Growth of cryptocurrencies in Africa calls for stronger security measures

8 November 2019

Money Transfer

With criminals becoming increasingly technically proficient, the benefits of cryptocurrencies in Africa are also being exploited.

Virtual currency related crime is on the rise in South Africa, with hackers using peoples’ phones to mine cryptocurrencies according to cybersecurity experts. As the popularity of crypto assets such as bitcoin grows, various South African authorities including the South African Reserve Bank (SARB) have started the process for reviewing the impact of the crypto sector on consumers and the impact on personal financial security.

With three million wallets globally, and South Africa being one of its top markets, Paxful processes over 50,000 trades a day. The fluctuating price of the world’s most prominent digital currency has not deterred South Africans either as Paxful has noticed a massive 2800% increase in trades from South Africa this month compared to October 2018. Johannesburg, Pretoria, and Cape Town are the three cities within the country that lead to the number of users. Overall, Paxful has also noted that the number of trades across the African continent has grown by 64% when comparing the same time period. Read the full article on Apps Africa here.