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Nigeria is the most Bitcoin-friendly country in Africa

Photo of: Joseph Stone
by Joseph Stone

If you’re wondering what some of the real-world applications of crypto are, we encourage you to look at Africa. Bitcoin transaction volumes have been declining in recent months with the crypto crash in most continents except… Africa. On this continent, Bitcoin is used extensively and regularly, especially for making international currency transfers. Nigeria is leading the way in this area.

Over $38 million in Bitcoin transactions in June!
In February 2021, Nigeria’s central bank asked financial institutions to stop their crypto services. The measures took effect immediately. For the government, it seems that this decision was mainly a way to stop the funding of certain groups that are hostile to it. For example, at that time, the government was in the grip of the “anti-Sars” group that was demonstrating against the exactions of a branch of the police (called Sars). This group was financed by cryptos.

Following this decision, one would have thought that Bitcoin transaction volumes in Nigeria would plummet. It is not the case! Figures for June 2021 show a P2P Bitcoin transaction volume equivalent to just under $38 million! Out of 2021, this is simply the best performance for Nigeria, just behind March.

These figures confirm that the central bank’s decision is not holding back Bitcoin use. Many online platforms are outside the control of the central bank and can therefore be used to trade Bitcoin in Nigeria.
Nigeria is the most Bitcoin-friendly country in Africa. Which other countries have a high volume of Bitcoin transactions?

In June 2021, Kenya ranks second with $13.4 million in Bitcoin transactions. Note that this figure is however down from May 2021 and its $16.5 million. The surprise comes from the country in third place. Indeed, on the volumes of June, Ghana with 11.2 million dollars takes third place to South Africa (7.7 million dollars). Finally, in fifth place is the Central African Republic with $ 1.85 million. This is a remarkable figure when you remember that in June 2019, Bitcoin exchanges in the Central African Republic represented less than $50,000!