Cryptocurrency trading booms in Kenya

By: Damian Okonkwo

The use of Cryptocurrency has become increasingly popular in Kenya marked today as the 7th largest country in Africa. The majority of the adult population are increasingly embracing crypto trading across various exchange today.

According to Finders report on cryptocurrency adoption carried out in 27 different countries globally in January 2022, Kenya was found to rank as the 12th country in the crypto adoption rate. However, a recent study showed that the rate of cryptocurrency transactions carried out in Kenya in the last three months has increased drastically.

According to the survey, over 9.7% of Kenyan citizens have been exposed to cryptocurrency transactions with an estimated 5 million people owning cryptocurrency. Similarly, the Bitcoin ownership rate in Kenya remains above the global average of 39.1%, with 51.2% confessing they own cryptocurrency.

Is cryptocurrency trading legal in Kenya today？

Even though cryptocurrency trading has not been officially legalized in Kenya yet it is not in any way considered illegal to buy cryptocurrency in Kenya, as the Kenyan government has not criminalized it.

However, the Central Bank of Kenya (CBK) had always warned citizens to stay away from Cryptocurrency trading saying it still does not support cryptocurrency due to the risks involved in it. They insist that the risk is all the more increased as the crypto industry is not yet regulated in Kenya.

Why is Cryptocurrency booming in Kenya today？

The quest to have an alternative source of income amidst the seemingly poor economic conditions has pushed the majority of the adults in Kenya to embrace cryptocurrency trading. Today so now dabble into Cryptocurrency trading as their main source of income.

Also, the need to belong to the booming digital technology across the globe had fueled the interest to indulge in cryptocurrency trading in Kenya today.

List of ten most popular crypto exchanges operating in Kenya today

· Binance

· eToro

· Wirex

· Coinbase

· Kraken

· Coinmama

· Bittrex

· Paybis

· Paxful

· Coinsmart