8.5% of Kenya's population, or 4.25 million individuals, possess digital currencies, which is the highest adoption rate in Africa, a UN research discovered.
to a recent UN study, Kenyans’ interest in crypto has increased in the following years, and currently, it is the leading African nation in terms of HODLers. The report stated that 8.5% of the domestic population, or over 4.2 million people own digital assets. In comparison, 7.1% of the South African residents and 6.3% of Nigerians have bitcoin or alternative coins.
It is worth noting that Kenya’s crypto adoption rate surpasses top economies, including the United States . However, it is hard to establish the value of digital currencies held by Kenyans due to the lack of supervision in the sector: “The returns from cryptocurrency trading and holding are, as with other speculative trades, highly individual. On balance, they are overshadowed by the risks and costs they pose in developing countries. The sector is not regulated in the country and remains largely unregulated even in the developed world.”
The UN’s research found Ukraine is the global leader, with 12.7% of its residents having exposure to crypto, while Russia is second with 11.9%. Venezuela and Singapore round up the top 4 with respectively 10.3% and 9.4%.The national currency of the country has lost a significant chunk of its value against the US dollar over the past years. On that note, last year, Central Bank Governor Patrick Njoroge“Our decision to shift to Bitcoin is both tactical and logical.
It is worth mentioning, though, that bitcoin and CBDCs are very different assets. While the primary cryptocurrency is decentralized, CBDCs would be fully monitored and issued by governments and central banks, leaving less privacy to consumers.
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