Cryptocurrency Adoption - The Case for Africa

[Alex9876r 1408]

Bitcoin is not restricted to a specific geographic spot, and in general it is a tributary factor for the economy of any region, and many countries have used it to invest and support their public treasury with financial assets and increase them And the crypto market in general for anyone who is helpful in increasing his average income through the opportunities present in it.

[Ayham7daoud 463]

 Cryptocurrencies will be the solution in many developing and poor countries, as it relieves people of the large bank costs that they pay. It is also a faster and less expensive way to transfer money from one country to another. 

[MoralStories 1127]

no doubt that a program c helps with the economy but it cannot help the most poor person because they cannot access the internet or the mobile through laptop maybe that is why they are not helping the poor

[Khan 1414]

On 2/3/2020 at 1:02 PM, Soaib khan said:

Maybe in future Africa adopt crypto currency africa good country for crypto currency some countries already adopted crypto I hope all countries adopt crypto.

Many countries are now adopting the crypto world and they are thinking to implement it in all the business. Crypto demand is increasing with time and many people are attracting towards it.

[Quickbee 26]

It will be good if Africa as a whole accepts and adopts Cryptocurrency. But I personally feel it is not going to be easy or true. Africa is a developing country, they have economical problems and lack of infrastructure in adopting Cryptocurrency.

[Syedbesharat 5423]

I most of the time get order of crypto from African countries who demand BTC, ETH, XRP and any other crypto currency at their wallet. Their people are now interested in crypto and making good investment. But their governments are taking neutral Stand because they want to monitor the people interest. Thus those countries aren't developer yet but pick up the block chain technology  and merging society different operations with cryptocurrency. Their for we can hope in next few years they will find good ground for full crypto implementation. 

[entrepreneur 634]

This also happens in Venezuela, where Dominos has accepted bitcoin as a method to pay for pizza.

 

This just goes to show how advanced we have became in the crypto-world and how crypto solves inflation problems!

[abohasnn9 2401]

My friend in Africa, there are many countries that support and use cryptocurrencies that allow this field in an advanced way, for example Nigeria provides an ATM service for cryptocurrencies, and there are also many countries that enjoy development in the continent of Africa. Thank you.

[zhoutong 2188]

I have read many news about that, it seems that some countries in Africa are adopting cryptocurrencies and there is factual interest from Nigeria and South Africa. Also the mediterrenean African countries like Egypt, although there is a ban for crypto in some of them.

[AL SHAIMON 1293]

11 hours ago, Alavic said:

Yes you are right, most African counties are underdeveloped counties, they are backward in term of technology I guess they will find it difficult to maintain digital currency because they we need professionals who will handle properly.

But they are doing great. They are learning quickly I guess. Because of the African country now adopting bitcoin and crypto-currencies which is one of the best example of their development. I think poverty of Africa will reduce too soon.

[Zeshan7736087 287]

Africa is a developing economic sector. But they have developed so much in regards of cryptocurrencies because of the regulations by the african states. Nigeria is one of the most crypto friendly countries ever.

 

 

[sinseoul 0]

It is a really great news and development for both Africa and the world of cryptocurrency. I really wish that my country would also adopt to the trend of cryptocurrency. Though cryptocurrency isn't really legal and illegal in our country, it's just I think that our country would be better with cryptocurrency adoptation.

[pax166 0]

Africa really has along way to go. There are so many factors that can hinder the developement of cryptocurrency in Africa. Some of this factors include:

 

- Poor access to internet: majority of the population in africa have no access to the internet.

 

-Electricity: Some of the african countries are still battling with power supply. This makes the use of internet to go even less and mining to become almost impossible.

 

- Lack of adequate exposure: There is little exposure and awareness about cryptocurrency in the african region.

 

- Harsh government policies: The govt of some african countries still see cryptocurrency as illegal due to its decentralised nature.

[Arratee877 272]

Accepted not all Africans countries can legalize Crypto currencies system due to the nature of their background, poor technology and infrastructure architecture but some of the developing countries in Africa continent adoption of crypto currencies can not be a big deal. Already online business is taking place at there like Nigeria and south Africa

[Ameralsamt 2558]

My friend, the countries of Africa and the peoples of Africa are wonderful peoplewho love contemporary technology, so they accept encryption in a big way, and countries do not mind it at all, because they are not in the current financial system and do not fear it at all. 

[Samotokika 1780]

On 12/14/2019 at 9:14 PM, Nicklaus97 said:

(Image credit: Hackernoon.com)

What is the current status of cryptocurrency in Africa? Is Africa on the verge of embracing cryptocurrency? Could Africa hold the key to the future of widespread cryptocurrency Adoption?

Africa is the second-fastest-growing region both economically and demographically in the world having a population of over 1.2 billion and a GDP exceeding $2.4 trillion. Many experts argue that inflation and poverty push people towards cryptocurrency. Africans without access to banks and who live in politically unstable countries could be attracted to cryptocurrency. “Africa is rarely mentioned among the largest markets for cryptocurrency, but it may be set to steal a march over other markets,” says Rakesh Sharma, a business and technology journalist.

Mr. Sharma says that citizens of countries battling high inflation are likely to opt for cryptocurrency, because “with their paradigm of decentralization, cryptocurrencies offer an alternative to disastrous central bank policies.”
This is seen in countries like Venezuela and Zimbabwe among others which turn to Bitcoin amid economic collapse.

Many African governments find it difficult to adopt and regulate cryptocurrencies due to fear of a collapse of the banking industry and their local fiat currencies. In Zambia, for instance, the Bank of Zambia (BoZ), responsible for creating and implementing monetary policies for the world’s 105th largest economy, explained their stance against the use of cryptocurrencies in contrast to the growing public interests in the field. The central bank admitted that it was receiving a lot of inquiries related to Bitcoin’s legal status in Zambia, and they had to “safeguard the interests of members of the public and to maintain the integrity of the financial system” with its official stance on the digital currency, according to a local news report. An excerpt from the official report says:

“Firstly, Section 30 of the Bank of Zambia Act vests the right to issue notes and coins exclusively in the BoZ. To date, BoZ has not issued any form of cryptocurrency. Cryptocurrencies are not legal tender in the Republic of Zambia; Secondly, BoZ does not oversee, supervise nor regulate the cryptocurrency landscape. Consequently, any and all activities related to the buying, trading or usage of cryptocurrencies are performed at owner’s risk.”

Therefore, one cannot say that cryptocurrencies are banned in Zambia. Interestingly an article in the Zambia Daily Mail of Tuesday, July 3, 2018 was titled 'Bitcoin: Zambia not yet ready'... being a crypto and blockchain tech enthusias, the phrase “not yet ready” which was used in this article makes me hopeful because it implies that there is a possibility that the central bank will one day find a place for cryptocurrency as a useful tool in the financial sector. Cryptocurrencies allow for the transfer of value relatively faster and at low or no cost. Thus, the central bank of Zambia may soon see it fit to issue the country's first cryptocurrency. The constitution of Zambia does not define Bitcoin, which is why it has received a flack from the country’s central bank. There is, however, a possibility of lawmakers taking an active approach to regulating it under a modified provision. BoZ confirmed that it would be actively looking into the cryptocurrencies to come up with a law that "should not constrain but enable innovation.”

In countries like South Africa, Nigeria, Uganda and Tanzania, on the other hand, the adoption of cryptocurrency has gone far ahead. The 2019 Hootsuite Global Digital Yearbook shows that 10.7% of South Africans, 7.8% Nigerians and 7.3% Ghanaians posses cryptocurrency. These countries are above the average of adults with internet access that use cryptocurrency on the continent which is around 5.5%. These are African countries that have really embraced the solution to the problem of remittance which cryptocurrency solves. Many statistical analyses show that South Africa tops the list of cryptocurrency ownership among global internet users.

One cryptocurrency with real utility in these countries is Electroneum (ETN). People in these countries are able to buy airtime top ups right from the Electroneum app using their cloud mining generated ETN. In South Africa, it can be used to top up The Unlimited mobile airtime and data. Many retailers are also beginning to accept ETN for purchases of bread, milk, sugar, and coffee. Many taxis are also now receiving payment in Electroneum. (See Photo Above)

Africa is now establishing it's own cryptocurrencies and exchange platforms. Some examples include the AKOIN ecosystem, NAVCOIN, and the Kesholabs ecosystem with their WAVU token which launches early 2020. Africans in general have the enthusiasm for cryptocurrency and inovation. What Africans now need are devoted cryptocurrency pioneers that can liaise with the African governments and help them develop a deeper understanding of what cryptocurrencies are, what problems they solve and how to tackle challenges which this new technology brings about. Africa has a very huge and untapped potential market for cryptocurrency and if this potential is realized, I believe widespread adoption of cryptocurrency will be inevitable.

 

Referenced material:

https://hackernoon.com/south-africa-tops-the-list-of-cryptocurrency-ownership-among-global-internet-users-bxazr30ti

 

https://www.ccn.com/bitcoin-is-not-a-legal-tender-in-zambia-says-central-bank/

 

https://www.un.org/africarenewal/magazine/april-2018-july-2018/africa-could-be-next-frontier-cryptocurrency

it's really good if africa start cryptocurrency programs and used to prepare and use but it's very hard to start now maybe at some time they are familiar and adopted it.

[Syriana 350]

Africa is a very beautiful country, but I do not think that they will be able to work in the production of Bitcoin due to the lack of the Internet and weak technology in Africa, but we hope that they will be able to work and produce Bitcoin

[cryptovlek 2597]

Almost all african countries became very interested in Bitcoin since a few years ago and the rise of Bitcoin adoption in many of the central and rising economies of the continent is obvious to all. I hope that this will help the people of the countries that are more poor than others to find more opportunities and make a better life from Bitcoin.

[percare 3192]

Africans find in cryptocurrencies what they wanted. An easy access to financial services that banks had excluded most of the African population for decades. Just with a smart phone that can be bought cheap, you are your own bank and you can change your future. Be bold african friends and stay ahead beacuse you are first before others, not even 1% are using cryptocurrencies in all the world, so we are all having a headstart.

[Lapulga04 259]

Africa been a developing continent in general will definitely provide a good market opportunity for various investment which crypto currency can't be an exception, although there some challenges that are bound to o occur such are the internet connectivity, problem of electricity supply and government agencies to approve the trade itself.

[teebasas 3018]

I'm fascinated by the increasing opportunities for cryptocurrency trading in Africa. African countries are proving experts wrong by rapidly progressing in the crypto world. I've seen some truly amazing projects coming from Africa.

[piuri01 446]

The truth is I think that Africa will adopt virtual currencies in the distant future, because in this country there is a lack of knowledge of these currencies, however anything can happen, this country may even have its own currency but that will be in the future.