South Africa positioned as the top nation for ownership of cryptocurrency. A worldwide survey of social media management company, Hootsuite, and global agency wearesocia indicated this. South Africa Tops Cryptocurrency Ownership Worldwide.
The study found that 10.7 percent of web users in the nation possess cryptocurrency. Thailand is second, with 9.9 percent of mobile users owning cryptocurrency, and Indonesia third with 9.5 percent, while the worldwide aggregate is 5.5 percent.
The Global Digital Report 2019, within the best 45 countries on the planet includes other sub-Saharan African nations, for example, Ghana and Kenya. Many people were found to own cryptocurrencies such as bitcoin in these locations. The outcomes were based on the answers submitted in the survey by internet users aged between 16 to 64 years in the half year to September 2018.
The overview affirms that Africa has grasped the digital currency revolution. A large number of individuals on the continent are using digital currency to fulfil both personal financial necessities, and entrepreneurial endeavors, for example, exchanging products, services and cash globally and locally.
Additionally, there is an emerging generation of Africans purchasing virtual currencies as venture vehicles, while a moderately modest number of them exchange digital currencies hypothetically for profit. South Africa Tops Cryptocurrency Ownership Worldwide.
In, 2018, Paxful Inc., a peer-to-peer bitcoin exchange, shared that it saw noteworthy development in Africa. The U.S. based organization said Africans represented the biggest number of individuals purchasing and selling cryptocurrency on its platform. With average monthly transactions totaling $64.5 million.
The document also recommends that a fitting administrative framework be created through an enlistment procedure for crypto-asset service providers. It further proposes a survey of existing administrative frameworks followed by new regulatory requirements or alterations to existing regulations.
“The phased approach, starting with the registration requirement, could lead to formal authorization. Also, designation as a registered/licensed provider for crypto asset services operating in South Africa at a later stage,”
-The central bank notes.