Kenya intends to increase the scale of cryptocurrency adoption in 2022

Marius Reitz believes that familiarity with digital payment solutions will help the country become East Africa's leading crypto hub

10.01.2022 - 13:30

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What’s new? In Africa's cryptocurrency market prediction 2022, Marius Reitz, Luno's general manager for Africa, said that Kenya will expand the scale of cryptocurrency adoption. As confirmation, Reitz pointed out that the country ranked as the world’s leader in peer-to-peer (P2P) cryptocurrency trading volumes for the second consecutive year.

Information on The Cable website

What else did Reitz say? He referred to Kenya's booming crypto market, as well as the familiarity of the locals with digital payment solutions.

“The country’s crypto industry is booming with a rapidly emerging crop of companies building blockchain-based solutions and considering its young population, high heels of mobile connectivity, and familiarity with digital payment solutions, it’s firmly positioned to emerge as East Africa’s leading crypto hub in 2022.”

What are the prospects? Reitz reiterated his belief that Africa is in a better position to adopt cryptocurrencies than other continents. However, he warned that the real progress in this area will also depend on the development of the legal and regulatory front. Reitz added:

“Similar to most aspects of the crypto industry, progress in this area will be heavily dependent on a favorable regulatory climate, and should this materialize, cryptocurrencies could emerge as a major asset for companies with extensive operations throughout Africa.”

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