The United Nations Conference on Trade and Development (UNCTAD) has revealed that there are about 4.2million Kenyans with cryptocurrencies.
According to a UNCTAD report released early this week,4.25 million Kenyans own cryptocurrencies representing 8.5% of the country’s 53.77 million population.
With such a large number subscribed Kenya ranks top on list in Africa with the largest share of its population with cryptocurrencies.
This places Kenya ahead of developed economies such as the United States, which is ranked sixth with 8.3 percent of its population owning digital currencies.
War-torn Ukraine is ranked top, with 12.7 percent share of its population with cryptocurrencies, followed by Russia (11.9 percent), Venezuela (10.3 percent) and Singapore (9.4 percent).
South Africa and Nigeria are ranked eighth and ninth globally, with 7.1 percent and 6.3 percent of their populations owning digital currencies respectively.
UNCTAD linked Kenya’s rising adoption of digital currencies to low fees charged by crypto exchanges, speed in sending remittances and Internet access.
Kenyan investors buy cryptocurrencies to preserve their savings, carry out international transactions either for individual remittances for those working in places like Europe and North America or for commercial use, such as purchasing goods to import and sell, says Chainalysis.