{"id":32,"date":"2022-07-11T01:09:28","date_gmt":"2022-07-11T01:09:28","guid":{"rendered":"http:\/\/live-script.xyz\/kenya-has-highest-proportion-of-crypto-owning-citizens-in-africa-unctad-data-shows\/"},"modified":"2022-07-11T01:09:28","modified_gmt":"2022-07-11T01:09:28","slug":"kenya-has-highest-proportion-of-crypto-owning-citizens-in-africa-unctad-data-shows","status":"publish","type":"post","link":"https:\/\/live-script.xyz\/kenya-has-highest-proportion-of-crypto-owning-citizens-in-africa-unctad-data-shows\/","title":{"rendered":"Kenya Has Highest Proportion of Crypto Owning Citizens in Africa UNCTAD Data Shows"},"content":{"rendered":"<p><strong>The latest data from the United Nations Conference on Trade and Development (UNCTAD) suggest that Kenya has the highest proportion of crypto-owning inhabitants than any other African country. To counter the growing use of cryptocurrencies, UNCTAD said it recommends the imposition of taxes that discourages crypto trading. <\/strong><\/p>\n<h2>\u2018A Way to Protect Household Savings\u2019<\/h2>\n<p>According to the <a href=\"https:\/\/unctad.org\/system\/files\/official-document\/presspb2022d8_en.pdf\">data<\/a> in the latest (UNCTAD) policy brief, Kenya\u2019s digital currency ownership as a share of the population of 8.5% is the highest in Africa and the fifth-highest globally. Only Ukraine with 12.7%, Russia (11.9%), Venezuela (10.3%), and Singapore (9.4%) have a higher proportion of crypto-owning residents than Kenya.<\/p>\n<p>As the data shows, South Africa is the second-ranked country in Africa and eighth globally, with 7.1% of the population that owned or held cryptocurrencies in 2021. In Nigeria, which is one of the biggest cryptocurrency markets globally, about 6.3% of the population own or hold cryptocurrencies. Using the UNCTAD data, this means from the country\u2019s population of <a href=\"https:\/\/data.worldbank.org\/indicator\/SP.POP.TOTL?locations=NG\">211 million inhabitants<\/a>, just over 13 million were owners of digital currencies in 2021.<\/p>\n<p>Out of the 20 countries that were surveyed, Australia was found to have the least percentage of its population (3.4%) that owned cryptocurrency in the said period.<\/p>\n<p>Meanwhile, in a report on its findings, UNCTAD acknowledged that cryptocurrencies have grown in their popularity because they are \u201can attractive channel through which to send remittances.\u201d The UN agency also said it found that middle-income individuals from inflation-hit developing countries own or hold cryptocurrencies because these are seen \u201cas a way to protect household savings.\u201d<\/p>\n<h2>Mandatory Registration of Crypto Exchanges<\/h2>\n<p>However, based on its findings, the UNCTAD said it determined that \u201cthe use of cryptocurrencies may lead to financial instability risks.\u201d In addition, their use potentially opens \u201ca new channel for illicit financial flows.\u201d<\/p>\n<p>\u201cFinally, if left unchecked, cryptocurrencies may become a widespread means of payment and even replace domestic currencies unofficially [a process called cryptoization], which could jeopardize the monetary sovereignty of countries. The use of stablecoins poses the greatest risks in developing countries with unmet demand for reserve currencies,\u201d UNCTAD noted in the policy brief.<\/p>\n<p>To minimize some of these risks, UNCTAD said it recommends \u201cthe mandatory registration of crypto-exchanges and digital wallets.\u201d The agency also recommended imposing \u201centry fees for crypto-exchanges\u201d or levying taxes on cryptocurrency trading. Doing this would make the use of cryptocurrencies less attractive, UNCTAD said. Other recommendations include restricting cryptocurrency advertisements and the issuing of a central bank digital currency (CBDC).<\/p>\n<p><em><strong>What are your thoughts on this story? Let us know what you think in the comments section below. <\/strong><\/em><\/p>","protected":false},"excerpt":{"rendered":"<p>The latest data from the United Nations Conference on Trade and Development (UNCTAD) suggest that Kenya has the highest proportion of crypto-owning inhabitants than any other African country. To counter the growing use of cryptocurrencies, UNCTAD said it recommends the imposition of taxes that discourages crypto trading. \u2018A Way to Protect Household Savings\u2019 According to [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Kenya Has Highest Proportion of Crypto Owning Citizens in Africa UNCTAD Data Shows - Latest Cryptocurrency &amp; blockchain News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"http:\/\/live-script.xyz\/kenya-has-highest-proportion-of-crypto-owning-citizens-in-africa-unctad-data-shows\/\" \/>\n<meta property=\"og:locale\" content=\"ko_KR\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Kenya Has Highest Proportion of Crypto Owning Citizens in Africa UNCTAD Data Shows - Latest Cryptocurrency &amp; blockchain News\" \/>\n<meta property=\"og:description\" content=\"The latest data from the United Nations Conference on Trade and Development (UNCTAD) suggest that Kenya has the highest proportion of crypto-owning inhabitants than any other African country. To counter the growing use of cryptocurrencies, UNCTAD said it recommends the imposition of taxes that discourages crypto trading. \u2018A Way to Protect Household Savings\u2019 According to [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"http:\/\/live-script.xyz\/kenya-has-highest-proportion-of-crypto-owning-citizens-in-africa-unctad-data-shows\/\" \/>\n<meta property=\"og:site_name\" content=\"Latest Cryptocurrency &amp; blockchain News\" \/>\n<meta property=\"article:published_time\" content=\"2022-07-11T01:09:28+00:00\" \/>\n<meta name=\"author\" content=\"cantseeme\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cantseeme\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2\ubd84\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Organization\",\"@id\":\"http:\/\/live-script.xyz\/#organization\",\"name\":\"Latest Cryptocurrency &amp; 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