Kenya is embarking on the path of crypto adoption

In addition, cryptocurrency has acted as an alternative to buying US dollars to pay for goods. For example, in some parts of our planet, bitcoin can be used as money, which allows them to pay taxes, buy goods, etc. This project has prospects. How to make money on cryptocurrency without investment

According to a recent Mastercard Payout Index report, Covid related locks have helped spread cryptocurrency usage across three African countries: Nigeria, Kenya, and South Africa. More specifically, the BTC to KSH volume was among the highest of the last years. Hut 8 Bitcoin Price Analytics Electricity Securities Bitcoin Reports Cryptocurrency Commission Business According to the report of the Canadian mining company Hut 8, the firm’s third quarter of the year.

The purchased cryptocurrency is transferred to the KickEX exchange account. Developers are actively working on it. BitValve is a P2P Ethereum and Bitcoin marketplace available in countries, which allows local payment transfers such as the ability to buy Cardano with PayPal and buy dogecoin with PayPal. Many African countries suffer from unstable and depreciating national currencies, and here bitcoin comes to the rescue.

The dogecoin cryptocurrency appeared in the year. The rules regarding cryptocurrency vary from country to country. The developers of this company firmly believe that the technology will help keep the logistics business in Africa. At the same time, even with an increase in the number of users, time.

Anthony Njoroge, CEO of TMX, said that among all the problems in the sector. Finally, Dogecoin cryptocurrency offers low fees and high transaction speed. Don’t forget to check if the cryptocurrency is legal in your country.

Kenya is gearing up to launch its first cryptocurrency called TMX Global Coin. It is very familiar with digital currency and mobile payments with a considerable growth rate of over 80% when it comes to the use of smartphones and the use of electronic payments. It looks like crypto. The cryptocurrency is stored in the KickMobile crypto wallet.

Crypto in Kenya

In September 2020, the Kenyan Young Entrepreneurs Network (YEN) also announced a new stablecoin called YENTS, based on the Kenyan shilling. YENTS is a pan-African stablecoin backed 1: 1 by the Kenyan shilling or the US dollar equivalent, and it is yet to become regulated by the Kenyan government. Tokens created under the ERC-20 standard will have a hard emission limit of 1 trillion Kenyan shillings or the US $ 1 billion.

Is there a chance Kenya will accept Bitcoin?

The rumor that Kenya would accept Bitcoin as a currency appeared at the beginning of the week. However, the head of the Central Bank, Patrick Njoroge, began this conversation with a private introduction and not on behalf of the Central Bank. In the past, specifically on December of 2015, Kenyan Central Bank issued Public Notice, warning Kenyan citizens about cryptocurrency and bitcoin in general. As in Nigeria, digital currencies are popular in part due to the constant depreciation of the currency. However, against this background, Kenya ranks among the leading Bitcoin activists on the planet. Kenya, Nigeria, and South Africa rank high among the countries using MTC, both in terms of Google search engine and according to the Chainalysis report.  

Overall, cryptocurrency transactions in Africa have grown to 55%, indicating that cryptocurrencies are widely used across the continent.

Leave a Comment