Africa reports the least illegal activities involving cryptocurrency

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1.4% is the proportion of illegal activity out of the total number of digital currency operations in Africa – the result of a report by blockchain analytics company Chainalysis.

According to a recent survey, the unlawful activity makes up just 1.4% of all digital currency activity in Africa. The study by blockchain analytics firm Chainalysis reported that Latin America is the leading region for digital currency scams, with East Asia ranking second. The number of traders falling for such crypto scams, however, in the area has remained relatively small.

African traders are wary of falling to crypto scams.

The Chainalysis also reported, with Mirror Trading International leading the way, the largest cryptocurrency scams in Africa. The South African company has commanded a dominant 95% lead in the past seven months through its MyMTIClub.com website. Since December 2019, when it received less than $1 million, the number of funds it has managed to collect from African trade had gradually increased to June 2020, when it received $8 million. SBlock.com, CloudTokenWallet.com, WoToken.pro, and F2Trading Corporation.net are other scams taken in millions of dollars.

Crypto adoption increases in African countries this year.

This year, during the ongoing pandemic, cryptocurrency adoption in African countries has increased. In recent months, Bitcoin trading on Peer-to-Peer networks has seen rapid growth. The African continent became the second-strongest P2P region in the world, only behind the United States. Africa’s continent is the only area in July to post a rise in the seven-day P2P trade. Since early this year, the sub-Saharan African continent has overtaken the Asia-Pacific, Eastern European, and Latin American regions to emerge by a volume margin of more than 50 percent as the second-strongest peer-to-peer market. Jack Dorsey, CEO of Twitter, and many other business giants believe Africa can play a significant role in the mass adoption of cryptography.

The sub-Saharan African continent has get over the Asia-Pacific, Eastern European, and Latin American regions to emerge by a volume margin of more than 50 percent as the second-strongest peer-to-peer market. Jack Dorsey, CEO of Twitter, and many other business giants believe Africa can play a significant role in the mass adoption of cryptography.

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