A recent study found that emerging economies were the first to use encryption algorithms internationally. In particular, Ghana, an African country, has witnessed a combustible growth in the demand for login passwords in recent years. Experts pointed out that it is promising to catch up with Nigeria and Australia, which are the two countries with the largest number of digital currencies in North America.

ChainAnalysis, the blockchain technology analysis platform, announced this in a recent statement. According to the data information of Cointegration, with the growth of retention rate, researchers believe that Ghana has the potential to achieve the same retention level as Australia (11th) and Nigeria (19th).

According to Ray Youssef, CEO of Paxful, a peer-to-peer (P2P) service platform, Ghana has the potential to become the administrator of cryptocurrency in Africa due to the local population demand and the current growth and development trend of the country.

Youssef claims that Ghana's total trade in P2P swaps has increased by 400% in the past few years. The CEO felt that many Nigerians regarded Ghana as a family for students to spend the summer and began to teach Ghanaians the basics of BTC (BTC) and other cryptocurrencies.

Chainanalysis added that Youssef's views are consistent with their exploration of Ghana. This analysis company emphasized that except Ghana, the utilization rate of cryptocurrencies in other countries in sub Saharan South Africa is estimated to be higher, because many Chinese citizens still encounter problems that can be solved through data encryption.

When Kwame Oppong, the management of Ghana's Bank of Ghana, recently accepted Coinwrap at the Africa Money&DeFi Summit, he said that Ghana has tested and plans to release the Central Bank Digital Currency (CBDC). Oppong claims that they have been working hard to create CBDC to promote financial diversity across the country. This management believes that data encryption has great potential for application development because of its many advantages.