Last week in review: Kenya has highest crypto adoption rates in Africa, according to UN study

With Bitcoin reaching highs not seen since mid-June alongside Ethereum’s positive price as its transition to Proof-of-Stake (PoS) mining moves closer to completion, we are happy to complete the set with a number of positive stories from across the globe.

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, while in Argentina, crypto exchanges reported a threefold increase in stablecoin purchases over the weekend as the nation’s currency continued its decline.

Meanwhile, in the world of regulation, the Financial Stability Board (FSB), announced its intention to present its recommendations for crypto regulation and the cost of mining Bitcoin fell as a result of declining use due to soaring energy prices.

As always, there is never a dull moment in crypto. Here are our top picks from last week’s headlines.

Cost to mine Bitcoin falls to $13,000: JP Morgan

What

The cost of mining one Bitcoin has fallen from $24,000 to $13,000 over the last month, according to JP Morgan

Why

The fall is due to a drop in global electricity use as energy prices have soared

What next

This could boost mining profits for now, as well as deleveraging the market, JP Morgan analysts said

Read the full story here

Financial watchdog FSB to present crypto regulations plans in October

What

The Financial Stability Board (FSB), an international financial monitoring body will present its recommendations for crypto regulation in October

Why

Citing recent market turmoil, the regulatory body highlighted the need to ensure crypto is subject to robust regulation and supervision

What next

FSB Chairman Klaas Knot believes that the watchdog is “well placed” to take the lead in setting up a “coherent global regulatory framework for crypto assets.”

Read the full story here

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

Read the full story here

Argentinians turn to stablecoins amid ongoing currency concerns

What 

Argentinian crypto exchanges reported a threefold increase in stablecoin purchases over the weekend 

Why 

Argentinians are storing their money in stablecoins as the value of the Argentinian pesos has continued its decline, with political and economic woes in the country leading to a further 15% depreciation of the currency over the weekend

What next 

Inflation in the country spiked 60% in the last year, and the peso is currently trading at around 126 pesos to the Dollar, whereas five years ago, 1 USD was worth 17 pesos

Read the full story here

To catch up on other big stories from last week, be sure to check these headlines:

South African central bank says crypto will be regulated as a financial product, not a currency

CBDCs could help stabilise commercial banking systems, US Treasury study shows

Argentinians turn to stablecoins amid ongoing currency concerns