GM of Luno from the African region, Marius Reitz, believes that 2022 will be the year when the African country, Kenya, will increase the adoption of cryptocurrencies. He bases his prediction on the P2P trade volume which is relatively higher in Kenya than any other African country for the past two years.
For almost two consecutive years, Kenya has been one of the top adopters of crypto through large-scale P2P trade volume. But would Kenya be able to repeat the same level of adoption for the year 2022 as well? For Luno’s GM namely Marius Reitz, Kenya would be able to dominate in terms of crypto adoption for this year as well.
Reitz had been looking at the affairs of Luno, which itself is a crypto firm operating in the African region also. He has been closely monitoring the crypto adoption in the region and has had issued crypto reports/analyses several times. Very recently, he made some predictions regarding the future of crypto in Kenya.
Firstly he predicted that crypto adoption in Kenya will again be on the higher side for 2022. He also said that there is a great deal of crypto understanding amongst Kenyans. Similarly, Kenyans have become acquainted with blockchain and how blockchain is used for sending instant transactions. He believes that crypto adoption continues to boom in Kenya at a rapid pace. Also, there is a mushroom growth of blockchain companies throughout Kenya, noted Reitz.
He also made mention of the ongoing competition between the top African countries, namely South Africa and Kenya, in terms of P2P trade volume. He said that there was a time when South Africa was the pioneer amongst African states with regard to trade volumes in P2P. However, the title of South African has now been taken by Kenya where, for the past two years, P2P trade volume is the highest. For the two consecutive years namely 2020 and 2021, Kenya hasn’t been allowing any other African state to take a lead. On this basis, Reitz believes that the year 2022 will also be no different than the past two years.
He also pointed out that so far African crypto space is moving in the direction without any hurdles. He noted that the regulation debate in the region is not that strong as it is in other countries. It would therefore be safe to suggest that the South African market is currently the safest in the world.