BITCOIN IN AFRICA

[ruthbabe]

Which African countries allow Bitcoin transactions? Is Bitcoin currently used to purchase items in any African country?

Currently, there five African countries that allow transactions on Bitcoin and other cryptocurrencies, they are South Africa, Namibia, Zimbabwe, Nigeria, and Morocco.

South Africa. In December 2014 the Reserve Bank of South Africa issued a position paper on virtual currencies whereby it declared that virtual currency had ‘no legal status or regulatory framework’. The South African Revenue Service classified bitcoin as an intangible asset.

Namibia. In September 2017 the Bank of Namibia issued a position paper on virtual currencies entitled wherein it declared cryptocurrency exchanges are not allowed and cryptocurrency cannot be accepted as payment for goods and services.

Zimbabwe. The Reserve Bank Of Zimbabwe is sceptical about bitcoin and has not officially permitted its use. On 5 April 2017 however, BitMari, a Pan-African Blockchain platform got licensed, through its banking partner, AgriBank, to operate in the country.

Nigeria. As of 17 January 2017, The Central Bank of Nigeria (CBN) has passed a circular to inform all Nigerian banks that bank transactions in bitcoin and other virtual currencies have been banned in Nigeria. However, during the year, the CBN (through its Deputy Director on Banking and Payments System, Musa Itopa-Jimoh) clarified the circular and its stance on bitcoin, citing that a lot of people misinterpret the central bank’s recent warning. It noted that "Central bank cannot control or regulate bitcoin. Central bank cannot control or regulate blockchain. Just the same way no one is going to control or regulate the Internet. We don’t own it". https://news.bitcoin.com/central-bank-of-nigeria-says-we-cant-stop-bitcoin/

Later on, a committee was set up by the Central Bank of Nigeria (CBN) and the Nigeria Deposit Insurance Corporation (NDIC) to look into the possibility of the country adopting the technology driving bitcoin and other digital currencies – blockchain. The committee has submitted its report but "several sub-committees are still working on the issue" according to the Director, Banking & Payments System Department at CBN, Mr. ‘Dipo Fatokun. https://www.today.ng/technology/internet/2575/nigeria-adopted-bitcoin-technology-cbn

Morocco. On 19 December 2017, Abdellatif Jouahri, governor of Bank Al-Maghrib, said at a press conference held in Rabat during the last quarterly meeting of the Bank Al-Maghrib's Board of 2017 that bitcoin is not a currency but a "financial asset", He also warned of its dangers and called for a framework to be put in place for consumer protection. http://www.menara.ma/fr/actualit%C3%A9s/economie/2017/12/20/2333841-le-digital-champ-de-bataille-de-bank-al-maghrib-en-2018.html

[hacekd]

Africa proves itself to be an active center for cryptocurrency trading, especially Bitcoin. seen from most of Asia who use crypto afrika arguably more active and more than Japan and China but the government there still regulate how the policy in spread crypto there...

[veleten]

Which African countries allow Bitcoin transactions? Is Bitcoin currently used to purchase items in any African country?

Currently, there five African countries that allow transactions on Bitcoin and other cryptocurrencies, they are South Africa, Namibia, Zimbabwe, Nigeria, and Morocco.

South Africa. In December 2014 the Reserve Bank of South Africa issued a position paper on virtual currencies whereby it declared that virtual currency had ‘no legal status or regulatory framework’. The South African Revenue Service classified bitcoin as an intangible asset.

Namibia. In September 2017 the Bank of Namibia issued a position paper on virtual currencies entitled wherein it declared cryptocurrency exchanges are not allowed and cryptocurrency cannot be accepted as payment for goods and services.

Zimbabwe. The Reserve Bank Of Zimbabwe is sceptical about bitcoin and has not officially permitted its use. On 5 April 2017 however, BitMari, a Pan-African Blockchain platform got licensed, through its banking partner, AgriBank, to operate in the country.

Nigeria. As of 17 January 2017, The Central Bank of Nigeria (CBN) has passed a circular to inform all Nigerian banks that bank transactions in bitcoin and other virtual currencies have been banned in Nigeria. However, during the year, the CBN (through its Deputy Director on Banking and Payments System, Musa Itopa-Jimoh) clarified the circular and its stance on bitcoin, citing that a lot of people misinterpret the central bank’s recent warning. It noted that "Central bank cannot control or regulate bitcoin. Central bank cannot control or regulate blockchain. Just the same way no one is going to control or regulate the Internet. We don’t own it". https://news.bitcoin.com/central-bank-of-nigeria-says-we-cant-stop-bitcoin/

Later on, a committee was set up by the Central Bank of Nigeria (CBN) and the Nigeria Deposit Insurance Corporation (NDIC) to look into the possibility of the country adopting the technology driving bitcoin and other digital currencies – blockchain. The committee has submitted its report but "several sub-committees are still working on the issue" according to the Director, Banking & Payments System Department at CBN, Mr. ‘Dipo Fatokun. https://www.today.ng/technology/internet/2575/nigeria-adopted-bitcoin-technology-cbn

Morocco. On 19 December 2017, Abdellatif Jouahri, governor of Bank Al-Maghrib, said at a press conference held in Rabat during the last quarterly meeting of the Bank Al-Maghrib's Board of 2017 that bitcoin is not a currency but a "financial asset", He also warned of its dangers and called for a framework to be put in place for consumer protection. http://www.menara.ma/fr/actualit%C3%A9s/economie/2017/12/20/2333841-le-digital-champ-de-bataille-de-bank-al-maghrib-en-2018.html

there are no african countries,except Algeria that explicitly ban bitcoins
so,in theory,most of the African country allows bitcoin transactions,since whatever is not prohibited is allowed
there were many articles about Morocco thinking about banning bitcoins,but it seems that they reconsidered
countries like Zambia,Egypt and Saudi Arabia seem to have some restrictions in place,but they do not ban transactions or exchnage of coins

[Nanashev]

Officially i have not read or heard more about bitcoin transactions in Africa.Nonetheless, the people of countries like Nigeria, Ghana and Zimbabwe are getting to know bitcoin and understand its operations very well and that is good news.  Bitcoin transactions in African countries will take time.

[palle11]

I think just very few African countries are aware and transacting with bitcoin but I think I have not read about countries in Africa that are really talking cryptocurrency, this could be because African is a bit behind in technology.

[vessing]

It is difficult to imagine the development of bitcoin in Africa. The whole continent is in one big hole - wars, lack of necessary products for life, poorly developed Internet. The only developed country is South Africa where you can actively promote bitcoin

[USDOLLAR]

We are still waiting to see how early bitcoin makes its way through in African region.

[camila92]

África es, en gran medida, una infraestructura basada en efectivo con un modelo simplista, incluso la banca es todavía un concepto novedoso para una gran parte de la población.

Sin embargo, tampoco hay muchas alternativas, si la comprensión y la educación en las monedas digitales es baja, su adopción en la industria y el comercio minorista es aún menor.

Les comparto esta pagina muy buena, donde pueden encontrar artículos nuevos sobre las criptomonedas https://criptogaceta.com/

[smartemo]

is this is really happened in afriaca?if happen then this country will be developed their financial growth very soon.i wish if this opportunity operate our country ,we are also part of growing financial growth.

[poktur]

In my opinion, all African countries allow operations in bitcoin, because their economy is rather weak!

[Nana1]

A major super market chain in south Africa pick a pay has started a trail to accept Bitcoin payment in store at its head office location.

That's some great development there. Thanks for the information.

[Nana1]

It is difficult to imagine the development of bitcoin in Africa. The whole continent is in one big hole - wars, lack of necessary products for life, poorly developed Internet. The only developed country is South Africa where you can actively promote bitcoin

Your comment is very misleading and non-factual. How many countries in Africa have you visited to arrive at the conclusion of the whole of Africa being at war? No one even says that for the Middle East so how could you say so for Africa? At least, each continent has an ongoing war or threat of wars. Read wide and stop displaying your ignorance on a big platform as this.

[Nana1]

I think just very few African countries are aware and transacting with bitcoin but I think I have not read about countries in Africa that are really talking cryptocurrency, this could be because African is a bit behind in technology.

I cannot agree with you more. Blockchain technology is not so popular due to inadequate developers in the field. I hope African scientists direct their attention to blockchain soon push it to through the whole of the continent.

[Nana1]

Which African countries allow Bitcoin transactions? Is Bitcoin currently used to purchase items in any African country?

I think there is some African countries that allow bitcoin transactions or maybe they haven't yet any rules about bitcoin and in general cryptocurrencies, Few of them are in the north of Africa. I heard that there is some countries in Africa that allow using bitcoin to buy some items, like electronics and paying bills, etc.

You can checked which countries allow bitcoin here : (https://en.wikipedia.org/wiki/Legality_of_bitcoin_by_country_or_territory#Africa)

And you will be surprised that Google Searches about Bitcoin yielded Nigeria, South Africa and Ghana as the top 3 nations searching for the Keyword "Bitcoin". That's why I still believed that there's so much leg room for bitcoin in Africa. The only issues is infrastructure, but I guess everyone there has a cellphone so I'm thinking that there is a greater chance in the next couple of years, Africa will be the next continent that will adopt cryptocurrency.

I'm from Ghana and I don't seem to know any outfit that exchanges bitcoin for fiat money. I wish the google stats could translate to a "physical" booming bitcoin in the country.

[Nana1]

Since Africa is one of the biggest/widest continent it is possible that they have exchange sites but legality of bitcoin in that country is a broad issue. "Nigeria" that is where my friend is he also use bitcoin but not sure at all if transactions through bitcoin is allowed.

All the African countries are quite aware of bitcoin and crypto currency although I can't actually tell which particular country of Africa accept bitcoin as a means of exchange for good and services. Bitcoin and crypto currency is wildly use here in Nigeria but you have to convert it to fait currency before you can purchase items or sevices.

Great to hear from you! Are there Bitcoin ATMs in Nigeria where one could easily convert bitcoins to Naira and withdraw?

[Nana1]

Which African countries allow Bitcoin transactions? Is Bitcoin currently used to purchase items in any African country?

The usability of Bitcoin in Africa is still not exploited as compared to the Western countries where most of the citizens are technology inclined. Anyway, I read an article in the news papers pointing out one town in Ghana where a woman accepts Bitcoin as a means of exchange in her super-market shop. With time, Africa will adopt the system of Bitcoin due to the benefits it comes with it especially in favour of the people and the economy in general.

Hi Prince, this sounds very good to my ears. Am from Ghana too and would love to know more about this woman that accepts Bitcoins in her shop. I hope this translates to all of Ghana soon.

[Nana1]

Well, It does not matter what people think about Africa in the past.
This is a new era,  an era when African have decided to join the league of technological advancements. Africans are topping the charts in this blockchain era.
Check out what we are going to do at SOlarex.

Click here to visit our project website

Kudos Solarex!, I think this project needs more exposure so many people on the continent and the world at large can benefit from it.

[acheampong64]

A major super market chain in south Africa pick a pay has started a trail to accept Bitcoin payment in store at its head office location.

South Africa has been one of the countries that have opened it doors to crypto activities. I have read news and blogs where it was said that they were organizing meet ups as well. I hope other countries in Africa follow suit to propel crypto in the region

[Nana1]

The way I saw today, Africa will be the next continent to be conquered by bitcoin. The only reason it will be difficult though because of their infrastructure. They have to put a better internet connections because they can actually used bitcoin and crypto. But some of the countries like Nigeria have been adopting bitcoin fairly quick. I think they are leading of amongst the top bitcoin users/traders in their. Again, with the vast population of Africa, each one of the government should step up their infrastructure program so that bitcoin can fully grow in their. We all know how bitcoin help South East Asian 3rd world countries to earn and make a decent living out of bitcoin. That model could also be adopted in Africa. Maybe along the 5 year mark bitcoin will be recognize more in that continent.

Yes, it could happen. But first people must learn how to use Crypto-Currency without wasting money with Ponzi HYIP investments. Also, Africa is a very poor continent, internet access there is limited for many people, what would affect a lot Bitcoin's adoption. The situation there is very complicated, too many conflicts in many countries, what makes the concrete development almost impossible to be achieved.

And in Africa it is already happening an interesting phenom. Bitcoin price there is much more expensive than at rest of the world. Seems the rich ones there are already ruling/controlling the market... Did Bitcoin experience in Africa fail?

I think mrcash02 hit the nail on the right spot: the major challenge of bitcoin in Africa is internet. Fast and reliable internet comes at a more higher price in Africa as compared to Europe. Since the majority of bitcoin transactions take place on the internet, the average African is not able to take advantage of this booming industry sweeping across Europe, America, and Asia.

[Nana1]

You contradict yourself. If Africans are experiencing problems with the economy that people earn little. This means that their income is enough only for most necessary things and they have no opportunity to save money for a rainy day. The only way for them to be able to stay afloat is earning bitcoins but they will not be able to hold them because they need money to live.

Not only that, blockchain on Cryptogene has the potential to transform Africa by allowing ever more open trade within the African continent to the rest of the world. By encouraging innovation and expanding access to the banking system for all countries and providing greater access to financial services in emerging markets.

Stop thinking that the blockchain is the magical solution for everything in this world, it's just a database that is not going to cure cancer, save the polar snow cap or improve the economy of Africa in 2 steps.
You can't have a real working economy without infrastructure without an educated workforce and the blockchain will not construct 100 km of highway every block nor it is going to solve your math problems in school.
People waiting for a miracle will die waiting, the EU and Japan have raised from ashes without cryptos and the countrys in Africa should learn from that. Unfortunately there is nobody there willing to do that

You have great insight stompix; Africa's major problem is poor leadership and innovation. These are two drivers that will propel Africa to a high height of prosperity should they get them right.