Bitcoin Forum

I have been reading many news about different countries or people in different countries in talk with regulators and government officials about plans to make bitcoin as a reserve in their respective country. What I am very concerned about is that as many as we in Africa, I means the countries, I have not seen any country that is making a plan like this.

Or maybe I am missing some information. Is there any country that is having bitcoin national reserve plan? If I see any country in Africa with that plan, I will list it on this thread.

Reserved

This country started with following El Salvador in making Bitcoin a legal tender. This was their first stage of Bitcoin acceptance and further plans they have aligned with Bitcoin. The Central African Republic in April of 2022, considered following El Salvador to make Bitcoin legal, this not only be the end of their adoption, the government situated their interest towards taking more steps involving making reserves and helping them foster a better economy. I haven't heard much from the country based on how far they have gone during the accumulation process unlike how the US are displaying their interest and soon portfolio openly.

On the list Central African Republic can come in, with how the US begin making their reserves, i believe it will motivate them to start up their own if they haven't yet.

you are definitely not missing anything, I do also hear about these news but no African country seems to be making a move.
Recently Chile are holding talks of making a strategic Bitcoin reserve fir it's country. But it seems African countries are still waiting for the other western civilization to make the moves first and this is indeed sad.

Though i haven't heard of any African country planning to make Bitcoin their national reserve asset but in the future, we will definitely see some African countries who will make the move. Besides, plans on making bitcoin a national reserve is not what really matters but implementing it is what will affirm those plans. I know that Nigeria have been one of the major countries in Africa that are into cryptocurrency so if countries in Africa are to consider a move for bitcoin reserve, Nigeria will also be at the forefront. Another thing that has also made most countries silent about their stand on bitcoin reserve is because they are also watching President Donald Trump closely, to see if he will still make bitcoin a strategic reserve asset just like he stated during his campaigns before he was elected President of the United States of America.

Come to think of it, I haven't seen any also rather just other news showing their support to Bitcoin and which I think is mainly around mining, with Ethiopia likely being the leading source there after their recent mining regulation: https://www.binance.com/en-NG/square/post/2024-10-11-ethiopia-increases-bitcoin-mining-power-allocation-to-600-mw-14718686123586.


While there been any bill or news about an entire Nation(s) in Africa setting up a Bitcoin reserves, the fire fighters union in Kenya has done it recently.

African leaders are awkwards they don't think when other first to second world countries are thinking and they takes action when things seems to have been against them, well i don't really blame them because a country that is ruled by old men would always be old in their thinking and even if those inside are educated enough they can't do anything because they sole leaders aren't thinking way faster than others. For sure, have seen lot of news across the net, different countries planning of using bitcoin as a reserve plan but this you wouldn't see the africans taking effects on this steps maybe when bitcoin might have surge in a way that venturing would seems like a trap to them it is when you would see them jumping into it.

In respect to this, it seems Kenya has had major interest in adopting crypto the onset because they have shown their love and passion for crypto usage among their respective students in their tertiary institutions. Kenya and South Africa (the Zulu) had been the only African countries to have initiated a blockchain technology and cryptocurrency courses to be studied in their higher institutions for either free or paid.

If I should pick out African countries to start this Bitcoin reserve thing, then I think South Africa will take the lead, they are somewhat good enough to embracing newly created innovations, lets watch out.

Me and you know that African countries are not proactive and only play second class roles to these big countries so for now African countries are still waiting for America and European countries to start before they can go and borrow Bitcoin from them as loans because even at this present point in time where Bitcoin is making waves many African countries still don't have confidence in Bitcoin and is still seeing it as scam infact some countries like Nigeria has made frantic effort to make sure that Bitcoin related activities is frustrated and don't see the light of the day that is why they have band some crypto exchanges platforms and in the back even closed bank accounts that has Bitcoin related transactions

So personally speaking I don't see any African country that has made any concrete steps or plan on ground to tap into the potential that Bitcoin can offer by way of having bitcoin reserves which will be beneficial to the government and even the entire countries economy

African countries suffers till date the economic burdens their colonial masters posed on them coupled with the level of corruption therein. I believe that if any countries would be considering taking those bold moves, it would be these countries whom have been overtaken by the military and removed every grasp of colonial masters and started focusing strictly on developing their countries.Burkina Faso is fast developing now and I expect them to make a bolder move towards strengthening their economy by involving Bitcoin.

Perhaps none of us are in the parliament of any of the African countries not even our Nigeria, there could be such suggestions going on under the carpets but has not been made public in the Red Chamber (Lawmakers), everything remains undisclosed untill its discussed by the lawmakers and perhaps i believe that Nigerian lawmakers are not yet interested in it even though they know how much benefit it could become.

And if you observe very well African countries always wait for someone to begin the show before they jump in hence who is willing to be the first to propose such ideas in the Red Chamber.

This is why Africa is different from the rest continents because they hardly look into the future and identify a good development that they can benefit from instantly. We only copy the things that we alone will benefit from and not what is good for the growth of our economy. If not will any Africa government say they're not aware of what's happening in the world, as some countries want to use bitcoin as a reserve for their future. It seems Africa countries are not thinking of the future.

 No country for now, if there were to be then rumors will have been circulating throughout the internet about it , there’s just Central African Republic making Bitcoin a legal tender[ Source (https://www.bbc.com/news/world-africa-61248809.amp)] just like Elsavador , no rumors of  making it the country reserve.. it’s just a matter of time, sooner than later , they will all join if time permits.
Africa is not the only continent that’s yet to do it or make plans although  Africa seem to be totally blanked about it for now , only few countries out side Africa has embraced/ considering of making it a national reserve as well, even the mighty USA is yet to do it, all we know for now is a promise to make bitcoin as the country reserve hope fully he does that when he enters…

I can say both Kenya and South Africa are like among the most inclined in technology in Africa, they are really innovative and I'm getting to see more reasons why IBM did collaborate with some universities in both countries for settling up quantum computing research center in Africa. I think the other country among this list is Egypt.
https://khusoko.com/2019/06/12/ibm-expands-its-quantum-computing-program-to-africa-university-of-nairobi-a-key-beneficiary/
https://medium.com/qiskit/ibm-quantum-challenge-africa-how-african-researchers-are-building-a-quantum-community-from-the-5e524f623a99

The Question should be is Africa even interested in Bitcoin investment? Talk more of making it a reserved asset like other continent. Well if you ask me I will say that they may likely make it a reserved asset but maybe in the future. Africans don't always follow suit any trend or development as fast as possible when it is at thee rise, rather they will likely wait untill it's too late then they will be struggling to participate. It has always been the bloodline of Africa. Take for example Nigeria is one of the word most Bitcoin adoption country, yet the government is bent on not making it legal. Then when will they think of such idea? They are urkward and shallow in thinking, but let's hope they follow suit with El Salvador.

It's no new thing that lots of countries have picked interest in the Bitcoin reserve and trust me, Africa countries are not left out, several countries like Kenya, SouthAfrican, Centra African Republic and even Nigeria has embraced Bitcoin, though our government is still being Skeptical about embracing it fully but lots of Citizens in our country have embraced it. However research have it that Bitcoin is now official currency in Central African Republic (https://www.google.com/url?sa=t&source=web&rct=j&opi=89978449&url=https://www.aljazeera.com/economy/2022/4/27/bitcoin-is-now-official-currency-in-central-african-republic&ved=2ahUKEwjv9u2s6OeKAxXiXEEAHeK7LO4QFnoECBcQAQ&usg=AOvVaw2I_AvnJ_KZORop5j-J8Qsn) and the news is dated back to 2022, which means that they're one of the countries that joined El Salvador to adopt Bitcoin years ago. Anyways I've not heard of any African government that's publicly opened up to buy the reserve lately but with time lots of countries including those in Africa would follow suit probably after U.S buys the reserve in the near future, even our government would have to option than to buy the reserve to back up our local currency for the future.

you know as our things de usually be, when any of those nations when colonize us start to officially adopt bitcoin as her strategic reserve, then you go begin see say most African countries de monitor this adoption process on the low. a lot of things go really hinge much on how the united state take adopt bitcoin and whether or not them go finally allow make bitcoin become their strategic reserve. once e finally happen, we fit de see massive adoption by African countries up to the extent of making use of it as her strategic reserve.

i believe say nija normally suppose follow for country when need adopt am as her reserve looking at how our currency de bad and how saving in USDT de like a serious disadvantage for us. if only we get younger and well exposed persons in leadership in African countries then adopting a digital technology as her strategy reserve will be an easy thing because it will serve as a serious edge against inflation and the devaluation of most of the African currency.

We have to embrace bitcoin and other cryptocurrencies like the fiat pegged stable coins because of the hyperinflation in Africa countries, not about investment alone but which is also part of the reason. I am specifically referring to use but the government and not citizens. That is because they are the ones that will make bitcoin a strategic reserve in the country.

It was later reversed.

Neither there's non at all isn't my problem but what bothers me most is about Nigerian governments decisions on bitcoin adoption with the continues restrictions of crypto currencies not still lifted for the governments financial facilities to facilitate crypto transactions and the fact they're not following the economy digital trends of countries adopting bitcoin and those who're anticipating to grab bitcoin for their economy national reserve in the nearest feature while Nigeria is just lacking behind without voicing out what their legal plans really is about bitcoin despites how Nigeria had been rated and recognized as one most attributes to the values of influencing the bitcoin industry as a second of dominant bitcoin users and adoptors globally.
So when you reference this to Africa I think this move was expected to be a move by Nigerian first based on their possession on .bitcoin .

You're right, the inflation rate is getting out of hand in most African countries and i wonder why the government are not on the forefront when it comes to embrassing Bitcoin, it has proven to be a hedge against inflation and even foreign countries that backed out of it are planning on buying reserves, i think the present Nigerian government is not putting much effort in strengthing our economy, i see them wasting borrowed funds on unnecessary projects and im very bothered concerning the plans they've got for the future, i hope they trace their errors and do the needful, if only the government would be as ambitous as majority of the cutizens that's embraced Bitcoin i believe we'll be able to tackle inflation in about 4-6 years from now.

They made a grave mistake to reverse it, just like El-Salvador i think they would've gradually stabilized their economy and strengthen their fiat currency but then they lacked the vision just like many of us who earlier knew about Bitcoin but failed to accumulate more, well it's not too late and maybe they'll be among the 1st African country to buy the reserve when others start doing it in masses probably after U.S buys the reserve.

I will use Nigeria as example to draft why you don't see African countries trying out new ideas. When Tinubu came to office and wanted to take loan from IMF and World bank, they gave him some terms and conditions. He was to remove subsidy, unified the exchange rate and make sure to increased taxation. No loan was granted to Nigeria until this 3 things were done, that's the only way they think Nigeria economy can pay back the loan. This is to tell you African countries can't try new ideas.

Many African countries are loyalist to the west. Any plan they try and it's not incubated by them will be trash in the can and also we see their economy as a model to our own which is why you are yet to see any African countries try such thing as Bitcoin reserve. If there is an succession of Bitcoin reserve by any prominent countries such as United state, France, China and United Kingdom, the expect some African countries to do the same Bitcoin Reserve.

Heads up: Kenya to legalise cryptocurrencies, says Treasury Cabinet Secretary (https://www.standardmedia.co.ke/business/business/article/2001509364/kenya-to-legalise-cryptocurrencies-says-treasury-cabinet-secretary)
The Treasury Cabinet Secretary John Mbadi, said on Friday.


Although this is not a Bitcoin Strategic Reserve proposal for Kenya yet but it's a step towards what we having been expecting in Africa.

Exactly, it is not a bitcoin strategic reserve but just about legalizing bitcoin in Kenya. There are many countries that bitcoin is legal in Africa. And there are many countries that bitcoin is neither legal nor illegal in Africa. It was the North African countries that were most hostile to bitcoin but everything is gradually changing for good. This can truly be a good plan towards having bitcoin as a national reserve in Kenya. I hope it is like that way.

With the current economic situation especially the high rate of inflation that is currently the rise in Africa countries due to the importing rate of most Africans which has made their locals currencies weak and causing high rate of inflation in their respective countries I think this is the right time for African countries to take advantage of Bitcoin and make appropriate investment towards that and start having Bitcoin national reserves just like the way most countries has national reserves of their country wealth

African countries should be bold enough to step out of their current skeptical approach towards Bitcoin and start making plans concerning having bitcoin reserves because with the current economic realities in the African continent the way forward in curbing the high inflation is Bitcoin because Bitcoin is a decentralized digital currency so it will be helpful to the African continent

Central African Republic once made moves to legalize Bitcoin but I don't know what happened that made them change. Assuming they followed through with such plans, it would have lead to them making Bitcoin a national reserve or something similar to what El Salvador did that which has earned them huge profit as a country. Apart from CAR, other African countries are still fighting Bitcoin or claim to be studying Bitcoin in what has become an unending study of what they should have embraced a long time ago. Maybe they are waiting for the West to fully legalize Bitcoin before they trail from behind just like they do in everything.

I don't know if the way bitcoin was made a legal tender in Central African Republic can still be termed as a national reserve for them in CAR or its another entire case different, also if none for now, there have been indications for that already and if we can just have it from the US or any other strong and developed country, then others may follow suit after the likes of El-Salvador.

Someone posted about Central African Republic on the first page which I corrected the person that CAR bitcoin as legally tender was later cancelled.


Also having a coin as a legal tender is different from having a coin as one of the national reserves.

In regards to my earlier post here: https://bitcointalk.org/index.php?topic=5525730.msg64931400#msg64931400
Kenya might even be the very first Africa country to opt for Bitcoin reserves, since their Firefighter Union adopted it around December last year.

Kenya has been somehow inclined in technological advancements, although still suffer from bad governance but this may likely gives a sense of transparency and show where the funds is going, I think soon others I'm the country will push for the Bitcoin reserves also.

In Africa, I do not expect much from our leaders in terms of having a bitcoin national reserve. To be specific sef, you see countries in West-Africa, East-Africa, and even countries, in southern-Africa. The most developed regions in Africa are some of those countries in Northern Africa. I nor too sabi there policy on bitcoin but na them don dey very developed to even talk about bitcoin national reverse way I fit believe. For any other region, na play. Make them first deal with all the corruption wey dey smell dey follow them first.

Didn't Kenya propose to make Bitcoin the asset for their national reserves?  I saw a headline like that but couldn't read it so I just assumed it is going to happen sometime in the future.

It is high time Africa countries start adopting innovative technologies sooner rather than later. If most africa counties had move forward with this move a long time ago, preferably in 2023 or somewhere in early 2024, those national reserves would be in good standing. Even better if they publicize the addresses holding the bitcoin so citizens can track and know when it is tempered with.

We probably saw earlier that a fire brigade association in Kenya proposed to accept Bitcoin, maybe I already posted about that. Then i.e. in the present time Kenya is once again preparing to legalize Bitcoin in their country. This is positive news for Bitcoin as well as positive news for our African countries.

Maybe the popularity of Bitcoin in Africa is slowly increasing because a few days ago I saw a post on Twitter called African Bitcoiners that said that the Bitcoin ecosystem in Africa has grown by a total of 77%. Bitcoin's popularity has increased in various African countries this year compared to last year.

https://www.talkimg.com/images/2025/01/12/O9diP.jpeg (https://x.com/afribitcoiners/status/1876645053101216070?t=Z2fZ5MzanVRTmqR7hqw51w&s=19)

Lol, CAR na very poor country oh and dem get reasons why dem reverse that decision, CAR na one of the poorest countries in the world, dem no get electricity or even good internet connection, wetin dem go come dey do with bitcoin. That being said, i no know why you think say bitcoin for help them stabilize their economy and strengthen their fiat, no be so e be oh, even El Salvador no get stable economy, and them dey use U.S. dollar as their fiat currency.