Kenya has the highest percentage of cryptocurrency owners in Africa. UNCTAD data indicate
Kenya has more cryptocurrency owners than any other African nation, according to recent data from the United Nations Conference on Trade and Development (UNCTAD). UNCTAD has declared that it is recommending tariffs to impede the trade of digital currencies in order to offset the expanding usage of these currencies. The greatest percentage in Africa and fifth in the world, 8.5% of Kenya’s population, according to a recent analytical study (UNCTAD), owns a digital currency. Kenya is the only country where more citizens hold digital currencies than Singapore (9.4%), Venezuela (10.3%), Ukraine (12.7%), and Russia (11,9%). 7.1 percent of the population in South Africa, the second-largest nation in Africa and the eighth-largest in the world, owns or has cryptocurrencies, according to the statistics.
One of the world’s biggest cryptocurrency marketplaces is in Nigeria. Digital currency ownership is at about 6.3% of the total population. By 2021, 211 million individuals in the nation would hold more than 13 million digital currencies, predicts UNCTAD. Australia has the lowest percentage of people using digital currencies out of the 20 nations studied (3.4 percent ). In the meanwhile, Undata admitted in its results that the rise in popularity of cryptocurrencies is due to their appeal as a means of sending money. In emerging nations that have had inflation taken into account, the majority of people hold physical or digital currencies.
Additionally, their use creates “a new funding source for the illicit budget” Finally, if they are not accepted, cryptocurrencies might displace traditional currencies as a common mode of payment, which would have an impact on the country’s monetary system. Stamps may significantly increase the danger of reserve currency in developing nations.” UNCTAD suggests “mandated registration of cryptographic transactions and digital wallets” to help lower some of these hazards. A “cryptocurrency transaction charge,” commonly known as a cryptocurrency transaction tax, was also suggested by the agency. This will lessen the appeal of using digital currencies, claims UNCTAD.