Kenya ranks 23 globally in bitcoin trading volumes according to the recent localbitcoins.com volume charts. The country traded $25 million in bitcoin, coming third after Nigeria and South Africa which traded $258 million and $98 million respectively.
This comes at a time when Kenyan regulators are still putting the brakes on cryptocurrencies with the Central Bank of Kenya prohibiting banks from doing business with companies dealing in cryptocurrencies. However, there could be a turnaround to this status quo if the country adopts a local digital currency in line with the recommendations of the AI and blockchain taskforce.
A recent Ecobank report indicates that regulators in Africa have adopted a ‘wait and see’ approach with regards to cryptocurrencies.
The report states:
“Many African governments and regulators recognise both the risks and the potential positive impacts of cryptocurrencies, and some also appreciate the difference between cryptocurrencies and the underlying blockchain technology. But they have been reticent in authorising cryptocurrency transactions, and mostly remain apprehensive about the potential risks. African countries appear to be looking to their neighbours to regulate and innovate first, and learn from their mistakes, rather than being the first mover.”
According to the LocalBitcoins all-time country volume leaderboard, Asia has traded the most bitcoin at $2.07 billion with the US, Russia, and the UK topping the list with trade volumes of $1.44 billion, $1.05 billion, and $738 million respectively while the rest of Europe traded $286 million. Tanzania is also appearing on the top 46 list with trade volumes of $2 million while Morocco traded $6 million.
China came fifth with $622 million in traded bitcoins while India ranked eleventh recording trade volumes of $73 million despite the Reserve Bank of India (RBI) banning cryptocurrencies.