This archive report was first published on 3 September 2021.
Published on September 3, 2021, a report by Chainalysis revealed that Kenya has taken the top spot globally in peer-to-peer cryptocurrency transaction volumes.
The report noted that many Kenyans turned to cryptocurrency to preserve their savings in the face of currency devaluation, send and receive remittances, and carry out business transactions.
Chainalysis stated in their report, "Our interviews with experts in these countries revealed that many residents use P2P cryptocurrency exchanges as their primary on-ramp into cryptocurrency, often because they don’t have access to centralized exchanges."
According to the report, Kenya was ranked higher alongside countries such as Nigeria, Vietnam, and Venezuela.
Triple A, a blockchain and crypto company, conservatively estimate that close to 16.5% of Kenyans hold cryptocurrency.
Despite the increased cryptocurrency adoption and awareness, Kenya’s central bank has previously issued circulars to all Kenyan banks requiring them to refrain from doing business with crypto-based companies.
A recent survey by The Mastercard New Payments Index shows that 99% of Kenyan consumers will consider using at least one emerging payment method, such as cryptocurrency, biometrics, contactless, or QR code.
