Bitpapa Enters Kenyan Cryptocurrency Market

In the face of the general negative attitude towards digital assets from financial regulators, P2P marketplaces have become the platforms of choice across Africa. As the global leader in P2P cryptocurrency exchange, Kenya has attracted a lot of interest from many P2P exchange service providers.

Bitpapa He is one of them, and has recently entered the Kenyan crypto market.

Cases of P2P exchange in Kenya

In countries where access to traditional financial services is limited or completely absent, cryptocurrencies have become an alternative way to increase financial inclusion. This is true for most people Africa.

Along with Nigeria and South Africa, Kenya is one of the top three cryptocurrency markets in Africa and among the top 10 in the world in terms of cryptocurrency usage.

However, the fiscal authorities in these countries, as in many other parts of Africa and the world as a whole, seem more interested in maintaining a bad status quo, no matter how poor the local population is or how high the inflation rate. .

For example, as recently as 2021, the Central Bank of Nigeria reprimanded cryptocurrencies as a means of carrying out “illegal activities including money laundering, terrorist financing and tax evasion.” In short, you name it. It is not surprising that the central banks of this country ban all banking activities related to or involving cryptocurrencies.

Well, naira, the sovereign currency of NigeriaYou just don’t live up to what you need when it comes to all those unworthy stuff. But this cannot be considered a real advantage, considering that the coin loses about 20% of its value year after year.

The Kenyan monetary authorities seem to be more careful about the language they use regarding cryptocurrencies by simply pointing out the risks of cryptocurrency transactions and trading. In short, the Central Bank of Kenya (CBK) advised the public to stay away from cryptocurrencies.

Meanwhile, the Central Bank of Kuwait has warned all local banks to refrain from conducting cryptocurrency-related transactions under pain of losing their license.

This policy effectively prevented global central exchanges from entering the cryptocurrency market in this African country. Since they cannot legally open bank accounts in Kenyan banks to offer cryptocurrency exchange services to locals in Kenya Shilling, Kenya’s official currency, they have to pull back from this market.

Perhaps this has been the central bank’s intention all along – to kick out global platforms.

But regardless of the regulator’s true motives, it eventually gave more space to P2P markets. Since these markets do not accept paper deposits, they do not need to open accounts in local banks, and therefore are outside the authority of the Central Bank of Kuwait.

This largely explains the huge popularity of P2P markets in Kenya and other African countries that practice similar policies against cryptocurrencies.

Bitpapa joins the fight

Bitpapa has been providing cryptocurrency trading services since 2018, and as a global peer-to-peer marketplace operating across the globe, it was only a matter of time before it entered the highly profitable Kenyan crypto market.

This time has come. Users can now trade Bitcoin (plus Ethereum, TON, Monero and USDT) for Kenyan Shilling in a secure and secure P2P environment via a website, mobile app or Telegram bot (unique among cryptocurrency exchanges).

For this, users do not need to pass identity verification or confirm their phone number. Simple registration with their email will work fine. Users can start shopping immediately after activating their account by following the link sent to their inbox. There are no limits to how much users can trade per day if they choose not to be validated.

All accounts on Bitbapagea They were born equal and treated as equals. But if users encounter any problems or just have any questions, Bitpapa’s friendly and knowledgeable support will help users in less than a short time 24/7.

Whether you are the buyer or seller, all your trades are always protected by the market.

When users buy cryptocurrency, they can be sure that the seller meets the end of the deal. The cryptocurrency they buy is locked into an escrow account, preventing malicious traders from defrauding them. If the seller doesn’t release the coins on their own once you’ve paid them, you start a dispute and then the market steps in.

However, as a seller, you only release coins after payment is received, and the burden of proof is on the buyer. He must prove that he sent the payment to you in accordance with the information provided.

So either the trade takes place and the counterparties get their due date, or it gets canceled without anyone losing anything.

It is not uncommon for P2P marketplaces to be used as money transfer services. Internal transfers on Bitpapa are instant and free, and you can use them to send coins from one user to another. All wallet addresses remain the same – Bitpapa knows which address belongs to the marketplace and automatically differentiates between internal and external addresses.

Also, with the powerful Telegram bot, users can generate Bitpapa tokens and give them to their friends or clients. These tokens can then be exchanged on Bitpapa to increase their balance on the platform, instantly and at no charge.

Now that Bitpapa has reached Kenya, the competition in this market will only get tougher. But in the end, it’s the simple users who will win.

come and take it

As shown by the history of cryptocurrency adoption in Kenya and other African countries, if people find something useful, they will always find a way to use it or get it even under unfavorable circumstances such as resistance from authorities.

Cryptocurrencies have proven to be beneficial to Kenyan users as well as all over the world, and Bitpapa aims to help them get what they want.

Disclaimer: This is a paid post and should not be treated as news/advice.

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