Cryptocurrencies adoption in Africa.

[jamesndungu1]

Africa’s regulators are opting for a “wait and see” approach on the cryptocurrency’s movement but either way, the younger generation form countries like Kenya, South Africa to Egypt have hopped on to the Bitcoin train, paying no attention the skepticism of regulators on the continent.

I’m Kenyan, and although the Kenyan government had initially disregarded the entire crypto movement, the appetite for digital currencies in the country remains very active. The president, last year, directed that a Blockchain and AI task force be created to further explore the use of blockchain and related technologies within our existing economic framework. Nigeria’s economy has been enjoying some stability over the last few months, and in 2018 the bank’s head revealed that he started looking into these currencies from a policy perspective.

In Ghana though, it’s a whole other situation with the Bank of Ghana announcing that the trading of cryptos such as Bitcoin not legal as it’s not recognized legal tender in the country. The situation in such African nations seems likely impossible, but hopefully with time, cryptocurrency will be adopted across the entire continent of Africa.

South African government though has been the friendliest to the Bitcoin ecosystem in Africa with the revenue arm of the South African government exploring ways in which cryptocurrency investments can be taxed properly.

Despite a majority of the governments taking the wait and see road, it seems like users across the continent are still persistent on cryptocurrency investments and regulatory authorities are either working to create policies, cashing in on the idea of issuing warnings against it.

I do believe Africa Blockchain potential still remains untapped, what do you think needs to be done to solve the Single biggest problem of Implementation?

[1715239587]

1715239587

[1715239587]

1715239587

[1715239587]

1715239587

[1715239587]

1715239587

[carter34]

The reason that youths are not played back in following up with the blockchain technology is because of the access to internet. The youths are more enlighten to understand that the world is becoming a global village and they are tapping into whatever is happening in the world, including news and whatelse...

South Africa in comparison could be ahead to other African countries because they are also more technically advanced because of the nature of there acculturation and adaptation

However, don't make your post look like there is already an issue of implementation on cryptocurrency in Africa as you asked because there is barely a country yet to displace there fiat legal tender for bitcoin nor altcoin. They are all trying to work up something and I don't think there is a ban in the use of cryptocurrency in Africa, I have not read that.

[jamesndungu1]

The reason that youths are not played back in following up with the blockchain technology is because of the access to internet. The youths are more enlighten to understand that the world is becoming a global village and they are tapping into whatever is happening in the world, including news and whatelse...

South Africa in comparison could be ahead to other African countries because they are also more technically advanced because of the nature of there acculturation and adaptation

However, don't make your post look like there is already an issue of implementation on cryptocurrency in Africa as you asked because there is barely a country yet to displace there fiat legal tender for bitcoin nor altcoin. They are all trying to work up something and I don't think there is a ban in the use of cryptocurrency in Africa, I have not read that.

There are problems with implementation of Cryptocurrencies in Africa! I understand and you agree Internet connections is one of the challenges we are facing as Africans, The second challenge is Development of cryptocurrencies and blockchain, based on the demand of Developers worldwide, Africa will not be of interest to them that's why there are so many projects but a few targeting Africa.

When it comes to Governement regulations, Few projects operating in Africa are relectant to invest time and resources because they feel regulators might retroactively punish them, For example one of the fastest growing cryptocurrency exchange in Africa was shutdown https://www.techzim.co.zw/2018/05/golix-ordered-to-shut-down-by-rbz/

Operating in a regulatory Grey Zone is very risky and holding implementation back, https://qz.com/africa/1278272/bitcoin-in-zimbabwe-has-been-banned-by-reserve-bank/

[Raja_MBZ]

Mate, you're creating way too many threads for the same discussion. I'd suggest you to at least delete those two threads which haven't got any reply till now.