Today was a shocking revelation when Wearsocial and Hootsuite published the result of their cryptocurrency holding survey. It turned out that South Africa was #1 out of all the other participating countries. Nearly 11% of the country's internet user base is a cryptocurrency holder. However, the adjustment in terms of population count and the quantity held needs to be taken account. But in terms of sheer percentage, SA seems to rank extremely well in the list. The second place was taken by Thailand and third place by Indonesia. However, judging by the economies of these countries it is easy to say that the crypto holders aren't holding on to large volumes.

Despite the fact that this may be a fake or a misleading result for the survey, there is no denying the fact that the African country is steadily adopting cryptocurrencies. In most cases the local Fiat currencies of the African states are in terrible shape, meaning that they are becoming more and more unreliable as we speak. However, as we've already seen with the case of Venezuela, cryptocurrencies are a great option to counteract inflation.

South Africa championing the financial industries

South Africa is arguably the strongest economy on the African continent, therefore it has a lot more resources to develop its financial institutions and therefore make them far more effective than others. However, despite the prosperity in SA when compared to other African states, cryptocurrencies are still a relative outsider to the local economy. If we see SA Forex brokers reports, they state that most of the cryptocurrency interest in South Africa was brought by offering CFDs. Despite the fact that CFDs may be quite helpful when trading high volatility assets, it's still best to actually own the said asset. Therefore after their first experience with crypto CFDs, most South Africans just registered a crypto wallet and transferred all of their funds to actual cryptos.

Thanks to that transition we are seeing a large scale adoption of cryptos within the country, almost 11% of all internet users is not a joke. If we try to calculate everything this is how it would go. The total number of internet users in South Africa is about 11 million. roughly 20% of the whole population. If we try to determine roughly 10% of that 11 million, we get 1.1 million cryptocurrency users. Even if we don't know exactly how much each individual holds, I think it's safe to say that somewhere around a $1 billion is located in the form of cryptos within the country.

The results of this survey may have already been known to the SARB (South African Reserve Bank), which is now considering possible regulations for crypto assets. Despite all of the negativity and criticism towards the assets from the authorities, the general public sees at least some sort of benefit in them The only thing remaining is to hope that cryptos will be able to assist other African states in regulating their inflation.