Amidst the overall pessimism towards virtual tokens on the financial regulator’s side, peer-to-peer marketplaces became the leading choice for African market players. As the global leader of P2P crypto transactions, Kenya has attracted massive attention from several P2M exchange providers. Bitpapa is among the latest platforms to enter the Kenyan cryptocurrency space.
Kenyan P2P Exchange Market
Cryptocurrencies have been a lucrative alternative to ensure increased financial inclusion in nations with limited access to traditional fiscal services. That’s the case for most countries in Africa. Kenya, South Africa, and Nigeria are the top three largest crypto markets in the content and among the top ten globally as far as crypto adoption is concerned.
Nevertheless, the monetary watchdogs in these countries, similar to most African jurisdictions and around the globe, appear more enticed in retaining the ugly status quo, regardless of how high inflation bite or how poor locals are.
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For instance, the Nigerian central bank recently termed crypto as an alternative to conducting illegal actions, including terrorism financing, money laundering, and tax evasion. You probably know more in that context. It’s without much surprise that Nigeria’s central bankers outlawed all financial operations associated with crypto.
The Nigerian sovereign banknotes Naira isn’t up to the target in these reprehensible purposes. However, this remains ‘hidden’ as a real-life benefit, considering that the currency drops by approximately 20% each year.
The Kenyan financial watchdogs appear more careful when talking about cryptocurrencies by highlighting the risks of crypto trading and transactions. CBK (the Central Bank of Kenya) warned the community to avoid cryptocurrency.
Also, the Kenyan central bank warned local banks to avoid crypto-associated doings, and violating can see the financial institutions losing licenses. However, the crypto market seems resilient, as individuals who know its benefits always develop strategies to reap the fruits.
Bitpapa Joining the Craze
Bitpapa has provided crypto trading services since 2018, and the global p2p saw an opportunity to delve into the attractive crypto market. Kenyans can now use the shilling to trade multiple digital coins, including Monero, Ethereum, Bitcoin, and USDT.
Stay tuned for the latest cryptocurrency news.
Editorial credit: Postmodern Studio / shutterstock.com
