Current Scenario of Bitcoin Exchange in South Africa
Current Scenario of Bitcoin Exchange in South Africa
While Africa has not yet witnessed the high level of cryptocurrency adoption that the United States, Europe, and Asia have seen, there are numerous start-ups, initiatives, and individuals in Africa that are building an African bitcoin ecosystem by leveraging cryptocurrencies and blockchain technology to deliver innovative services to African consumers and businesses. Bitcoin in Africa is growing and in this guide, you will receive insight into this blossoming frontier market.
In Africa, there are now several exchanges that offer Africans the opportunity to buy and sell bitcoin and other cryptocurrencies using local currency. Luno, Ice3X, Golix, and NairaEx are the longest-standing and most established exchanges on the continent.
Since the start of 2017, several other South Africa Bitcoin Exchange were launched to service the African bitcoin community including Remitano, Belfrics, and CoinDirect.
Regardless of the success of Africa’s local exchanges, one of the most popular ways to purchase bitcoin using local African currency is still the peer-to-peer exchange Local Bitcoins. There is also a range of international exchanges that offer Africans the opportunity to trade cryptocurrencies.
The main bitcoin economies in Africa are located in Ghana, Kenya, Nigeria, and South Africa. This can be determined by their local bitcoin trading volumes, the number of startups located in the region as well as community activity such as meetups and conferences.
Furthermore, there are more and more cryptocurrency-based start-ups emerging across the continent and notable bitcoin communities have also emerged in countries such as Zimbabwe and Botswana. Below you will find a list of all leading African bitcoin and blockchain startups to give you an overview of Africa’s bitcoin ecosystem.
Cryptocurrency Exchange South Africa trading isn’t the only booming sector of this emerging technological trend in South Africa. There is also an increase in blockchain technology adoption with a multitude of local and international projects. Both private and public-sector organizations in South Africa are trying to utilize the technology behind cryptos to develop useful solutions.
Bitcoin Trading South Africa less constrictive regulatory space seems to have created an enabling environment for blockchain projects to thrive. The hope is that these projects begin to create real utility for the country’s economy.
Crypto coins South Africa appears to be thriving in Africa’s second-largest economy. Bitcoin adoption in South Africa is reaching record levels. According to Google Trends, the country attracts the highest number of online searches relating to BTC in the world. Despite the downturn in fortunes of the market in 2018, the enthusiasm of locals seems not to have been dampened.
In May 2018, the Reserve Bank of Zimbabwe placed a ban on financial institutions from dealing in cryptocurrencies. Before the prohibition, local banks used Crypto trader South Africa to gaps in foreign currency and liquidity. However, the ban was reversed after exchange platforms in the country challenged the decision.