Ghana set to catch up with Nigeria and Kenya in crypto adoption : Chainalysis

Paxful CEO Ray Youssef said current growth trends in Ghana show he has the potential to be a leader in crypto adoption.< /p> New

As emerging markets take the lead in crypto adoption, Ghana, a country located in West Africa, may soon catch up with other African countries when it comes to crypto usage -change.

In a report published by blockchain analytics platform Chainalysis, researchers found that Ghana has the potential to reach levels of crypto adoption similar to those of Kenya and Nigeria, countries ranked 11th and 19th in the analytics firm's Global Crypto Adoption Index.

According to Ray Youssef, CEO of P2P platform Paxful, the needs of the local population as well as the current growth trends in Ghana show that it has the potential to become a leader in crypto adoption in Africa.

Youssef said that over the past year, the total trade volume from Ghana in their P2P exchange has increased by 400% over the past two years. The executive also believes that many Nigerians call Ghana their home during the summer and educate Ghanaians on Bitcoin (BTC) and crypto.

Chainalysis also mentioned that the information provided by Youssef matches their data on Ghana. The analytics firm added that apart from Ghana, other countries in sub-Saharan Africa are expected to have higher levels of crypto usage as many residents continue to face issues that crypto can solve for them.

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In a recent interview with Cointelegraph at the Africa Money & DeFi Summit, Kwame Oppong, an executive at the Bank of Ghana, said the country is testing and preparing for a central bank digital currency (CBDC)