The latest survey by Chainalysis revealed that Kenya ranked the highest on the peer-to-peer exchange trade index, globally. The Global Crypto Adoption Index 2021 surveyed 154 countries to analyze worldwide crypto adoption, where the Kenyan citizens topped the charts with their record-breaking P2P trading stats. Furthermore, Kenya and Nigeria rank 1st and 2nd in Africa, respectively, along with 5th and 6th globally in the overall crypto adoption.
P2P crypto trading rising because of inflation
However, the exception P2P crypto trading stats are unfortunately the result of Africa’s depreciating currency that has led to inflation. According to the Central Bank of Kenya, the country’s currency has depreciated by 6.3 percent against the US dollar since January, this year.
“Many emerging markets face significant currency devaluation, driving residents to buy cryptocurrency on P2P platforms to preserve their savings,” according to the report.
Nevertheless, the African currencies hav
