10 Aug 2022, 4:50 AM (GMT)

COVID-19 Global Stats

591,600,209 Total Cases
6,442,881 Death Cases
563,601,126 Recovered Cases
Technology

Kenya Emerges Highest Population Of Crypto Owners In Africa -Report

Advertisements

A new report by the United Nations Conference on Trade and Development (UNCTAD) has shown that 8.5% of the population in Kenya own cryptocurrencies.

That percentage indicates that around 4.2 million people own digital assets in the East African country, the highest rate of ownership on the continent and the fifth globally.

Technext reports that the UNCTAD report shows that Kenya is leading Africa in cryptocurrency ownership despite warnings from regulators such as the Central Bank of Kenya (CBK) that the emerging assets can be high-risk.

The report says that while cryptocurrencies can enable fast and cheap payments, they also have potential downsides. For instance, a drop in the market price of a cryptocurrency could result in a loss for investors who purchased the digital asset with a loan.

Also, many digital assets are not yet widely accepted as payment for goods and services, which could make people use them for illicit activities such as money laundering and tax evasion.

Nadula Tax Return Season Sale under $200 wigs, beginner friendly & quick install
Advertisements

Lagos Post Online

Publisher, Lagos Post Online, Lagos Post is an online publication that seeks to provide fair, unbiased, credible, balanced and useful information about Corporate Organisations, Governments and the General Public by breaking news in Business, Politics, Arts, Entertainment, Culture, and Sports in Nigeria, Africa and the World. As a global news portal, we continually stand for responsible journalism and sound media practice. Mobile: +238025837037 Email: lagospostng@gmail.com

Related Articles

Back to top button