Latest Ghana News

  • Booming African crypto adoption drives concerns over regulation
    Booming African crypto adoption drives concerns over regulation
    African crypto adoption has exploded in 2020, prompting fears of a heavy-handed regulatory response 2020 has seen an acceleration in African crypto adoption, with the continent emerging as the second-largest region for peer-to-peer (P2P) trading, and two African nations ranking in the top eight of the Chainalysis crypto adoption index. However, the booming growth has caught the attention of Africa’s financial regulators, sparking concerns that a rush to introduce heavy-handed oversight could quell innovation in the local crypto industry. Nigeria has led the continent’s growth in 2020, posting weekly P2P volumes of between $5 million to $10 million, followed by Kenya and South Africa with between $1 million and $2 million a week each. Speaking to Cointelegraph, a representative of top P2P exchange Paxful stated that Africa has been its strongest growing region in 2020, noting there was also dramatic growth in smaller economies like Ghana, and Cameroon. Centralized exchanges have also reported a spike in trade activity, with Luno reporting $549 million worth of combined volume from Nigerian and South African customers last month — a 49% increase compared to the start of 2020.
  • Fiat Devaluation Drives Retail Bitcoin Transfers in Africa 56% in a Year: Report
    Fiat Devaluation Drives Retail Bitcoin Transfers in Africa 56% in a Year: Report
    Monthly cryptocurrency transfers to and from Africa under $10,000 soared more than 56% from a year ago to reach $316 million in June, according to new research by US crypto analytics firm Chainalysis.
  • Binance Charity and Integro Foundation raise $1 million for PPEs
    Binance Charity and Integro Foundation raise $1 million for PPEs
    More donations can be expected. Binance Charity and Integro Foundation raised $1 million to donate personal protective equipment to frontline workers. A total of 500,000 KN-95 masks will be distributed to workers in the Brazilian Amazon, Argentina, Chile, Mexico, Venezuela, Peru, Ghana, Nigeria, South Africa, Bermuda, Barbados, St.
  • Crypto Usage and Trading Surging in Africa, Exchange CEO Says
    Crypto Usage and Trading Surging in Africa, Exchange CEO Says
    The popularity of crypto is on the rise in Africa, according to the CEO of one of the continent’s up and coming exchanges. Crypto usage and trading has made its way over to Africa, gaining prevalence all over the continent, according to Chris Maurice, CEO of Yellow Card — a crypto exchange based in Lagos, Nigeria. "In terms of the crypto scene and everything, things are growing very rapidly, really across the continent, but specifically in Nigeria, South Africa, Ghana, and Kenya," Maurice told Cointelegraph in an interview.  With the four mentioned countries leading the crypto charge, Maurice added, "At this point, it's just a matter of time before it continues to expand outward to the rest of the continent." Crypto usage in Africa is not represented accurately on paper Contrary to North America, with its plethora of exchanges, Africa sees more over-the-counter, or OTC, crypto trading, transactions and usage, making definite exchange volume a less accurate representation of the asset class’ prevalence.  “The majority of it is not running through formal exchanges,” Maurice said of crypto asset volume.
  • Bitcoin P2P Volume Hits ATH in India, Ghana, and Mexico
    Bitcoin P2P Volume Hits ATH in India, Ghana, and Mexico
    Several developing countries, including India, Mexico, Ghana, and Argentina, saw a record Bitcoin P2P trading volume in July.
  • India Leads P2P Volume Records Among Emerging Markets
    India Leads P2P Volume Records Among Emerging Markets
    Numerous emerging crypto markets are showing dramatic growth in P2P trade, with India and Ghana producing enormous growth during 2020. Half a dozen emerging markets have established new records for weekly peer-to-peer (P2P) Bitcoin (BTC) trading, including India, Ghana, the Philippines, Argentina, Mexico and Egypt, according to data published by Useful Tulips. India comprised the strongest market to post a new record for trade activity, with $3.4 million worth of BTC trading hands over the past seven days. India’s P2P markets began gaining significant momentum from the second quarter onwards, with Indian volume beating out its December 2017 all-time high of $2.95 million last month before consistently rallying above $3 million this month. African P2P markets continue to show strength Following several weeks of surging volume, Nigeria’s peer-to-peer markets posted a slight retracement from last week’s record high above $10 million, with roughly $9.9 million. While the growth of Nigeria’s P2P markets has largely fuelled Africa’s ascension of the regional ranks to surpass all regions except North America by volume this year, Paxful’s CEO Ray Yousef noted that Ghana and Kenya have comprised the second and third-strongest countries in Africa by year-to-date volume so far. Ghana has posted new weekly volume records for fifteen of the past seventeen weeks, with more than $1 million worth of Bitcoin changing hands for two consecutive weeks. Argentinian trade doubles in July The past three weeks have seen consecutive volume records posted by Argentina’s P2P markets as monthly activity has nearly doubled. While a new record of $585,000 was posted last month, July’s weakest week generated $830,000 in trade, while the past seven days fell just short of $1 million. The P2P market of fellow Latin nation Mexico also posted its first volume record in 13 months, with $692,000 in BTC trading for Mexican pesos over the past week. P2P trade up 10x s
  • Emerging Markets Drive Paxful First Half 2020 Bitcoin Volume to $1.1 Billion
    Emerging Markets Drive Paxful First Half 2020 Bitcoin Volume to $1.1 Billion
    Peer-to-peer (P2P) crypto exchange Paxful reported Tuesday that its bitcoin trading volumes climbed 35% to $1.1 billion during the first six months of 2020 compared to $817 million a year ago.