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Home Fintech

Kenya ranks above US in population owning crypto cash

Taarifa Rwanda by Taarifa Rwanda
July 11, 2022
in Africa, Fintech, Kenya
Reading Time: 1 min read
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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.

Also read: Kenya educational entertainment startup raised US$6M funding

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.

Also read: Disruptive innovations boost uptake of agriculture solutions in Kenya

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.

Related

Source: Taarifa Rwanda
Tags: Chainalysiscrypto exchangescryptocurrenciesdeveloped economiesdigital currenciesfintechKenyaKenya ranks above US in population owning crypto cashNigeriaSouth AfricaUNCTADUnited Nations Conference on Trade and DevelopmentUnited Statesкенияكينياケニア肯尼亚
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Taarifa Rwanda

Taarifa Rwanda

Taarifa is a Rwandan news media house established to play a role in shaping the global agenda through telling Africa’s true stories by delivering quick, in-depth and exclusive news on issues and events affecting Africa’s political, economic and social landscape.

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