The government of Africa has been a bit slow with the adoption of cryptocurrencies. Maybe it is due to the reasons like good attentions of protecting their people or having a crop of old leaders who have not to envision a future without paper cash, Africa is now slowly picking up the pace towards the era of Cryptocurrency.
The majority of the younger generation of the popular countries of Africa, like Nigeria, Kenya, Egypt, and South Africa, is investing their time in the Bitcoin Technology, disregarding the regulation skepticism on the continent.
The Central Bank of Nigeria has kept itself away from the Bitcoin movements twice and even warned the citizens that bitcoin investments had no legal intention. Furthermore, there seem to be no crypto exchanges established in Botswana. Bitcoin trading is also restricted to private Facebook and Whatsapp groups. The Bank of Gana also announced that use and trading Cryptocurrency is illegal yet or it is not considered as a lawful form of currency in the country. However, the Governor of the Bank of Ghana has issued Payment Systems and Services Bill, which will enable the regulation of Cryptocurrency in the future.
Nonetheless, the trading of Bitcoin is quite booming in Nigeria. Many people believe that this boom in Bitcoin trading is brought by a busted online Ponzi scheme, named MMM scheme. This scheme brought trading into the mainstream with a lot of ease.
The Central Bank of Nigeria first reacted to virtual currencies in January 2017 and warned the citizens to handle cryptocurrencies at their own risks. Some of the people misunderstood the warning as a ban, but officials of the Bank have since declared that they cannot put a full stop on the usage of Bitcoin because it is quite evident that they are not within their control.
South Africa, Ghana, and Nigeria are amongst those countries that have managed to count amongst the top 10 ranked names for Bitcoin technology across the globe.
In the following section, we have discussed the Cryptocurrency regulation outlook in these African countries along with a few others. Let’s get started!