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South Africa, Nigeria, Named Africa’s Largest Market For Cryptocurrency

A new report has ranked South Africa as the country with the biggest cryptocurrency market in Africa in 2022.

Bitget, a cryptocurrency exchange, published the report in partnership with famous American management consultancy Boston Consulting Group (BCG) and cryptocurrency-focused investment firm Foresight Ventures.

The report, titled “What the Future Holds for Cryptocurrency Exchanges,” examined the size of the crypto market in Africa and ranked South Africa as the country with the biggest market, followed by Nigeria.

Furthermore, the report noted that South Africa has the largest market on the continent due to the “country’s most advanced financial infrastructure and fiat payment path to crypto.”

An interesting highlight of the report revealed that South Africans see cryptocurrency as an alternative investment, while Nigerians mainly use it to save money.


In an interview with Nairametrics, Gracy Chen, CEO of Bitget, provided insights into the African market and its growth potential.

South Africa, Nigeria, Named Africa’s Largest Market For Cryptocurrency

When asked how limited regulatory oversight of the cryptocurrency market is affecting participation on the African continent, Chen said: “Currently, regulatory efforts in the market have not greatly affected adoption/dealer activity.

Also, read; South African Minister Calls For Israel To Be Classified as An Apartheid State

“But we can see, for example, P2P trading becoming very popular in Nigeria as regulation banned commercial banks from trading transactions with cryptocurrency exchanges and associated accounts in early 2021.”

On why Nigerians primarily use cryptocurrencies to save money, Chen said, “The report contains multiple studies across regions.

Data on foreign exchange markets shows that the Nigerian currency (naira) has been steadily decreasing in value recently.

Cryptocurrency

For most people in Nigeria, holding money in foreign currencies like the US dollar is a more effective way to save for future interests than saving in the local currency.

You can use different cryptocurrencies, relatively volatile ones like BTC, ETH, and people can also invest in stablecoins, which are quite stable and pegged to USD.”

The report concludes that Africa’s centralized cryptocurrency exchange trade accounts for less than 1% of global spot and derivatives trading.

“We anticipate strong growth in cryptocurrency adoption in Africa. However, derivatives may lag due to their limited use in traditional markets,” the report said.

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