In his predictions for the African cryptocurrency market in 2022, Marius Reitz, general manager of Luno Africa, predicted that Kenya will expand the adoption of cryptocurrencies. In support of this claim, Reitz noted that for the second year in a row, Kenya has led the way in global peer-to-peer (P2P) transaction volume.

Kenya’s booming crypto market

For the second year in a row, Kenya will lead the world’s peer-to-peer cryptocurrency market, according to Marius Reitz, general manager (GM) of Africa’s Luno cryptocurrency exchange.

To justify his choice of Kenya ahead of the usual heavyweights, GM is quoted in an article Report Point to the booming crypto market in the East African country and the Kenyan people’s familiarity with digital payment solutions.

“The country’s cryptocurrency industry is booming, with a plethora of companies rapidly emerging to build blockchain-based solutions, and considering its young population, high heels of mobile connectivity, and familiarity with digital payment solutions such as mobile money, it is firmly Become a hub for East Africa’s leading cryptocurrency 2022,” Reitz was quoted as saying in the report.

Bitcoin.com News Previously report A surge in peer-to-peer cryptocurrency transactions in Kenya has overturned South Africa as the country with the second-highest P2P transaction volume in Africa.

Cryptocurrency as an alternative currency

In addition to predicting that Kenya will continue to dominate the P2P cryptocurrency market, Reitz was cited in the report to explain the ongoing difficulties faced by African companies looking to obtain foreign exchange from the formal market. He predicts that these African companies will be forced to “see cryptocurrencies as an alternative means of handling cross-border transactions.”

However, Reitz was quoted in the same report as warning that real progress in the field will also depend on developments on the regulatory front. He said:

Similar to most aspects of the crypto industry, progress in this area will largely depend on a favorable regulatory environment, and if this happens, cryptocurrencies could become a major asset for companies with widespread operations across Africa.

Despite these and other potential hurdles, Reitz reiterated his belief that Africa is a better place for cryptocurrency adoption than other continents.

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Terence Chimwala

Terence Zimwara is an award-winning journalist, author and author from Zimbabwe. He has written extensively about the economic woes of some African countries and how digital currencies can provide an escape route for Africans.