The rapid growth of cryptocurrency is now a trend in Africa, according to the CEO of one of the continental exchanges.
According to Chris Morris, CEO of Yellow Card – a cryptocurrency based in Lagos, Nigeria, Chris Morris, CEO of Yellow Card, has become Africa.
“In terms of cryptocurrency and others, things are moving very fast, actually across continents, but especially in Nigeria, South Africa, Ghana, and Kenya,” Morris Cointelegraph said in an interview. With four countries leading the cryptocurrency, Maurice added: “At this point, it’s only a matter of time before it develops further into the entire continent.”
The use of crypto in Africa is not entirely on paper Unlike North America, with its many exchanges, Africa sees more free trade, over-the-counter or over-the-counter, transactions, and usage, making certain exchange volumes less accurate in the way assets are distributed.
“Most of this is not done through official exchanges,” Morris said of cryptocurrency volumes. “Either via WhatsApp or Telegram, or OTC is not official,” he said, citing several examples of other ways to use cryptocurrency across continents.
Morris added: “I estimate that the actual volume in Africa is at least five to eight times the actual volume you can find, based only on the amount of money flowing through these dark bands, basically through these telegraph groups and WhatsApp.”
Morris observes the spread of cryptocurrency in Africa “I have heard estimates that Nigeria and South Africa are among the top 5 in terms of per capita cryptocurrency users,” Morris said. “I have seen an estimated 10% of people in South Africa who have Bitcoin,” he added. A recent
The report confirms the high number of cryptocurrency owners and users in the region. Morris uses his experience of exchanging yellow cards and his participation in cryptocurrency participation across continents as logical. “Especially in Nigeria and South Africa, it’s unique that almost everyone you talk to has at least a basic understanding of Bitcoin,” he said, comparing the scene with that in the United States.
The use of crypto is logical for the region. Using cryptocurrency is a logical choice for people in the region, Morris explained. Bitcoin is a global digital asset that is managed by people who are out of government control. This offers the potential for fast transactions and self-storage.
Morris describes aspects of Bitcoin as appealing to people in Africa, given the difficulties associated with accessing more traditional options. He also mentioned cryptocurrency as an alternative source of income for residents of the continent.
The interest in cryptocurrency in Africa began about six years ago Africans became interested in cryptocurrency around 2014 and 2015, and the industry saw serious public influence until 2017, Morris said.
2017, an extraordinary year for the digital currency industry, also made headlines related to digital currencies in the media in Asia, North America, and Europe. This industry has taken the spotlight because bitcoin has increased dramatically due to speculation and oversupply. All global movements have facilitated education in this industry, Morris said.
“Everyone I met in Africa was very resourceful,” he said. “When they see an opportunity like that, they are interested – they want to know more.”
As a naturally occurring global asset class, cryptocurrency has grown significantly since Bitcoin was introduced in 2009 and offers solutions to a number of problems ranging from inflation solutions in Venezuela to financial asset classes in North America.