Kenya Set to Scale Up Adoption of Cryptocurrencies in 2022

Kenya would increase its acceptance of cryptocurrencies, says Marius Reitz, the general manager for Luno in Africa, in his Africa crypto industry forecasts for 2022. Reitz cites Kenya's status as the world leader in peer-to-peer (P2P) traded volumes for the second year in a row to back up this claim.

"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 like mobile money, it's firmly positioned to emerge as East Africa's leading crypto hub in 2022," Reitz is quoted in the report explaining.

Reitz is highlighted in the paper, not just for anticipating Kenya's prolonged domination of the P2P cryptocurrency sector but also for highlighting the continued problems African enterprises face seeking foreign money from conventional markets. He believes that such African businesses will be compelled to "look to cryptocurrency as an alternative to handling cross-border transactions."

Like most aspects of the crypto economy, progress in this area will be strongly reliant on a favourable regulatory situation. If this occurs, cryptocurrencies might become a significant asset for corporations with extensive operations across Africa.