South Africa is the largest economy in Africa and the 25th largest in the world. It is known for its diverse landscapes, including the iconic Table Mountain, Kruger National Park, and the Garden Route. The country has a rich cultural heritage, with 11 official languages and a vibrant arts and music scene. South Africa is also the birthplace of Nelson Mandela and is known for its role in the struggle against apartheid.
Cryptocurrency is gaining traction in South Africa, with a growing number of individuals and businesses embracing this new form of currency. The country has a large and young population that is tech-savvy, making it an ideal market for crypto adoption. The government has taken a proactive approach to regulation, seeking to strike a balance between protecting consumers and fostering innovation.
Crypto Holders in South Africa
According to Finder’s Cryptocurrency Adoption Index report, 4 million South Africans own cryptocurrencies. The report, based on a survey of internet users in 26 countries, found that South African men are 1.9 times more likely to own crypto than women, with 65% holding crypto compared to 35% for women. The most widely held cryptocurrency in the country is Bitcoin, with 52% of crypto owners holding it, higher than the global average of 37%. The crypto ownership rate in South Africa is 10%, lower than the global average of 15%.
Young South Africans aged 18-34 lead the way in terms of crypto ownership, making up 45% of the crypto owners, while those 55 and above are the least likely to own crypto, representing 23% of crypto owners. South Africa ranks 18th out of 26 countries in terms of crypto adoption.
With the South African government becoming more accepting of crypto in recent months, the country is likely to see an increase in crypto adoption.
Regulatory moves, such as the central bank’s development of a regulatory framework for cryptocurrencies and guidance from the South African Reserve Bank to banks to continue working with crypto asset service providers, are making it easier for the public to access and use cryptocurrencies. Binance, the world’s largest crypto exchange, has also enabled South African Rand deposits and withdrawals, further increasing the accessibility and adoption of crypto in the country.
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