There are more and more signs you can see that the emerging markets start playing an important role in the adoption of cryptocurrencies.
As per the reports concluded in the World Payments Report 2018, actually compiled by French banking group BNP Paribas as well as the IT consultancy Capgemini, the Digital payments which include cryptocurrencies “are experiencing a boom, driven by developing markets” that also include several African nations. As per a recent study, Russia, India, and China are known as the most notable mover’s companies and individuals in the states of Arica that are becoming wary of cash with the increasing rate of cryptocurrencies. The report also explains that a ‘non-cash boom’ that is being ‘driven by the developing markets.”
The study also singles out South Africa as the sole country in Africa that was usually warmed up the use of cryptocurrencies. After that, it was also noted that Kenya and Ghana are both describe the consultation regarding their acceptance of cryptocurrency.
Interestingly, the reports also use such kind of technology to describe the facts about Singapore as a country that is world renowned for the initial coin offering (ICO) and pro-fintech stance. According to the study of a report, “In terms of market share the mature markets for 66.3% of global non-cash transactions volume in 2016. In the past 10 years, they have lost almost about 20% of their shares to developing markets that are leapfrogging the legacy payment systems prevalent in mature markets and adopting advanced payments technologies. Just only the mature Asia Pacific countries such as Japan, Australia, and Singapore increased market share by growing at double-digit rates.” but this report does not include much more recent data after the boom in cryptocurrency in the year 2017.
“The Central Bank of Nigeria has also imposed a complete ban on Bitcoin and likes” noted by the authors of the report that make mention of Nigeria. Sin this week, the cryptocurrencies and fintech related developments come back in a thick and fast way in Sub-Saharan Africa as a leading exchange platform Binance which has recently opened a branch in Uganda.
The government in Rwanda also team up with the British blockchain firm for new and latest projects that implied a value for conflict-free tantalum sourcing. Earlier, in the last month, the head of Kenya’s government also make an appointment with the blockchain taskforce which is usually called for Nairobi to “replace cash with tokens” that also make citing with the increasing interest of youth population of Kenya in the crypto pay and digital tokens.
People in the emerging market like Asia and Africa are actually starting to use kinds of cryptocurrencies for the process of transactions. According to Magdalena Golebiewsaka, it is recently estimated that total 50% of global population will live in the emerging market in 2025. Magdalena Golebiewska is the head of the Eastern Europe region at Luno and explained that the real crypto revolution is happening in the emerging not in the western market.