Ghana has now surpassed South Africa to become the country with the third-highest peer-to-peer (P2P) bitcoin trading volumes in sub-Saharan Africa.
Data indicates that trades (directly between users, without a third party or intermediary) of the popular cryptocurrency exceeded $11 million in June.
The latest data which is sourced from only two cryptocurrency P2P exchanges – LocalBitcoins and Paxful – indicates that more bitcoin was traded in June than in May when $10.4million of bitcoin was traded in Ghana.
African trading of bitcoin
The same data shows that Nigerians traded the most bitcoin in sub-Saharan Africa despite restrictions on trading by the Nigerian Central Bank.
Nigeria’s trading volumes on the two platforms increased to just under $38 million in June 2021.
Second-ranked Kenya’s June bitcoin trade volumes dropped to $13.4 million from the $16.5 million that was recorded in May.
South Africa is now ranked fourth on the continent with trade volumes of $7.3million dollars and The Central Africa Republic, which recorded volumes of less than $50,000 in June 2019, is in fifth place after trades worth $1.85 million which were recorded in June 2021.