, as it is usually associated with high fees and commissions.

On the other hand, crypto transactions are a lot faster as well as easier for individuals from the region, which makes it a perfect option for sending money.

Simply put, cryptocurrencies can help Africans make their lives a bit easier, which is one of the main reasons why the adoption of digital assets continues to increase very fast in countries like Kenya.