Kenya has highest crypto adoption rates in Africa, according to UN study

What

According to research by United Nations Conference on Trade and Development (UNCTAD), Kenya has the highest proportion of crypto owners than any other African country

Why

The report’s findings revealed ease of remittance payments and “protecting household savings” were the key reasons

What next

South Africa holds the number two spot in Africa. Only Ukraine, Russia, Venezuela and Singapore were ahead of Kenya in terms of proportional crypto ownership

The story

Kenya has been a leader in world crypto adoption over the last few years but has seen its currency (shilling) lose value against the US dollar, prompting a switch to Bitcoin.

Speaking on the matter last year, Central Bank Governor Patrick Njoroge, said: “Our decision to shift to Bitcoin is both tactical and logical. Our currency has always been the punching bag for the IMF, which always claims that the Kenya Shilling is overvalued… We are losing too much simply because someone at IMF woke up on the wrong side of the bed. Bitcoin will put an end to this.”

With high crypto adoption rates, Kenya is showing how government endorsement and collaboration with crypto can improve financial inclusion in the developing world.

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