Latest report from Finder’s Cryptocurrency Adoption Index shows that four million South Africans own cryptocurrencies. The index measures the growth of cryptocurrencies worldwide through an ongoing survey of internet users in 26 countries.
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The research reveals that South African men are 1.9 times more likely than women to own crypto, with a 65% holding, compared to 35% for women. The most owned cryptocurrency in the country is bitcoin, with 52% of the crypto owners holding it, which is more than the global average of 37%.
The crypto ownership rate in South Africa is 10%, which is lower than the global average of 15%, and roughly 5% of those surveyed in the country say they own bitcoin (BTC), with 2% saying they own ethereum, 2% dogecoin, and another 1% cardano .
With regard to age, those aged 18–34 in South Africa lead the way in terms of the crypto split, making up 45% of crypto owners. Those aged 55 and above are the group least likely to own crypto, making up just 23% of crypto owners.
Overall, South Africa ranks 18th out of 26 countries for crypto adoption, according to the report which surveyed 217,947 people in 26 selected countries.
With South Africa’s regulators becoming more lax and taking a liberal stance on crypto over the last few months, the country is likely to see an increase in crypto adoption over the next few months.
Some enabling regulatory moves made in the country include the country’s central bank announcing that it was devising a regulatory framework for cryptocurrencies, as well as the South African Reserve Bank putting out a guidance note advising banks to cease from cutting ties with crypto assets service providers.
Binance, the world’s largest cryptocurrency exchange by volume of transactions, also recently announced that its users will now be able to deposit and withdraw the South African Rand (ZAR) to and from their Binance wallets, in a bid to increase the adoption and mainstream accessibility of crypto in the country.