African regulators warn cryptocurrencies may not be legitimate

[Hydrogen]

Negative statements about crypto abound in the media.

As an american who has never visited africa, the first thing that comes to mind when I think about african economies are images below relating to hyperinflation.





While crypto is by no means perfect, there is no example of them plunging economies of entire african nations into poverty due to hyperinflation caused by centralized economic mismanagement. There are also many positive benefits created by crypto in terms of opportunities and options they grant to society.

I think the natural reaction is to find the african media's remarks on crypto puzzling. What does crypto being labeled "illegitimate" mean. Is it worse than existing corruption and hyperinflation african nations have already been plagued by. What if crypto's "illegitimacy" were a higher standard than conventional financial options.

In this era where many choose to oversimplify reality within harsh shades of black and white. There could be many different shades of grey. In contemplating news and current events, I hope most will choose not to be colorblind.

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[Charles-Tim]

I think the natural reaction is to find the african media's remarks on crypto puzzling. What does crypto being labeled "illegitimate" mean. Is it worse than existing corruption and hyperinflation african nations have already been plagued by. What if crypto's "illegitimacy" were a higher standard than conventional financial options.

There is no three reasons why some countries deemed cryptocurrencies as illegitimate, it is because of self-centeredness or ignorance. Like China, it is clear that they want there currency to be the strongest currency in the world, Chinese government are looking for ways to make sure US dollar and other strong currencies are not strong like Yuan, that is why they are doing all means digital Yuan is created while most especially decentralized currencies are banned while trying all ways other countries buying from them and selling to them do not convert their fiat first into US dollar before trade.

Some countries deemed cryptocurrencies illegal because of ignorance and unintelligent leaders, this can be the case in Africa. Countries like Nigeria which supposed to be the role model of small populated countries in Africa. The Central Bank of Nigerian ones said some countries do not support cryptocurrencies while China was included, CBN is not concerned about how important cryptocurrencies can be while portraying it bad at the time to people and that it is banned in countries like China.

Some countries will follow China and ban cryptocurrencies while not knowing China is only having its own selfish interest, many may also follow Nigeria in Africa which do not conduct researches to actually know how cryptocurrencies are very important especially in underdeveloped and developing countries.

All needed is regulation, China is not ready for regulation because of ways it is looking for to devalue US dollar while need Yuan to be the strongest people will be using for trade in the world, many countries will not consider regulation because of ignorance while following other countries not knowing some countries can have internal agenda.

[paxmao]

As I have said a few times, states that ban crypto or put pressure on it are not illogical nor stupid. They make a calculated move, yet many times failed, to prevent their people from having options in life. And it is not just about crypto and bitcoin, it is about having a full control of everything that happens in their societies and in peoples lives. They know that the moment they give freedom and means people will start questioning them. There is something I learned from a friend that left a country of zero opportunity (I do not want to mention the name): If you are too busy looking for food, you cannot think of anything else (such as changing the government).

They cannot control bitcoin, is that tiny little seed of monetary freedom that could spark protests and revolutions.

[Charles-Tim]

As I have said a few times, states that ban crypto or put pressure on it are not illogical nor stupid.

Never mind my opinion about this, I also saw your post to be right. I think the government making everything to be centralized is not right at all in its entirety, the citizens do not have freedom. I do not just comment about this, until I realized crypto can be regulated by individual countries in such a was to protect their foreign reserve in relation to cryptocurrencies, and also promoting crypto trading within their country. Like China, after all the restrictions, why banning mining recently, if not for digital Yuan ambition, I think this is getting to finding of power.

And it is not just about crypto and bitcoin, it is about having a full control of everything that happens in their societies and in peoples lives.

Never mind me to be specific about this. Nigeria recent government ban Twitter, the recent government placed fine to be paid for hate speeches. EndSARS protesters bank account were blocked, they resorted to Bitcoin payment, the CBN ban cryptocurrencies some months after. Central Bank of Nigerian president said cryptocurrencies  are illegitimate at the time. Although, Nigeria is just a country that its citizens no more believe the government, all banned are bypassed. Full control will only later lead to what is not right, I couldn't believe Chinese government can ban crypto mining, they are stating it is because of energy consumed by miners but I think they have hidden agenda.

Even, if cryptocurrencies are banned, yet, it should not be deemed illegitimate, the governments needs to do more research rather than saying what is wrong, misleading people. Although, I will be specific on Bitcoin and strong cryptocurrencies, not shit coins.

[cabron]

The government will always choose to control whatever is there to have its power over the people. Having CBDC will be the choice of the government if they won't be using cryptocurrency, it's necessary to have control. But I think if Bukele will prove to them that government will still have control even if they use cryptocurrency, African countries might also follow what he did.

[bitmover]

While crypto is by no means perfect, there is no example of them plunging economies of entire african nations into poverty due to hyperinflation caused by centralized economic mismanagement. There are also many positive benefits created by crypto in terms of opportunities and options they grant to society.

Not long ago, when I was a kid, Brazil was like that as well.

We had hyperinflation of about 80-100% per month, which is very crazy. That lasted for more than a decade. Government simply could not pay all his debts and printed money day after day, year after year.

It is very crazy to live in a place like that. I remember when I was a kid, when I was going to buy something like and ice cream that costed 100. A few monts later it was like 800, then 4000. There was no limit for price increase.

This was originally a 100,000 Cruzeiros banknote. Do you see the stamp of 100 Cruzados? It was stamped by our central bank.


After some years, government just stamped 100, and that's it. Let's cut off 1000 cruzeiros of every banknote and every thing. Now the money loses three zeros so we can talk about thousands and not millions again lol
The new currency, the Cruzados is going to be worth 1000 Cruzeiros. And that's it! Lets use the same banknotes!

ANd there are others:


Things are more controlled here nowadays. Anyway, bitcoin is one of the best protections we have against such abuses from the government, specially in Latin America/Africa etc...

[magneto]

I haven't yet heard of a single regulator that has endorsed BTC, apart from perhaps El Salvador.

But you're absolutely right. They should be embracing BTC for the fact that it is able to hedge against the hyperinflation that is so rampant within countries in Africa historically.

But there is absolutely a conflict of interest between the central bank/authorities and the decentralisation that crypto brings to the table. Not surprising whatsoever that such a statement was made.

[passwordnow]

The government will always choose to control whatever is there to have its power over the people. Having CBDC will be the choice of the government if they won't be using cryptocurrency, it's necessary to have control. But I think if Bukele will prove to them that government will still have control even if they use cryptocurrency, African countries might also follow what he did.

CBDC isn't always the choice. They can take the perfect example of El Salvador that has chosen it as a legal tender. No matter what the situation of the countries there in Africa, they always have the choice to do what's better for their constituents. Stopping isn't a choice for most of their citizens, if they find their people earning through cryptocurrencies and making a decent living, why they should stop them? I guess it's because of the bad impression coming from the scammers that use crypto with their tricks.

[evilgreed]

               This is very saddening. I really feel for the Nigerians that are being rid of the chance to be finally capable of achieving financial freedom. I feel sad for the wasted opportunities that could change the lives of the many in Nigeria. The lives that are the very foundation of the nation; the future. All of this because of what? Selfish reasons, closed minds and greed. If karma is true, I really wish that these leaders get f*cked up so bad by it that they would rather wish to be dead.

[Ucy]

Of course, that's the kind of images i got bombarded with when i was in the centralized mind-control systems/networks controlled by an entity with evil agenda. 
I remember coming back to my sense in those days and saying to myself if they could lie about alot of things around me that i experience regularly, they could be lying about these beautiful continents/countries they constantly potray in bad light.  So ,i stop trusting the news and people who are often one sided and say alots evil/bad things about others. ..and started doing thorough investigation/verification before trusting
Once you unplugged from the matrix or mind control system and start visiting and verifying such info by yourself rather believing what media controlled by a deciever feed you,you could be easily shocked and humble by the truth.

[HashingTower]

I'm from Africa and cryptocurrency is the only thing saving the lives of many people here, Government can't provide for my people and yet they won't let us be, blocking all ways that poor people can atleast have some hope, if crypto wasn't a decentralized things would have gone wrong a long time ago cos some people really want crypto to disappear

[so98nn]

That is horrifying to see how that man is carrying that money on the cement vehicle. That's just the sign of how they have mis-directed the country / counties in the wrong direction. This kinda of mismanagement also has more branches, I mean from poor education to poor job opportunities must be counted in this scenario.

Though we talking about bitcoin as saviour here, I think they are far from that as well. The country who is not able manage the centralised process (where they are the masters) how could we expect them to depend on Bitcoin?

Those people may or may not understand the technological advancement. If they are not educated enough to have normal degree jobs then what would they do with those bitcoins man?

[Kakmakr]

The countries in Africa where you see negativity towards Crypto currencies have one thing in common, namely : Dictatorship

You have to remember one thing, Bitcoin and Crypto currencies stand for Freedom and countries with some kind of dictatorship will do everything in their power to retain control over their citizens. The government of these countries will only support a "currency" that are regulated and designed to control people's wealth (through manipulation) and to track it's movement. (What are the citizens doing with their money..... example : Are they donating money to their opposition or are they using their money to buy guns and ammunition.... See where I am going)

Also, if the governments control the Banks .... then they control people's wealth. (They can block people's accounts / Restrict access to cash and worst case scenario ===> confiscate their own people's savings.)

https://www.csmonitor.com/Business/The-Adam-Smith-Institute-Blog/2011/0102/European-nations-begin-seizing-private-pensions

https://www.forbes.com/sites/instituteforjustice/2015/07/17/how-an-obscure-banking-law-let-the-irs-seize-bank-accounts-from-innocent-americans/?sh=5f1eee753613

[Taskford]

Not surprising to see that there are leaders or normal person tells that cryptocurrencies are not legitimate its because they doesn't get a chance to get a education about cryptocurrency that's why they are skeptical and afraid to use it because thet don't want to lose there money. Maybe time will come for this people to be enlightened that this could bring a good opportunity to them.

[jaysabi]

I haven't yet heard of a single regulator that has endorsed BTC, apart from perhaps El Salvador.

But you're absolutely right. They should be embracing BTC for the fact that it is able to hedge against the hyperinflation that is so rampant within countries in Africa historically.

But there is absolutely a conflict of interest between the central bank/authorities and the decentralisation that crypto brings to the table. Not surprising whatsoever that such a statement was made.

Imagine your domestic currency being is so volatile, cryptocurrency is less volatile and a better store of value.  Because as much as everyone around here circlejerks to what a great "investment" bitcoin is, the fact remains that it regularly loses 50% of its value in a matter of days (the most recent instance barely a month out from today).  The vast majority of fiat currencies are still a better store of value because they're less volatile, and the point of savings is not to be at risk that you don't know how much money you have saved because you can't predict the value of the underlying currency.

[Coyster]

What does crypto being labeled "illegitimate" mean. Is it worse than existing corruption and hyperinflation african nations have already been plagued by. What if crypto's "illegitimacy" were a higher standard than conventional financial options.

I've expressed this ideology a couple of times already, using "African giants" Nigeria as a case study cause I understand her present economic, security, social etc problems, I find it actually nonsensical that a country like Nigeria placed a ban on crypto, don't get me wrong, I know quite a few other countries are doing the same thing, but many of them do not have even half the problems Nigeria has, China for example are cracking down on crypto to assert their dominance in years to come, their economy is doing pretty well, they basically don't want their citizens controlling their funds, they want all the control to themselves and of course we can understand that cause their government is a dictatorial one.

Having said that, I'm not making excuses for China or other bigger nations to have issued one sanction, ban or restrictions on Bitcoin or the other, they are really selfish in doing so; but in Africa the case is different, in Nigeria for example, the government do not really have any worthwhile plan in solving most of the issues plaguing the nation, one being unemployment, I think that's enough reason for the government to allow crypto to thrive, so people can actually see what they make of it, whilst they focus on more pressing economic issues, it's basically just a sign of the government being clueless and just an attempt to blindly follow the bandwagon.

[AniviaBtc]

Yes, just like China, they are a communist country who only wants to revolve their money only inside their country.

They don't want to adopt other currencies especially crypto because they want to make their own, they want to isolate their economy to other countries.

In Africa? It is not so far from other countries who hate and have a hard time to regulate cryptocurrency in their market.

[Silberman]

Negative statements about crypto abound in the media.

As an american who has never visited africa, the first thing that comes to mind when I think about african economies are images below relating to hyperinflation.

While crypto is by no means perfect, there is no example of them plunging economies of entire african nations into poverty due to hyperinflation caused by centralized economic mismanagement. There are also many positive benefits created by crypto in terms of opportunities and options they grant to society.

I think the natural reaction is to find the african media's remarks on crypto puzzling. What does crypto being labeled "illegitimate" mean. Is it worse than existing corruption and hyperinflation african nations have already been plagued by. What if crypto's "illegitimacy" were a higher standard than conventional financial options.

In this era where many choose to oversimplify reality within harsh shades of black and white. There could be many different shades of grey. In contemplating news and current events, I hope most will choose not to be colorblind.

This is really simple when we think of this considering human nature, politicians are at the top of the current system together with their friends and other rich people, that is what they care about and not how the average citizen on their country is doing, with this in mind then it is completely natural that they do not want to leave that position of power, this means that anything that threatens this is illegitimate and a threat and they are not afraid to label it as such, bitcoin is revolutionary and like in any revolution regardless of whether it is pacific or violent there are winners and losers, and politicians see they will be one of the losers so they do not want people to adopt bitcoin and will do anything to stop it.

[beerlover]

The reason why African nations and media do not like bitcoin or any crypto is the fact that their own people could use it and disregard their fiat, which makes it even more worthless. I am not saying that people should use fiat to give it some power but when a wheelbarrow full of money worths as much as maybe 100 bucks at best, and you leave and start using crypto, that means the fiat that is already worthless will become even more worthless. That Zimbabwe dollar thing is just one place and I do not know what their situation is like now but in places like Nigeria or South Africa the problem is not "that" bad, they are still not leading economies of the world obviously but they are doing fine.

However if you leave fiat and move to crypto only that means those nations which are not "that" bad could become like Zimbabwe as well. So should people live a worse life and wait for politicians to fix things? No of course not, go with crypto and screw fiat, but also understand that governments will not be kind to you as well.

[TheGreatPython]

I think the natural reaction is to find the african media's remarks on crypto puzzling. What does crypto being labeled "illegitimate" mean. Is it worse than existing corruption and hyperinflation african nations have already been plagued by. What if crypto's "illegitimacy" were a higher standard than conventional financial options.

In this era where many choose to oversimplify reality within harsh shades of black and white. There could be many different shades of grey. In contemplating news and current events, I hope most will choose not to be colorblind.

First of all, when you say Africa, Africa is not a country, rather it is a continent. You will have to be specific as to which country exactly in Africa has said that bitcoin is bad. There are countries there too that are not against the use of cryptocurrency and they are allowing their citizens to make use of it, and of course there are those of them that are against the use of cryptocurrency. For sure I have seen news of countries like Nigeria that banned cryptocurrency, but even at that, they were not able to stop their citizens, people still continued trading cryptocurrency there with the help of P2P. It never really bothered them at all.

[The Sceptical Chymist]

We had hyperinflation of about 80-100% per month, which is very crazy. That lasted for more than a decade.

Holy crap, that is indeed crazy.  I can't imagine having to live through that, even as a kid--but at least you got a taste of what it can be like when fiat fails.  For most of the rest of the world, it's an abstract concept they've only read about in textbooks or online (myself included).  And fear of hyperinflation is probably one of the driving factors of crypto adoption as of late.  Just look at Michael Saylor and listen to how he views bitcoin; he's right on the money with his desire to own bitcoin instead of holding cash.

While crypto is by no means perfect, there is no example of them plunging economies of entire african nations into poverty due to hyperinflation caused by centralized economic mismanagement.

Totally agree, and I don't know what the hell this negative sentiment is all about when there are blatant cases of government-issued currency falling to pieces right in Africa.  It's just bizarre to me that they would blast cryptocurrencies like that, but that seems to be what a few big governments are doing right now, even if that statement is being made by doing something as seemingly small as blocking Binance from operation and the like.  And meanwhile the money printing press goes brrrrrr.

[Flexystar]

I think the natural reaction is to find the african media's remarks on crypto puzzling. What does crypto being labeled "illegitimate" mean. Is it worse than existing corruption and hyperinflation african nations have already been plagued by. What if crypto's "illegitimacy" were a higher standard than conventional financial options.

In this era where many choose to oversimplify reality within harsh shades of black and white. There could be many different shades of grey. In contemplating news and current events, I hope most will choose not to be colorblind.

First of all, when you say Africa, Africa is not a country, rather it is a continent. You will have to be specific as to which country exactly in Africa has said that bitcoin is bad. There are countries there too that are not against the use of cryptocurrency and they are allowing their citizens to make use of it, and of course there are those of them that are against the use of cryptocurrency. For sure I have seen news of countries like Nigeria that banned cryptocurrency, but even at that, they were not able to stop their citizens, people still continued trading cryptocurrency there with the help of P2P. It never really bothered them at all.

Yeah make sense. There is whole lot of difference between Cape Town and Nigeria! Whether it is economic, demographic or regulation wise, the difference north to south as the countries reside. That's pity how two nations who could have shared the enhancement of economical backbone are now suffering in the backyard. One is dominated by the high valued dollar while the other is carrying pile of billions and still hungry for food. So definitely it's worth nothing and crypto won't help out.

[Lorence.xD]

African countries trying to blame bitcoin, cryptocurrencies and other things when in reality some of the countries out in the continent have corrupt leaders and politicians and most of them don't even care about their people except for Rwanda though, they are a utopia in that continent rife of corruption, mercenaries and Boko Haram.

[GeorgeJohn]

The reason why African nations and media do not like bitcoin or any crypto is the fact that their own people could use it and disregard their fiat, which makes it even more worthless. I am not saying that people should use fiat to give it some power but when a wheelbarrow full of money worths as much as maybe 100 bucks at best,

I don't think that should be the major reason while they dislike cryptocurrency, especially bitcoin, my opinion I viewed that may likely caused some countries to disregard crypto is because of politicians more especially government, because government are seeing crypto as a source whereby politicians will use for money laundry, because investing via crypto or buying crypto and hold is another method of politicians to can use to embezzle funds, so that's only factor I seen that maybe the reason while africans disregard bitcoin from my own perspective and couple with other countries.

[wiss19]

We had hyperinflation of about 80-100% per month, which is very crazy. That lasted for more than a decade.

Holy crap, that is indeed crazy.  I can't imagine having to live through that, even as a kid--but at least you got a taste of what it can be like when fiat fails.  For most of the rest of the world, it's an abstract concept they've only read about in textbooks or online (myself included).  And fear of hyperinflation is probably one of the driving factors of crypto adoption as of late.  Just look at Michael Saylor and listen to how he views bitcoin; he's right on the money with his desire to own bitcoin instead of holding cash.

I haven't really "lived" through it, but in my nation (not African) we had something similar a bit before I was born well into when I started school. My dad was making about 2000 per month salary a few years before I was born, and when I went to school he was making around 2 billion instead. That is less than 10 years in total, or just round it up and say it was 10 years, in 10 years his salary went from 2 thousand to 2 billion all together.

That is the hyperinflation that you live, and in that case weirdly enough the whole nation still did better than we are doing right now, not because that was a good period, it was a bad period, probably worst since second world war economically, and overall we are much much much better right now, yet the reason why we are doing better overall is that rich are way richer, like unimaginable richer whereas poor are poorer, that is the only reason.

[sapnu]

Considering crypto's achievements over the past years, I think it wouldn't matter anymore if it is legal or not. In our experiences, we can already see how proper crypto is and Africa is not a country you can depend on with regards to critcizing stuffs. Their economy is not doing well and I think crypto is not much patronized over there too. There will always be people and country that will claim crypto is not real or sort of fraud but we know in ourselves how helpful and how legitimate it has been over the past years of its existence.

[pixie85]

We all know that the legit money is the money that can be printed and then taken away like it happened with money stored in Cyprus.

We are living in a fake world where some people tell us that we have to use their digital money and not your own because the law they made says so. The same law gives them right to put you in jail for issuing your own money and gives them the right to take their money from you because it was always their money. You just were allowed to hold it for a while.

[Shenzou]

The countries that ban crypto are doing not because they think its bad in a legit way, they just ban it because it gives freedom to the people, and they cannot control it as they have no authority over who sends or how much he sends,  and i am pretty sure that just want to hold control over the people so they don't lake the change, because bitcoin is not just about the money its about a concept of fighting the corruption that has been going on for decades and that is why they ban it.

[AndySt]

The reason why African nations and media do not like bitcoin or any crypto is the fact that their own people could use it and disregard their fiat, which makes it even more worthless. I am not saying that people should use fiat to give it some power but when a wheelbarrow full of money worths as much as maybe 100 bucks at best,

I don't think that should be the major reason while they dislike cryptocurrency, especially bitcoin, my opinion I viewed that may likely caused some countries to disregard crypto is because of politicians more especially government, because government are seeing crypto as a source whereby politicians will use for money laundry, because investing via crypto or buying crypto and hold is another method of politicians to can use to embezzle funds, so that's only factor I seen that maybe the reason while africans disregard bitcoin from my own perspective and couple with other countries.

Ignoring cryptocurrencies by states or mass media is not the worst thing, it is much worse when it comes to bans on exposing cryptocurrencies only in a negative light. Undoubtedly, cryptocurrencies have their own disadvantages and features that may not suit the state authorities of any state, including less control over the turnover than for fiat currencies, but this is not a reason for the introduction of total bans. You just need to decide what bitcoin is considered and how it is regulated in each individual country and, starting from this, monitor compliance with the rules of the game. Undoubtedly, cryptocurrencies, and in particular bitcoin, if used correctly, can benefit both citizens and the entire economy of the state.

[zanezane]

We are living in a fake world where some people tell us that we have to use their digital money and not your own because the law they made says so. The same law gives them right to put you in jail for issuing your own money and gives them the right to take their money from you because it was always their money. You just were allowed to hold it for a while.

If you want to make your own money, just do it. What's stopping you from doing so? Aren't we living in a fake world, right? You know the reason why we can't make our own money? Because it will be subjective and not everyone will consider it to have a value, you don't have the authority or influence to do so.

[ultrloa]

The reason why African nations and media do not like bitcoin or any crypto is the fact that their own people could use it and disregard their fiat, which makes it even more worthless. I am not saying that people should use fiat to give it some power but when a wheelbarrow full of money worths as much as maybe 100 bucks at best,

I don't think that should be the major reason while they dislike cryptocurrency, especially bitcoin, my opinion I viewed that may likely caused some countries to disregard crypto is because of politicians more especially government, because government are seeing crypto as a source whereby politicians will use for money laundry, because investing via crypto or buying crypto and hold is another method of politicians to can use to embezzle funds, so that's only factor I seen that maybe the reason while africans disregard bitcoin from my own perspective and couple with other countries.

Ignoring cryptocurrencies by states or mass media is not the worst thing, it is much worse when it comes to bans on exposing cryptocurrencies only in a negative light. Undoubtedly, cryptocurrencies have their own disadvantages and features that may not suit the state authorities of any state, including less control over the turnover than for fiat currencies, but this is not a reason for the introduction of total bans. You just need to decide what bitcoin is considered and how it is regulated in each individual country and, starting from this, monitor compliance with the rules of the game. Undoubtedly, cryptocurrencies, and in particular bitcoin, if used correctly, can benefit both citizens and the entire economy of the state.

Its not really the worst thing as there are so many worst thing than that but I can't blame the government to warn about cryptocurrencies  since there are so many MLM scams happen in their country and those scammers target the poor guys who want to earn money and just using the word cryptocurrency  just to make people believe that they  are in cool business. Maybe this is just a warning and they will not totally ban crypto since in  other hand for sure they can see the opportunity can possibly give to their citizens.

[kryptqnick]

I think it's no wonder that cryptos seem very popular in Africa. They offer a chance of having something decent and something that doesn't lose value as fast as their fiat. Crypto businesses also create jobs, which is very good for the economy. But of course the corrupt elites who steal the wealth from their people are against cryptos because stealing will be harder if the currency is not under their control and a wallet can be accessed from any location. There's also high risk of being scammed by ICOs and other projects, of course, but I don't think that overall impact of the crypto industry is negative in Africa, so it's unfair to make statements like this.

[AicecreaME]

African regulators have reasons why they told such thing. There are several possibilities I can think of. One of it is because they are ignorant and close-minded. Some people don't really like to learn and discover new things. Hence, when they are introduced to a whole new level of knowledge about something, they tend to push the opportunity away. Few government officials think this way - they see the current system that we have is enough for the what the people need. Which is why some countries make policies prohibiting bitcoin in their country. They don't want their people to use it because they think it's harmful, without even validating their gut feel.

Second reason I can think of is they want to take control. Government is known to take over the country. They are the ones planning and making the decision for their constituents' welfare. However, their intention isn't always as pure as we perceive it to be. Few government officials want to manipulate the livelihood of the citizens and even the knowledge they will receive. By those means, the probability of making a fool out of the people when the time they needed it the most (election period) will be high. If they will introduce crypto, they would think that the people will be another step closer to financial freedom. Which means that the citizens will not be dependent on them. Resulting to weaker leverage because the people aren't dependent on them anymore.

Lastly, I think the government is just playing safe. There are many bad rumors circulating on different platforms about cryptoccurrency. Because of those things, they would rather not risk another set of troubles in case there would be many schemes and scams that will be recorded if they will allow cryptocurrency. Instead of allowing it, they would opt not to since it could just add to the problems that they will attend to.

[avikz]

Well, let's not generalize Africa. It's not a country, rather it's a continent. South Africa is an African country who are friendly towards crypto. There are definitely some countries shown negative attitude towards crypto, but that does not define Africa as a whole. I know Zimbabwe is facing hyperinflation, but crypto isn't going to help there as it didn't do for Venezuela.

It's all about mindset. Most of the African countries are poor today because of European expansionist mentality. It wouldn't be incorrect to say that Europe's extreme wealth is mainly stolen from Africa and India. Then their fascist rulers made it even worse.

[beerlover]

Its not really the worst thing as there are so many worst thing than that but I can't blame the government to warn about cryptocurrencies  since there are so many MLM scams happen in their country and those scammers target the poor guys who want to earn money and just using the word cryptocurrency  just to make people believe that they  are in cool business. Maybe this is just a warning and they will not totally ban crypto since in  other hand for sure they can see the opportunity can possibly give to their citizens.

If you have people in your nation that understands crypto very well then the government should be taking some of them as advisors so that they could help their governments understand what crypto is all about.

If the government thinks that it is some sort of MLM type of deal then they do not know what crypto is and they are making a decision based on something they are not even sure about. That is the reason why nations like Nigeria cannot take the 100% benefit of crypto when they would be the ones that could make the most profit out of it as well.

Think about it, if someone explained to Nigerian government that people could use crypto to earn money from other nations, work for crypto cheaper than other nations, earn a ton of money, help the poverty ridden nation to grow bigger, and all those people paying taxes to help the nation as well, this is beneficial for the whole freaking nation. But government do not see that unfortunately.

[Argoo]

The reason why African nations and media do not like bitcoin or any crypto is the fact that their own people could use it and disregard their fiat, which makes it even more worthless. I am not saying that people should use fiat to give it some power but when a wheelbarrow full of money worths as much as maybe 100 bucks at best,

I don't think that should be the major reason while they dislike cryptocurrency, especially bitcoin, my opinion I viewed that may likely caused some countries to disregard crypto is because of politicians more especially government, because government are seeing crypto as a source whereby politicians will use for money laundry, because investing via crypto or buying crypto and hold is another method of politicians to can use to embezzle funds, so that's only factor I seen that maybe the reason while africans disregard bitcoin from my own perspective and couple with other countries.

Ignoring cryptocurrencies by states or mass media is not the worst thing, it is much worse when it comes to bans on exposing cryptocurrencies only in a negative light. Undoubtedly, cryptocurrencies have their own disadvantages and features that may not suit the state authorities of any state, including less control over the turnover than for fiat currencies, but this is not a reason for the introduction of total bans. You just need to decide what bitcoin is considered and how it is regulated in each individual country and, starting from this, monitor compliance with the rules of the game. Undoubtedly, cryptocurrencies, and in particular bitcoin, if used correctly, can benefit both citizens and the entire economy of the state.

Negative statements about cryptocurrency will periodically appear on the part of states and their various bodies, and this should be treated more calmly. In general, cryptocurrency as an alternative means of payment, not subject to inflation, will always irritate governments. Therefore, it can legalize cryptocurrency, but it is unlikely to actively support it. We need to pay attention to specific facts, not general negative statements about cryptocurrency. They will appear periodically, and the cryptocurrency, despite this, will need to develop and grow all the same.

[Silberman]

The reason why African nations and media do not like bitcoin or any crypto is the fact that their own people could use it and disregard their fiat, which makes it even more worthless. I am not saying that people should use fiat to give it some power but when a wheelbarrow full of money worths as much as maybe 100 bucks at best, and you leave and start using crypto, that means the fiat that is already worthless will become even more worthless. That Zimbabwe dollar thing is just one place and I do not know what their situation is like now but in places like Nigeria or South Africa the problem is not "that" bad, they are still not leading economies of the world obviously but they are doing fine.

However if you leave fiat and move to crypto only that means those nations which are not "that" bad could become like Zimbabwe as well. So should people live a worse life and wait for politicians to fix things? No of course not, go with crypto and screw fiat, but also understand that governments will not be kind to you as well.

This is important, we need to understand that politicians do not really care about the people they govern, they care about maintaining their positions of power, at best they could help the people not out of a desire to do so but just as a way to gain popular support, this means that we need to look for our own interests as well, politicians do not want people to abandon fiat as fiat gives them power, but we should not care about this and think about which option gives power to us, and between fiat and bitcoin the decision about which one to pick should be easy.

[ultrloa]

The reason why African nations and media do not like bitcoin or any crypto is the fact that their own people could use it and disregard their fiat, which makes it even more worthless. I am not saying that people should use fiat to give it some power but when a wheelbarrow full of money worths as much as maybe 100 bucks at best, and you leave and start using crypto, that means the fiat that is already worthless will become even more worthless. That Zimbabwe dollar thing is just one place and I do not know what their situation is like now but in places like Nigeria or South Africa the problem is not "that" bad, they are still not leading economies of the world obviously but they are doing fine.

However if you leave fiat and move to crypto only that means those nations which are not "that" bad could become like Zimbabwe as well. So should people live a worse life and wait for politicians to fix things? No of course not, go with crypto and screw fiat, but also understand that governments will not be kind to you as well.

This is important, we need to understand that politicians do not really care about the people they govern, they care about maintaining their positions of power, at best they could help the people not out of a desire to do so but just as a way to gain popular support, this means that we need to look for our own interests as well, politicians do not want people to abandon fiat as fiat gives them power, but we should not care about this and think about which option gives power to us, and between fiat and bitcoin the decision about which one to pick should be easy.

Well we have rights to vote so if we can see a politician who didn't do their job then it's time for us to eliminate on election Day. We must not tolerate what they do since if they will remain on their set for sure there will be no progress happen on our country. Also for sure they don't want to abandon fiat but I also think they will always go with the flow and go with something's if they can find beneficial to them but for now they can't see it on cryptocurrency since they can't find ways to corrupt it.

[Kittygalore]

Well, let's not generalize Africa. It's not a country, rather it's a continent. South Africa is an African country who are friendly towards crypto. There are definitely some countries shown negative attitude towards crypto, but that does not define Africa as a whole. I know Zimbabwe is facing hyperinflation, but crypto isn't going to help there as it didn't do for Venezuela.

It's all about mindset. Most of the African countries are poor today because of European expansionist mentality. It wouldn't be incorrect to say that Europe's extreme wealth is mainly stolen from Africa and India. Then their fascist rulers made it even worse.

I don't think that European's expansionist mentality is the only reason why some of the countries in Africa are among the poorest, I think a bigger reason than Africa's past is it's variety of tribes and I think that sometimes it's one the biggest reasons for many civil wars and genocides in the continent, if you are from a different tribe then you are being discriminated. Bitcoin can help the continent but they have to first realize that no matter how different their tribes are, they are still the same people of one country.

[Silberman]

The reason why African nations and media do not like bitcoin or any crypto is the fact that their own people could use it and disregard their fiat, which makes it even more worthless. I am not saying that people should use fiat to give it some power but when a wheelbarrow full of money worths as much as maybe 100 bucks at best, and you leave and start using crypto, that means the fiat that is already worthless will become even more worthless. That Zimbabwe dollar thing is just one place and I do not know what their situation is like now but in places like Nigeria or South Africa the problem is not "that" bad, they are still not leading economies of the world obviously but they are doing fine.

However if you leave fiat and move to crypto only that means those nations which are not "that" bad could become like Zimbabwe as well. So should people live a worse life and wait for politicians to fix things? No of course not, go with crypto and screw fiat, but also understand that governments will not be kind to you as well.

This is important, we need to understand that politicians do not really care about the people they govern, they care about maintaining their positions of power, at best they could help the people not out of a desire to do so but just as a way to gain popular support, this means that we need to look for our own interests as well, politicians do not want people to abandon fiat as fiat gives them power, but we should not care about this and think about which option gives power to us, and between fiat and bitcoin the decision about which one to pick should be easy.

Well we have rights to vote so if we can see a politician who didn't do their job then it's time for us to eliminate on election Day. We must not tolerate what they do since if they will remain on their set for sure there will be no progress happen on our country. Also for sure they don't want to abandon fiat but I also think they will always go with the flow and go with something's if they can find beneficial to them but for now they can't see it on cryptocurrency since they can't find ways to corrupt it.

While voting for politicians willing to support bitcoin seems like a good idea the truth is that the number of those politicians is quite low and then we need to remember that while there are countries with a strong democratic tradition and that have used this medium to select those that will have the power for centuries there are many countries in which this is not the case and corruption and fraud still run rampant and as such this option is not really available to the people of those countries.

[Gozie51]

While crypto is by no means perfect, there is no example of them plunging economies of entire african nations into poverty due to hyperinflation caused by centralized economic mismanagement. There are also many positive benefits created by crypto in terms of opportunities and options they grant to society.

Yes exactly and that is like chasing shadows for African governments. They have left major economic challenges to pursue after what shouldn't be a priority at the time of that all citizens complain of corruption and bad governance. IMO , crypto regulation shouldn't be the focus of the government but to try and face economic challenges and inflation. Because in real talk, Africa has no ability to stop it use, they chase what they can't fight like China is doing but the adoption keep going. So there are far much challenges that they should focus like corruption that happens with fiat. They try to stop Cryptocurrency but they embezzle with fiat.

[iv4n]

It's how it goes, they first warn people, then they regulate it and take money from that (tax it)! It's what regulation is! Of course, regulations mean that you are "safe", and in the case, something goes wrong your government "can" protect you! But is it really like that? I believe yes in some well-arranged countries, but in most parts of the world, it's not like that.
I think that here (because we know what crypto is) most of us believe that this world needs to change! And governments, their laws/rules/regulations must be changed! If we want to see a better tomorrow for all! If not, things will continue to be as they are... look around and you will understand what I wish to say!

[Dread Pirate Roberts]

Plus there is news of exchange hacks from local exchange services in their country (africa). its make more strong regulator's statement. It must be admitted that ensuring a state institution for new things to be adapted in their country is not an easy thing, in fact this also happened in my country.
in my country allowing storing and making investment assets with some specific crypto and strictly prohibits completely as payments.

[bryant.coleman]

Who really cares about these "regulators"? Gone are the days when the governments could dictate each and every aspect of our lives. Whether someone should invest in cryptocurrency or not, is entirely up to him. The so called "regulators" are worried because their shitty fiat currencies are becoming worthless and no one want to invest in assets denominated in fiat. Nowadays the regimes are especially worried, because taking advantage of the pandemic situation they have resorted to unlimited printing of fiat cash.

[geegaw]

Who really cares about these "regulators"? Gone are the days when the governments could dictate each and every aspect of our lives. Whether someone should invest in cryptocurrency or not, is entirely up to him. The so called "regulators" are worried because their shitty fiat currencies are becoming worthless and no one want to invest in assets denominated in fiat. Nowadays the regimes are especially worried, because taking advantage of the pandemic situation they have resorted to unlimited printing of fiat cash.

Agree, our private lives are no longer in their domain when we already know the unfairness and inadequacy of regulation, it orients us to more liberal perspectives and from there, we come to the online world, a place where the regulors cannot show their attitude and bigotry, everyone has their own personal attitudes here and is not afraid of scrutiny from national regulators. Regulators know only legal and illegal, if they have such time, why don't they care more about the lives of people who are tired of the current economy

[RokokGudangGaram]

Who really cares about these "regulators"? Gone are the days when the governments could dictate each and every aspect of our lives. Whether someone should invest in cryptocurrency or not, is entirely up to him. The so called "regulators" are worried because their shitty fiat currencies are becoming worthless and no one want to invest in assets denominated in fiat. Nowadays the regimes are especially worried, because taking advantage of the pandemic situation they have resorted to unlimited printing of fiat cash.

Agree, our private lives are no longer in their domain when we already know the unfairness and inadequacy of regulation, it orients us to more liberal perspectives and from there, we come to the online world, a place where the regulors cannot show their attitude and bigotry, everyone has their own personal attitudes here and is not afraid of scrutiny from national regulators. Regulators know only legal and illegal, if they have such time, why don't they care more about the lives of people who are tired of the current economy

It is not surprising if people are not that confident anymore with the judgment of government regulators, considering that political anomalies are spontaneously happening in every corner possible. I, myself, have doubts if regulators are just concerned or making up statements and judgment based on what could benefit them more. In these contemporary times, the humanity must be well aware of the rights and privileges we have, as such to use internet, technologies and choose to invest in crypto.

[Silberman]

It's how it goes, they first warn people, then they regulate it and take money from that (tax it)! It's what regulation is! Of course, regulations mean that you are "safe", and in the case, something goes wrong your government "can" protect you! But is it really like that? I believe yes in some well-arranged countries, but in most parts of the world, it's not like that.
I think that here (because we know what crypto is) most of us believe that this world needs to change! And governments, their laws/rules/regulations must be changed! If we want to see a better tomorrow for all! If not, things will continue to be as they are... look around and you will understand what I wish to say!

Besides that regulations that come from institutions of the government that are known to be corrupt are always going to be under suspicion, bitcoin is already one of the most powerful currencies around the world and it is probably more influential than any currency that exists currently in that continent, who do we believe? Bitcoin and the mountain of evidence that supports it or the regulators that say it may not be legitimate? And the answer to that question should be obvious for anyone that has been in this market long enough.

[jaberwock]

While crypto is by no means perfect, there is no example of them plunging economies of entire african nations into poverty due to hyperinflation caused by centralized economic mismanagement. There are also many positive benefits created by crypto in terms of opportunities and options they grant to society.

Yes exactly and that is like chasing shadows for African governments. They have left major economic challenges to pursue after what shouldn't be a priority at the time of that all citizens complain of corruption and bad governance. IMO , crypto regulation shouldn't be the focus of the government but to try and face economic challenges and inflation. Because in real talk, Africa has no ability to stop it use, they chase what they can't fight like China is doing but the adoption keep going. So there are far much challenges that they should focus like corruption that happens with fiat. They try to stop Cryptocurrency but they embezzle with fiat.

Unfortunately it is not even about Africa anymore, I mean not the continent. I understand that that land is not as profitable as other places in the world, farming is harder in most places, rain is not there, water is not available and many other bad stuff about Africa that made Africa into what it is today and that is understandable.

However how they are right now is not just because of that, technology is improved enough that if one nation in Africa that is horrible and people are dying of starvation and lack of water suddenly got 100 billion dollars, they could technically speaking turn that into an amazing city, it is all possible. However if you gave that nation 100 billion dollars I am sure at least 90 billion would go to government officials and politicians and that is the only reason they are still doing bad. As long as corruption doesn't end, poverty will not end.

[Vishnu.Reang]

Agree, our private lives are no longer in their domain when we already know the unfairness and inadequacy of regulation, it orients us to more liberal perspectives and from there, we come to the online world, a place where the regulors cannot show their attitude and bigotry, everyone has their own personal attitudes here and is not afraid of scrutiny from national regulators. Regulators know only legal and illegal, if they have such time, why don't they care more about the lives of people who are tired of the current economy

I am fine if the government ask the citizens to pay taxes on time. They also need funds for their functioning, and therefore I can understand their argument. But dictating which asset we should invest and which ones we should not is going a bit too far. It is not possible in democratic countries to impose such restrictions. We are investing in cryptocurrency with our hard earned money (that too after the tax deduction) and not with government funds. Time has come to say a big STFU to regimes that doesn't value personal liberty.

[lixer]

I think the natural reaction is to find the african media's remarks on crypto puzzling. What does crypto being labeled "illegitimate" mean. Is it worse than existing corruption and hyperinflation african nations have already been plagued by. What if crypto's "illegitimacy" were a higher standard than conventional financial options.

In this era where many choose to oversimplify reality within harsh shades of black and white. There could be many different shades of grey. In contemplating news and current events, I hope most will choose not to be colorblind.

I think the main issue with countries in Africa is them having corrupt leaders. When a leader is corrupt, what good exactly  will he or she be to the society? And it gets worse because most of the people in power are corrupt and there is no one to stand and  challenge them on the wrong things that they are doing.

People are afraid and they are just dying in silent. I think for these countries to be great again, they will have to start with their leaders and tackle corruption, or maybe if they happen to have a good leader that is ready to bring an end to corruption. I don’t know how possible any of these could be.

[Kakmakr]

African politics are very complex, because it is mixed with tribalism and a strong history of corruption and a victim mentality that will blame all their mistakes on "Colonial" influences.    The dictators also make sure that the majority of the people will not get proper education, because people with higher education will think for themselves and they will not vote for a dictator. (It is easier to influence people that are illiterate and not educated)

Zimbabwe is a perfect example where Robert Mugabe and his circle of friends, ruled with a iron fist and blamed all their failures on the West, while his wife was shopping in some of the most expensive shops in London and Paris. 

No currency will solve the problems of African countries, where dictators are accepted and where corruption is a way of life. (I know, because I regularly work in African countries and we have to pay bribes to get things done)

[jaysabi]

Who really cares about these "regulators"? Gone are the days when the governments could dictate each and every aspect of our lives. Whether someone should invest in cryptocurrency or not, is entirely up to him. The so called "regulators" are worried because their shitty fiat currencies are becoming worthless and no one want to invest in assets denominated in fiat. Nowadays the regimes are especially worried, because taking advantage of the pandemic situation they have resorted to unlimited printing of fiat cash.

I suppose more people than not care what regulators say, that's why it's always big news when they comment on something.  Also, they didn't ban anything; they issued a warning to be careful.  No reasonable person has a problem with a regulator telling people to be careful and exercise caution about something but ultimately leaves it up to the individual to make their own decisions.

[Silberman]

While crypto is by no means perfect, there is no example of them plunging economies of entire african nations into poverty due to hyperinflation caused by centralized economic mismanagement. There are also many positive benefits created by crypto in terms of opportunities and options they grant to society.

Yes exactly and that is like chasing shadows for African governments. They have left major economic challenges to pursue after what shouldn't be a priority at the time of that all citizens complain of corruption and bad governance. IMO , crypto regulation shouldn't be the focus of the government but to try and face economic challenges and inflation. Because in real talk, Africa has no ability to stop it use, they chase what they can't fight like China is doing but the adoption keep going. So there are far much challenges that they should focus like corruption that happens with fiat. They try to stop Cryptocurrency but they embezzle with fiat.

Unfortunately it is not even about Africa anymore, I mean not the continent. I understand that that land is not as profitable as other places in the world, farming is harder in most places, rain is not there, water is not available and many other bad stuff about Africa that made Africa into what it is today and that is understandable.

However how they are right now is not just because of that, technology is improved enough that if one nation in Africa that is horrible and people are dying of starvation and lack of water suddenly got 100 billion dollars, they could technically speaking turn that into an amazing city, it is all possible. However if you gave that nation 100 billion dollars I am sure at least 90 billion would go to government officials and politicians and that is the only reason they are still doing bad. As long as corruption doesn't end, poverty will not end.

Corruption is by far their biggest problem, after all even if what you said is true and food production is way harder there it is not as if they do not have natural resources to exploit, the continent is full of valuable resources like diamonds, rare metals and exotic fauna just to name a few, however all of that money plus the aid they receive ends up on the bank accounts of the politicians, and when that is the case it does not matter how rich a country could be its people will live in abject poverty.

[Vatimins]

     Welp, just another day in the world. Humans will be humans, driven by greed and self love. Things like truth twisting with the use of the media is not new nor can give me any sort of surprise anymore. Clearly, the people who are behind such false news that makes bitcoin look bad has ulterior motives And trust me, it isn't for the greater good of the people but for the greater good of their own pockets. Regardless of the methods and benefits, all leads to the fact that they just care about themselves and it doesn't matter what others are experiencing so long as their pockets are well stuffed and luxurious lifestyles satisfied. Disgusting bastards.

[Silberman]

Agree, our private lives are no longer in their domain when we already know the unfairness and inadequacy of regulation, it orients us to more liberal perspectives and from there, we come to the online world, a place where the regulors cannot show their attitude and bigotry, everyone has their own personal attitudes here and is not afraid of scrutiny from national regulators. Regulators know only legal and illegal, if they have such time, why don't they care more about the lives of people who are tired of the current economy

I am fine if the government ask the citizens to pay taxes on time. They also need funds for their functioning, and therefore I can understand their argument. But dictating which asset we should invest and which ones we should not is going a bit too far. It is not possible in democratic countries to impose such restrictions. We are investing in cryptocurrency with our hard earned money (that too after the tax deduction) and not with government funds. Time has come to say a big STFU to regimes that doesn't value personal liberty.

They do so with the excuse that they are protecting the public from themselves, and while it can be argued that sometimes they have a point I disagree with the way they go about it, also it is fair to consider if it is correct to pay taxes to a government that is so corrupt, after all you are aiding them on their misdeeds against their citizens, which is why they are so against bitcoin since governments are seeing that some may use bitcoin to not pay their due taxes and they will suffer because of it.