For many, trading crypto IS part of our daily lives, especially for enthusiasts in the developed countries. But for developing countries with a falling fiat currency, is cryptocurrency the high-tech way out for them?
Let’s look at the crypto landscape in South Africa.
Cryptocurrency Adoption in South Africa
South Africa might be only contributing to approx. 1% to the global GDP, but the country leads the world with the highest percentage of crypto users and is among countries with the highest adoption rate (16%) according to a recent survey published by Statista in June, closely following Turkey, Brazil, and Colombia (18%).
In light of the unstable political environment and the depreciation of South African Rand, it’s not surprising that more South Africans have started to move their assets to cryptos or alternative offshore investment opportunities to diversify their portfolios. Taking Bitcoin as an example, it might seem a volatile asset, yet under all its price swing it has actually seen an incredible increase, outstripping mainstream investments in internet firms since 2010 by 338,433,233%, while the Rand is bleeding and constantly declining to ~$15.31 against the dollar today.
To South Africans, digital assets therefore seem a more rational investment choice compared to the declining Rand: high-risk traders who are after a high reward can go for Bitcoin; or if they find it too volatile, more stable assets that are pegged to fiat currency, such as USDT, might be a better option for them.
Despite the widespread interest in crypto, most South Africans are still wary about and holding back from using crypto as indicated in a Kaspersky’s survey. Lacking a proper understanding of how crypto works, nearly a fifth of the respondents gave up on crypto just because “it became too technically complicated”, or they have had an unpleasant experience with crypto exchanges, sadly holding back the mainstream adoption and growth of crypto in the country.
The OKEx South Africa Plan
Eyeing this exciting opportunity, OKEx has taken up the challenge to bring crypto into the daily lives of the South Africans, dedicating to offering crypto enthusiasts a professional, highly secure and convenient way to trade.
Andy Cheung, OKEx Head of Operations
Recently, with the joining of Khaya Maloney, a blockchain design solutions architect and strategic fintech business developer as our Country Manager, OKEx is officially tapping into this new market.
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This post originally appeared on Medium. Read more.