The economic uncertainty of South Africa pushes people to use crypto-currencies.
The latest data from Google Trends shows that South Africa has recently risen to the top of the list on requests from Bitcoin in the search engine.
Bitcoin – as a refuge from problems in Africa
In addition, according to eToro data, a significant inflow of South African traders Bitcoin was observed during the past year. So, from January to November 2017 year, the number of users of crypto currency in South Africa increased by 671%.
Bitcoinist writes that in South Africa interest in crypto-currencies is provoked by economic and political instability.
The key problem is the land reform in the country, which remains highly politicized, since it is connected with the consequences of apartheid.
The new president of South Africa, Cyril Ramafosa, representing the party of the African National Congress (ANC), promised to change the constitution, so that non-landowners of black land got land without compensation.
This promise led to aggravation of relations with financial organizations and caused an increase in social tension in the country. The problem is also aggravated by a high percentage of unemployment.
In such circumstances, Bitcoin looks like a safe haven among economic and political turmoil, podtotozhivaet edition.
Author: Evgenij Novožilov, Analyst Freedman Club Crypto News
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