The adoption of cryptocurrency is on the rise worldwide and Kenya is among the top 5 countries leading in it’s usage in the last 12 months.

According to the 2021 Global Crypto Adoption Index, Kenya is ranked position five among the top 20 countries, behind Ukraine, Pakistan, India and Vietnam.

“Several countries in emerging markets, including Kenya, Nigeria, Vietnam, and Venezuela rank high on our index in large part because they have huge transaction volumes on peer-to-peer (P2P) platforms when adjusted for PPP per capita and internet-using population,” the reports said in part.

P2P trade volume makes up a significant percentage of all cryptocurrency activity, especially in emerging markets.

The 2021 Global Crypto Adoption Index ranked countries by their P2P trade volume and weight it to favor countries with lower PPP per capita and fewer internet users, the goal being to highlight countries where more residents are putting a larger share of their overall wealth into P2P cryptocurrency transactions.

Central and Southern Asia, Latin America, and Africa send more web traffic to P2P platforms than regions whose countries tend to have larger economies, such as Western Europe and Eastern Asia.

According to the report, significant currency devaluation in emerging markets is among the key things driving residents to buy cryptocurrency on P2P platforms as a way of preserving their savings.

“Others in these areas use cryptocurrency to carry out international transactions, either for individual remittances or for commercial use cases, such as purchasing goods to import and sell.”.

Users were also looking for ways to circumvent currency transfer limits in their respective countries and trading in cryptocurrency removes that barrier.

Others in these areas use cryptocurrency to carry out international transactions, either for individual remittances or for commercial use cases, such as purchasing goods to import and sell.