South Africa is currently the most advanced country on the African continent in financial terms, making its economic environment favorable for the development of new technologies.
According to the survey, 7. 6 million South Africans, which constitutes about 22% of the country`s adult population aged 18-60, are crypto investors, who currently own cryptocurrencies or have operated with cryptocurrencies in the past six months. The Into The Cryptoverse report revealed that 72% of those surveyed rely on social media for information regarding the decentralized market especially given the introduction of apps like Tok Lok that is based on a blockchain project.
The findings of the report also shed light on the overall attitude of South Africans regarding cryptocurrencies, highlighting their trust in crypto in matters related to money.
Despite local regulations and laws, South African crypto investors are maintaining a positive attitude, as cryptocurrencies are proving to be capable of improving people`s standing financially. The low percentage of employment in Africa is stimulating people to look for alternative ways of making money and crypto investments are one of them, as the Into The Cryptoverse report reveals. The migration of Africans from other countries to South Africa in hopes of improving their financial and social standings is also driving cryptocurrency adoption.
Due to the low employment rate in Africa now, people are looking for alternative ways to make money, and crypto investment is one of them. ” according to Thamsanqa Emmanuel, a Twitter influencer in South Africa.
The findings of the KuCoin Into The Cryptoverse report underscore the importance of cryptocurrencies in the financial climate of Africa in general as a means of socially propelling individuals.
The ample opportunities for personal development in South Africa and the progressive attitude of the local young generation are also contributing to the rapid adoption of digital currencies as an alternative to fiat.