[2019-12-13 ] Africa Experiences Surge In Use Of Digital Currency

[Kprawn]

https://deythere.com/2019/12/13/africa-experiences-surge-in-use-of-digital-currency/

"A Citibank report ranks Kenya among African countries holding the highest amount of cryptos that translate to 2.3 percent of gross domestic product.

As many as seven African countries have cryptocurrencies banned outright while 10 countries are yet to take an official stance on it let alone formulate laws and policies that will enhance its growth.

The cautions by central banks have not deterred crypto traders in Kenya, Uganda, Tanzania, Ghana, Nigeria, Benin, South Africa, Liberia and Burkina Faso from transacting.

African countries will have to enact solid data protection laws to shield users against cybercrime. For instance, Paxful has more than three million traders with six-figure transactions across Africa. This is the rate of crypto adoption."

It is no wonder that the Reserve Banks in Africa are the one cautioning the Crypto currency users and traders, because they are in bed with the

government and also the major Banks. A lot of these local currencies are manipulated by International Banks as we saw with the latest news of 20

international Banks colluding to influence the South African local currency. (ZAR) 

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[CyberKuro]

in a world that the countries can't maintain the value of fiat currencies, then people will choose to switch over into another reliable currency, since bitcoin and some other cryptocurrencies are favorable among digital currencies, people are free to use it or we can call it "people power", such as mentioned in this article; a restaurant in Nyeri Kenya town that has been accepting payments in Bitcoin, Bitcoin Cash and Dash for the past one year. Who cares what the central banks said against cryptocurrency.

[minersday]

https://deythere.com/2019/12/13/africa-experiences-surge-in-use-of-digital-currency/

"A Citibank report ranks Kenya among African countries holding the highest amount of cryptos that translate to 2.3 percent of gross domestic product.

As many as seven African countries have cryptocurrencies banned outright while 10 countries are yet to take an official stance on it let alone formulate laws and policies that will enhance its growth.

The cautions by central banks have not deterred crypto traders in Kenya, Uganda, Tanzania, Ghana, Nigeria, Benin, South Africa, Liberia and Burkina Faso from transacting.

African countries will have to enact solid data protection laws to shield users against cybercrime. For instance, Paxful has more than three million traders with six-figure transactions across Africa. This is the rate of crypto adoption."

It is no wonder that the Reserve Banks in Africa are the one cautioning the Crypto currency users and traders, because they are in bed with the

government and also the major Banks. A lot of these local currencies are manipulated by International Banks as we saw with the latest news of 20

international Banks colluding to influence the South African local currency. (ZAR) 

I would not argue much about this publication as there have been a number of African countries announcing their acceptance of cryptocurrencies. Among the cautions that some countries like Ghana are sending out to their people the bank of Ghana i heard is planning to launch a digital form of payment to replace the fiat currency. Is this not a bit ironic, for all you know they might end up developing a cryptocurrency lmao.

[CryptoBry]

There is no question with the fact that Africa can be holding the next frontier for cryptocurrency and it can be because primarily of the instability of this region when it comes to economy and governance. In an area where fiat money has not achieved a clear path to stability and good value, I am sure that Bitcoin and the rest of the gang can have a good footing here. I am actually excited with Africa and I am hoping that there will be more legit infrastructure that can be operating within the many countries of this continent. One problem that I am seeing is that there are now also those who exploited the rising cryptocurrency interest with introducing their scammy programs that has the potential to make the image of legit cryptocurrency go sour.

[hugeblack]

The reason for using it may be excessive inflation in many currencies and a decrease in its purchasing value, as many African countries impose restrictions on the foreign currencies that are traded.
Types of the traditional investment may be expensive and an average-income individual cannot afford, so investing in Bitcoin will make sense.

I remember that some central digital payment methods have seen a lot in the African continent, "those that use text messages" instead of opening bank accounts.

[Kprawn]

It is a pity that the current first world countries are developing Bitcoin Apps for expensive Smart phones and not for inexpensive mobile phones that

are used in these African countries. I have traveled a lot in Africa and I have seen several people using M-Pesa on inexpensive mobile phones, so

these developers should start focusing on a massive untapped market in Africa by developing Apps for them and the devices they can afford. The

government issue will sort it self out. 

[error08]

~ The government issue will sort it self out. 

It's inevitable for a corrupt government, it's the human nature which always pushes the desire to collect more and more by ignoring the interests of others.
Not everyone can afford to have access to technology like a new smartphone, even for the internet and electricity in most countries in Africa are arguably rare.
If they can use it, then it would be the benefit for them, for those who can't, let life go on as it is. Many donators have contributed to building a better education in Africa, it starts from there.

[BitHodler]

Many donators have contributed to building a better education in Africa, it starts from there.

I don't think donations will do anything apart from boosting some local initiatives. People have donated to African countries for decades now and the situation there hasn't shown much improvement at all.

In that sense we can say that it started decades ago but without much success. As long as the wrong people are leading the countries nothing will change. I hope that I will be proven wrong, but history isn't favoring a positive change.

[joelsamuya]

The way I see is that when a country is experiencing many problems in terms of its economy and politics, there is a big chance that Bitcoin can be given a premium label. And of course, we can easily see why many African nations can be falling into this category. The adoption in this continent can soon be exploding though nothing can really be automatic as these countries are also facing some shortage in many technologies necessary to make Bitcoin more popular. What is clear is that there is a big potential in Africa and maybe the time is coming when we realized that indeed this can be the last frontier of cryptocurrency.