Marius Reitz (general manager of Luno Africa) predicted in his Africa crypto market forecasts for 2022 that Kenya would increase its adoption. To support this assertion, Reitz points to Kenya’s as position as the leader in the world’s peer-to-peer (P2P) traded volumes for the second year running.
Kenya’s Booming Crypto Market
Kenya is set to lead the world’s peer to peer cryptocurrency market for the second consecutive year, Marius Reitz, the general manager (GM) for Luno cryptocurrency exchange in Africa, has reportedly predicted.
In justifying his selection of Kenya ahead of the usual heavyweights, the GM is quoted in a report pointing to the East African country’s booming crypto market as well as Kenyan people’s familiarity with digital payment solutions.
“The country’s crypto industry is booming with a rapidly emerging crop of companies building blockchain-based solutions and considering its young population, high heels of mobile connectivity and familiarity with digital payment solutions like mobile money, it’s firmly positioned to emerge as East Africa’s leading crypto hub in 2022,” Reitz is quoted in the report explaining.
Bitcoin.com News has previously reported on the surge in Kenya’s peer to peer cryptocurrency volumes which had seen topple South Africa to become the country with the second-highest P2P volumes in Africa.
Cryptos can be used as an alternate currency
Besides predicting Kenya’s continued dominance of the P2P cryptocurrency market, Reitz is also quoted in the report explaining the continuing difficulties faced by African companies that wish to access foreign currency from formal markets. He predicts that such Africa based companies will be forced to “look towards cryptocurrencies as an alternative means of handling cross-border transactions.”
Reitz, however, is mentioned in the report as warning that any real progress in this field will depend on regulatory progress. Reitz stated:
Like most areas of crypto, the future success in this sector will depend on favorable regulatory conditions. If this happens, then cryptocurrencies may emerge as an important asset to companies that have extensive operations across Africa.
Reitz reiterated that despite these obstacles, Africa has the best chance to adopt cryptocurrency than any other continent.
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