In the face of the overall negative attitude toward digital assets on the part of financial regulators, P2P marketplaces became the platforms of choice across the entirety of Africa. As the world leader in P2P cryptocurrency exchange, Kenya has drawn a lot of attention from many P2P exchange service providers.Case for P2P Exchange in Kenya
However, the financial authorities of these nations, as in many other parts of Africa and the world as a whole, seem to be more interested in preserving the gloomy status quo, no matter how poor the local population is or how high the inflation rates are. The Kenyan monetary authorities seem to be more careful about the language they use concerning cryptocurrencies by simply pointing out the risks associated with cryptocurrency transactions and trading. In a nutshell, the central bank of Kenya advised the public to stay away from cryptocurrencies.
This policy effectively prevented global centralized exchanges from entering the cryptocurrency market in this African country. Because they can’t legally open bank accounts in Kenyan banks to offer cryptocurrency exchange services to locals in the Kenyan shilling, the official currency of Kenya, they have to back off from this market.But no matter the real motivation of the regulator, in the end, it only provided more room for P2P marketplaces.