When we look at the African continent, we see that South Africa has one of the most advanced economies. Investors in South Africa are also becoming more and more interested in investing in the cryptocurrencies more and more over time.
According to the survey, MyBroadband 2018 Cryptocurrency Survey, completed in April 2018, a significant proportion of South African investors who have never had any business with crypto market before are moderately looking to enter the crypto sector. Some of the investors are considering entering the sector by buying direct cryptocurrencies, while some are thinking of involving indirectly like investing in cryptocurrency mining.
Cryptocurrency market, especially in 2017, has quite revived, but at the beginning of 2018 there was a decline.
As time went on, more and more governments began to pay close attention to the cryptographic sector, and regulations were being introduced by certain governments to the market. But if we look at the survey results, we can say that South African investors are not afraid of government regulations.
Total of 47% of the respondents were interested in investing in cryptocurrency sector. Approximately 25 percent of these respondents said they “will invest in cryptocurrency,” while 15 percent said they “will invest in cryptocurrency and crypto mining”, and the remaining 7 percent said they will only invest in crypto mining.
Some restaurants and businesses already began accepting cryptocurrencies for payments in South Africa. Other African countries seem to be more conservative to make a move towards the sector for now.