Currency rates

[jeff ogada]

Is there a standard rate exchanges for buying and selling in Africa? Some countries have irregular and unfair rates . Is there even a regulatory body to moderate things legally?

[diazepam666]

Is there a standard rate exchanges for buying and selling in Africa? Some countries have irregular and unfair rates . Is there even a regulatory body to moderate things legally?

Africa is of one of the third world country for all starving heavily. This blockchain technology can able to empower them and allow them to you on decent amounts.
In my knowledge I don't see e n e news for article with speaks crypto regulations in African countries. If you want the fair and good price for the fund you saved, please go to localbitcoins.

[lepbagong]

Is there a standard rate exchanges for buying and selling in Africa? Some countries have irregular and unfair rates . Is there even a regulatory body to moderate things legally?

Are you from the area there? and do not know about the things that you ask, it is better to enter the regional forum available here, so that the questions you want can be answered well and clearly. usually developing countries have problems with rules, but I myself cannot provide more actual information.

[timerland]

Is there a standard rate exchanges for buying and selling in Africa? Some countries have irregular and unfair rates . Is there even a regulatory body to moderate things legally?

It's most likely due to the fact that a lot of African currencies are illiquid and/or have capital controls, which means that the market prices for BTC and other liquid, international cryptocurrencies will be significantly higher in comparison with the free markets elsewhere in the world. This has happened before elsewhere, e.g. with INR, KRW, and CNY.

There is no one that moderates BTC price, nor can any single entity do so given its decentralization. It's essentially something that is built in, so that no central bank can manipulate BTC's supply or whatnot, even if that does lead to short term volatility. So no, there is no legal regulation for any exchange in the world to uphold a rate that is close to the going market rates, because it's simply not up to them to control.

My suggestion to you is if you can, convert your funds to USD or other forex first, then buy cryptos on the open market. Though, the premise for that is that you need to have a means to convert your local currency to USD without significant markups/spreads.

[buwaytress]

timerland's right, across the board, capital controls are high, but also weak and vulnerable in much of the African continent (I've only lived in the East though but anyway it's not totally inaccurate to apply it to most of the economies there).

He's also right that you'd still need an easy way to convert your currency to USD -- and that's actually where the premium is anyway.

The only example I've ever recalled of an exchange enforcing limits is Bittrex recently (or was it Poloniex?) -- where you couldn't bid/ask more than 5% from the market average. That was more to prevent flash crashes more than anything though. But yeah, free market. I sometimes put a premium on my coins on p2p if I'm in no rush and sometimes there are willing buyers.

[dothebeats]

Most African countries/territories rely on USD or CNY for external purchases due to the fact that most of their currencies are somewhat volatile and is prone to an abnormal rate of inflation. Now since the US has started its move on regulating cryptocurrencies and preventing offshore exchanges from doing its business on American soil, I guess it will even be harder for our African brethren to procure bitcoins/other crypto. You could use VPNs, but that will only last for sometime before being shutdown. Hoping for someone to provide infrastructure could work, though due to the low volume and market interest on the area, I don't think one will pop out any time sooner.

[sunsilk]

Only the country where you belong can moderate these things so that they can monitor if there's an exchange, merchant or individual that doesn't follow the current fair price of bitcoin but as long as there's no regulatory law for it that would be a hard task for them.

I guess there's no competition in your country that's why others who have been in the space are taking advantage of the situation. Is that the current situation in Africa or you just experienced it lately?

[marcbitcoins]

Is there a standard rate exchanges for buying and selling in Africa? Some countries have irregular and unfair rates . Is there even a regulatory body to moderate things legally?

You may visit https://coinmarketcap.com/ for your crypto currencies comparison need as prices will not depend by countries but it will depend on quality of the exchanges. Crypto currency prices is a certain country will truly depend on your local exchanges like if their is no other local exchanges in Africa then the power of competition to make the price reasonable for crypto users will be dead.