Kenya Ranked 6th Among Africa’s Crypto-Friendly Countries
Kenya has emerged as the sixth-most crypto-friendly country in Africa, with 5.1 percent of its population holding cryptocurrencies, according to a recent report by CryptoCasinos. Globally, Kenya stands 46th among the 50 leading crypto-friendly nations, achieving a score of 56.08 percent.
The comprehensive report from CryptoCasinos evaluated ten key metrics to assess cryptocurrency adoption across various countries, highlighting Kenya’s significant presence in the crypto sphere.
Notably, the cost to mine one bitcoin in Kenya is $83,002, while the profit from mining stands at $17,094. Additionally, there is a substantial interest in cryptocurrencies, with a search volume of 153.7 per 100,000 people for crypto-related keywords.
“Research by crypto experts at CryptoCasinos analyzed 10 metrics to determine which countries across the globe have adopted crypto more so than any others, making them the most crypto-friendly nations,” the report noted.
On the continental stage, Nigeria leads the pack, ranking 16th globally with a score of 65.67 percent. South Africa follows closely, placed 17th globally with a score of 64.67 percent. Egypt, Algeria, and Ghana also made notable entries, ranking 28th, 37th, and 45th globally, respectively.
Internationally, Argentina tops the list as the most crypto-friendly country with an overall score of 74.49 percent. CryptoCasinos attributes Argentina’s leading position to its low energy costs, which have enabled substantial mining profits. Following Argentina are the United States, Colombia, Ukraine, the United Arab Emirates, Vietnam, Turkey, Canada, Singapore, and Pakistan.
The report underscores a global surge in cryptocurrency ownership, which jumped from 432 million to 580 million in 2023. This surge reflects the growing acceptance and integration of cryptocurrencies despite regulatory challenges in some regions.
“While many countries have tried to regulate and suppress the technological advances, others have accepted and supported the growth of these new industries,” the report stated.
As Kenya continues to strengthen its position in the global crypto landscape, it is clear that the country is becoming a significant player in the digital economy. The growing interest and adoption of cryptocurrencies among Kenyans signal a robust future for the country’s involvement in the crypto market.
