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South Africa experiences a surge in crypto trading as a remedy for inflation

South Africa has seen at least 15 cryptocurrency trading venues opened in the past year, as a result of the tech-savvy population and inflation triggered by central banks. Alongside this, peer-to-peer marketplaces also recorded a surge in trading.

For example, around 37% of the 2,000 BTC transactions going through the global exchange Luno took place in South Africa.

The country’s central bank has recently launched a program that will see JPMorgan’s Quorum blockchain being trialled in interbank clearing and settlement. Earlier this month, the South African Reserve Bank (SARB) revealed it has established a fintech program that will prioritise a proof-of-concept (PoC) using this same tech.

Related: BitGrail exchange accused of scam as it reports $195 million hack

As nearby countries like Zimbabwe, South Sudan, and Nigeria suffer from rampant inflation, the decentralisation of cryptocurrencies has conferred a certain appeal to alternative currencies, as they are independent from bad banking policies.

Additionally, the increasing use of mobiles and other computing technology in the region has also given way to trading cryptos. And blockchain too! Kenya-based BitPesa, the payment and money transfer company, for example, has seven mobile wallets on its platform.

Lastly, it seems that regulators in Africa, for the most part, are fairly unpreoccupied about regulating cryptocurrency.

Read more: South Africa’s central bank to set up a fully-dedicated fintech unit

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