On this platform, you will never get to know who your buyer or seller is as a certain level of privacy and anonymity is always maintained.
While on the other hand, the second kind of platform is completely different which is referred to as Bitcoin Peer-To-Peer Trading where digital coins are exchanged directly between the traders. There will be no involvement of any kind of third party or intermediary as well. However, the bitcoins were originally created mainly for the purpose of enabling peer-to-peer transactions and the digital coins are meant to be like that.
South Africa - Largest Volume of Bitcoin Peer-To-Peer Trading Worldwide
Now if we take a look at the volume of Bitcoin Peer-To Peer Trading at global level in the worldwide Crypto Marketplace then here South Africa has become the first continent to set the benchmark. It has marked the traded bitcoin worth of $17,540,134 in just seven days in the month of August on the same platform that is bitcoin peer-to-peer trading.
This statistics of volume transaction of Bitcoins in South Africa has literally proved that the digital currency market, especially for bitcoins, is increasingly adopted by people in emerging markets.
If we take a look at financially privileged investors who belong to developed countries usually deny adopting bitcoins in the form of their regular currency. These kinds of investors merely see it as a store of value in their own Crypto Ecosystem. On the contrary, people who live in less privileged regions usually face different issues with currency like limited access to the traditional financial system or strong currency debasement which make bitcoin a vital currency for them and also help them in solving their real world problems as well.
Further, various crypto market experts have also agreed upon the same fact that bitcoin is genuinely strengthening in those countries who absolutely need a better exchange option rather than their own currency. But the investors from well developed countries, where a proper exchange system already exists, are seeing digital currencies as their money making opportunity for them.
Top African Countries Having Largest Bitcoins Transaction Volume: Peer-To-Peer Platform
If we take a look at the top three African Countries whose volume of bitcoin peer-to-peer transactions is highest then the names are going to be Kenya, Nigeria and Togo as well. Here the index weight of these countries would be measured by those respective country’s chain values transferred as well as received. Moreover, when the peer to peer bitcoin transaction volume is measured against the purchasing power parity (PPP) per capita then it has been found that Africans casually utilize Bitcoins for many purposes which also includes daily exchange value and currency storation as well.
Apart from South African countries, there are some other giant institutional players like Western Europe, North America and Eastern Asia who have increased bitcoin transaction volume by power adoption.
Crypto Boom: New Regulations in South African Nations:
The swift increase in the volume of cryptocurrency transactions in South African Nations is certainly creating the necessity to regulate virtual assets in these countries. In January 2021, South Africa marked the excess of $145 million crypto asset trading values for the very first time.
Further, when we are talking about the new regulations to implement for the virtual assets then those would be aiming at minimizing the abuse of cryptocurrencies and more fostering transparency for nefarious activities. All these new regulations will be primarily focusing on the process of customer verification and identification, regulating the maintenance of customers’ records and moreover transactional information, customer due diligence, supervising unusual or suspicious movement as well. And the main intention behind implementing these kinds of regulations is simple which states the prevention of financing of terrorism and money laundering like activities.
In addition to this, the Central Bank of South Africa named as South African Reserve Bank will also closely observe the movements of crypto assets and strictly monitor the cross-border financial flows.
As we already know that the scarcity of something creates the demand for some other relevant thing. So, here in the same manner, the inadequacy of home currency in South Asia Nations creates the demand and moreover acceptability of new digital currencies mainly the bitcoins. With the help of these digital currencies, people of South Africa are now becoming more capable of fulfilling their necessities and accomplishing the requirements of their own existing exchange system.