A recent study conducted in Kenya found that the typical crypto user in the country is under 40 years old. Despite warnings from the central bank, Kenyan residents continue to trade cryptocurrencies, primarily investing in bitcoin, ethereum, and USDT. Most users fund their crypto activities with their own income or savings, and their investments are usually less than $635. The study's findings support the notion that Kenya has high crypto usage compared to other African countries. The government plans to regulate cryptocurrencies to maintain its status as a leader in financial innovation. Methods used to convert fiat currency to cryptocurrencies include peer-to-peer mechanisms, e-wallet intermediaries, brokers, and card schemes. Cryptocurrencies are also used in Kenya as a hedge against the depreciation of the local currency. The study raised concerns about crypto scams and money laundering risks, highlighting the need for further research to understand the crypto market and develop effective policy responses.



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