West African Country, Ghana may overtake other African nations in terms of crypto adoption as growing markets drive this trend.
According to a study by blockchain analytics platform Chainalysis, Ghana could embrace cryptocurrencies at a rate comparable to that of Kenya and Nigeria, which are placed 11th and 19th respectively on the analytics company’s Global Crypto Adoption Index.
According to Ray Youssef, the CEO of the peer-to-peer (P2P) platform Paxful, Ghana has the potential to become a leader in the adoption of cryptocurrencies in Africa given its present growth trends and the requirements of its native population.
Youssef claims that during the last two years, the overall volume of trading on P2P exchanges in Ghana has increased by 400%. The executive also thinks that many Nigerians consider Ghana to be their vacation residence and educate locals there about bitcoin and other cryptocurrencies.
Youssef’s findings are compatible with statistics on Ghana, according to Chainalysis as well. The analytics company stated that greater use of cryptocurrency is anticipated outside of Ghana in other sub-Saharan African nations, as inhabitants continue to struggle with issues that can be resolved with cryptocurrency.
Kwame Oppong, an officer with the Bank of Ghana, stated that Ghana is testing and getting ready for a central bank digital currency in a recent interview with Cointelegraph at the Africa Money & DeFi Summit (CBDC). Oppong stated that he wants to establish a CBDC to advance financial inclusion in the nation. Due to the numerous advantages that cryptography provides, executives think that it has a lot of promise.
We’re happy to see that many African countries are beginning to peak up on this crypto journey. It’s good that Ghana isn’t excluded. Big ups!