The growth of Bitcoin continues as it weathers all kinds of different storms. In South Africa, there are currently over 4 million South Africans that own digital currencies, the most being Bitcoin as it is the most popular digital currency globally, with over 190 million holders worldwide.
Ethereum is known as the close second and is considered by many to be the most favourable digital currency to invest in due to its regular upgrades and upside potential with very minimal risk to it.
Bitcoin is also now allowed in over 2,000 Pick ‘n Pay stores across South Africa, this was finalised after a successful trial run in 30 stores. With Bitcoin now implemented into Pick ‘n Pay, this means that you can buy your groceries, plane, and bus tickets using Bitcoin.
Crypto users can also access many other stores using platforms like 6Dot50, this platform allows you access to over eighty thousand retail stores. These include Checkers, Wimpy, Steers, and Game.
Other platforms that have been crucial to the growth of digital currencies are casinos. Cryptocurrency has slowly become a major source of revenue for most of the online casinos. Yebo Casino became the first online casino founded in South Africa that accepts cryptocurrencies.
Excluding Yebo Casino, several betting platforms have allowed their customers to bet using cryptocurrencies but most of these were not founded in South Africa, they however do accept players from South Africa.
Other African Countries
In other reports, MENA (Middle East and North Africa) was number one on the list of world crypto adopters. Between July 2021 and June 2022, data showed that cryptocurrency users in the MENA region received over US$566 billion in digital currencies. This was 48% more than the amount
that they received the year before.
In other MENA countries, most people are now seeing digital currencies as the best way to preserve their savings as some of the fiat currencies in countries such as Egypt are losing value rapidly. For example, the Egyptian pound weakened by over 13.5 % of value in the last year.
Zambia is currently developing technology to regulate the use of cryptocurrencies in their country. The minister of Science and Technology Felix Mutati stated that the testing will be done through Security Exchange Economy (SEC) and the Bank Of Zambia. He said that, “Cryptocurrency will be
a driver for financial inclusion and a change maker for Zambia’s economy”.
Despite the ban of cryptocurrency in Nigeria, Nigeria has still been ranked 5th in the Global Bitcoin interest list. The study also showed that Nigeria is the only African country in the top 20, with the second highest African country being Kenya ranked at 29th.
Can Cryptocurrency help Africa grow?
It is difficult to see the growth of digital currency slowing down as more and more fiat currencies struggle, whilst more and more big companies commit to the venture of accepting cryptocurrency payments.
With the benefits of cheaper, faster, more secure, and more accessible payments, why would South Africa say no to crypto? As the woes of the world, and our corruption, catch up to us, with inflation acting as a constant issue- Africa and South Africa have no choice but to adapt. Blockchain and cryptocurrency could be the catalyst Africans need to move us up the ranks and into better economic waters. How do you feel about cryptocurrency in Africa? What is the coolest native blockchain project you have heard of? Let us know in the comments.