The developing world is not lagging behind in terms of cryptocurrency adoption. West African emerging crypto markets, such as Nigeria and Kenya, are leading the way in terms of adoption. According to Chainalysis, these countries are among the top 20 nations in the index.

More West African countries are joining the league. Ghana, a West African country, is on its way to becoming the leader in the digital asset. Ray Youssef, CEO of Paxful, a global peer-to-peer digital asset exchange, stated that it is experiencing rapid growth in digital sector adoption.

Chainalysis submitted a study that ranked countries based on their levels of adoption. According to the report, the country could achieve a similar rate of digital asset adoption as Nigeria and Kenya. In the Chainalysis global crypto adoption index, Nigeria and Kenya ranked 11th and 19th, respectively.

400% increase in cryptocurrency trade volumes

According to Ray Youssef, its growth rate in relation to its residents' needs suggests that the country could emerge as a leader in African crypto adoption. According to the CEO, Ghana generated a 400% increase in trading activity on the Paxful platform in 2021 compared to 2020. He also believes Nigerian visitors play a part in the country's growing awareness of digital assets.

Chainalysis confirmed that Youssef's observation matched the Ghana data. The firm also stated that crypto adoption would boost in other Sub-Saharan African countries as usage awareness grows.

Kwame Oppong, a Bank of Ghana executive, told reporters at the African Money and Defi Summit that the country is getting ready to launch its CBDC (E-Cedi). According to Oppong, the introduction of the CBDC is intended to promote financial inclusion in Ghana. He is confident that it has the potential to explore the digital sector, which would support the citizens.

Oppong also disclosed that offline pilots for the E-Cedi have begun in the town of Sefwi Asawo. According to the executive, introducing a CBDC would save money by allowing for instant payments throughout the country.

A career path through crypto stickers

Meanwhile, Daniel Karikari, a Ghanaian national, has embarked on a career in the blockchain industry. Daniel told reporters that he began his career as a relatively clean office assistant at a digital asset tech startup.

While working, he became acquainted with terms such as digital assets and blockchain on office stickers. The stickers sparked his interest in pursuing a career in the digital sector. Daniel stated that he became interested in the digital industry and began researching with loaned laptops during his lunch break at work.

He mustered the courage to approach the manager after learning about digital currencies, which led to his future career. Daniel's determination impressed the manager, who allowed him to receive training and join the marketing team as a junior specialist. He is currently employed by the marketing department of a leading cryptocurrency exchange in Dubai.

What do you think of Ghana's potential to become a crypto leader? Will other countries try to compete with Ghana to become crypto leaders? Drop your comments by sharing this article on social media.

Oct 10, 2022
Digital Lifestyle

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