Kenya Sees Increase in Cryptocurrency Trading

The Kenyan Shilling is Kenya's official fiat currency.

As Africa sees a sharp boom in cryptocurrency investment and great interest from the public, it seems none of the continent’s big nations and economies have been left behind in the phenomenon. Kenya now, like her neighbours Ghana and Nigeria, has too taken up the development of cryptocurrency ventures in her borders. Crytpolydian analyses.

Kenya’s crypto boom

As the cryptocurrency frenzy takes root in Africa, more and more international cryptocurrency exchanges have set their eye on Kenya. A country renowned for its post-colonial history, and subsequently one of the most important economies in Africa, Kenya has become a host to Binance, reported Bitcoin News. Binance has added the Kenyan mobile money app called Mpesa to its services. This came after the cryptocurrency exchange Kucoin had added Nigeria’s currency, the Naira, as a payment option.

Additionally, the esteemed peer-to-peer platform, Bitzlato, recently set up shop in the Kenyan market, according to Bitcoinke. The decentralised peer-to-peer platform allows users to trade, sell, and buy directly with each other. Bitzlato has set their eyes on expanding in Africa. Kenya has been the first stop amongst many more hopefully, as the vibrant African cryptocurrency community prospers further.

Regulatory framework

Moreover, Bowmans Law has reported that the Kenyan fintech scene is of the most vital on the continent. Innovations have focused on mobile money, savings, lending platforms, and mobile payments, amongst other sectors.

Meanwhile, Kenya’s regulatory frameworks are largely dealt with by the Central Bank of Kenya. They have decisively started regulating fintech platforms, with broad and inclusive regulations, in an effort not to hinder the decentralised, deregulated, and democratic nature of the systems. South Africa has also recently incorporated a broad regulatory framework regarding cryptocurrency, and it is probable that most other large African economies will follow suit.

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Raïs Tarek 87 Articles
Journalist and lawyer, with a passion for global politics, economics and current affairs.