ZoneBitcoin EditorialThe adoption of bitcoin in Africa is significant and particularly in English-speaking countries with Nigeria at the top of the ranking of African countries which own the most cryptocurrencies. However, in French-speaking Africa too, Bitcoin is attracting more and more people, particularly in Senegal where the Bitcoin ecosystem is growing.
In this article, we will take stock of the growing adoption of Bitcoin in Senegal. We will see the opportunities and challenges that arise for the country. Finally, we will present a map of the Bitcoin ecosystem with the main players that constitute it.
Why are the Senegalese interested in Bitcoin?
If the Senegalese are interested in bitcoin, it is probably for the same reasons that push Africans to turn to Bitcoin. Let us recall, in fact, that thehe African continent is one of the continents experiencing the strongest adoption in the world.
This can be explained for many reasons including a weakness in the financial infrastructure in the country which pushes the Senegalese to consider Bitcoin. This gives them autonomy which allows them to send and receive bitcoins in a simple way, simply by having a telephone and an internet connection.
The other advantage for the Senegalese is the speed and ease of border transfers, particularly by the Senegalese diaspora. Unlike companies specializing in sending funds abroad (remittances) like Western Union, which involve significant fees, sending with bitcoin is easier, faster and cheaper.
Likewise, the rise of bitcoin over the years has pushed investors around the world to view it as a protection against inflation and as an investment that can generate long-term added value.
What are the challenges and obstacles to Bitcoin adoption in Senegal?
There are many barriers to bitcoin adoption in Senegal that are relatively the same across the region. We can note the vague position of the Senegalese authorities who have not yet ruled on regulations specific to bitcoin. This legal uncertainty does not favor the establishment of cryptographic businesses and prevents individuals from investing seriously in cryptocurrencies, for fear of being illegal.
Another challenge is the various fraudulent projects that have plagued the country, causing individual investors to lose millions of dollars. The risks of fraud and money laundering prevent Senegalese governments from nurturing confidence in cryptocurrencies. This has implications for individual investors.
Finally, there is a certain lack in terms of education and awareness although there are always more information sites aimed at Africans. Remember that a better understanding of Bitcoin is necessary for adequate regulation and to help users become interested in cryptocurrency.
Which blockchain companies are based in Senegal?
Despite regulatory challenges, there are more companies focusing on blockchain technology and developing innovative solutions in this area.
Here are some examples of blockchain companies based in Senegal:
- Baobab Network : This is an investment fund and incubator focused on technology startups in Africa, including those working on blockchain. They offer incubation programs, mentoring and financial support to help entrepreneurs develop their projects in Africa, including Senegal.
- The Open Society Initiative for West Africa (OSIWA) announced its intention to launch a space dedicated to blockchain technology and innovation in Senegal. They work on awareness, research and development of blockchain-related projects.
- AkonCity : Akon City is an ambitious urban development project underway in Senegal, initiated by artist and entrepreneur Akon. Even more than one bitcoin village, Akon city aims to create a truly futuristic and sustainable city, powered by renewable energy and based on blockchain technology, which is located in Mbodiène, 90 km from Dakar. However, some denounce a "r"oversized dream" for the country because we regret that the project is significantly delayed and that since 2020, the work has not yet started...
- There is also an initiative to create a bitcoin village in Senegal, called " Bitcoin Teranga » which is gradually starting to take shape.
It should be noted that the above list is not exhaustive and there may be other companies, initiatives and collectives based in Senegal.
What are the bitcoin events in Senegal?
The first edition of the " Bitcoin Days » organized by the collective « Bitcoin Senegal "was held in Dakar in December 2022 which was one of the first meetings bringing together experts and stakeholders of the bitcoin ecosystem in Senegal. The second edition will be held on December 2 and 3, 2023 with speakers and workshops planned to raise awareness about Bitcoin. Learn more about the program here.
Where to train in blockchain in Senegal?
- The podcast " Africa speaks Bitcoin » is a source of information for all beginners or more experienced profiles who want to learn more about Bitcoin and how it works.
- Digital Senegal : Digital Senegal is an online platform that allows you to find different training courses in the technology sector, including cryptocurrencies and blockchain. Digital Senegal also supports entrepreneurs who have projects in Tech.
- There is a chain YouTube « Bitcoin Senegal » which deals with finance, blockchain and bitcoin and which is broadcast in Wolof.
- Moussa Kayre, is the founder of Concoursn.com and African Digital Academy , Crypto investor and Project Ambassador Akoin in Senegal. It offers training in Dakar and workshops to learn how to use cryptocurrencies. Learn more here.
It is important to note that sources of information may vary and it is recommended that you always do your own research before making any financial decisions. Knowledge about Bitcoin has no geographical boundaries and it is possible to learn through different sources and different languages as well.
📹 If you want to find out how the Senegalese use bitcoin, there is a report on Bitcoin in Senegal, published by CoinTelegraph which might interest you, here.
What places accept bitcoin?
At the moment, the bitcoin ecosystem in Senegal is still relatively small but it is constantly growing and most certainly, we do not have all the up-to-date data. However, among the places that accept bitcoin payment in Senegal, we find the restaurant "Le Xalam" as well as the surf school " Go Surf Senegal"
You can find places that accept bitcoin in your area on the map CoinMap.org and you can also add addresses you know.
Who are the Bitcoin personalities and influencers in the country?
In Senegal, the adoption of cryptocurrencies and interest in the field of digital finance has also given rise to the emergence of some crypto influencers who share information and analysis on cryptocurrencies and blockchain. Here are some known crypto influencers in Senegal:
- Mamadou Diagne is a consultant in the digital field. He is also a speaker and ambassador of the project " Open Knowledge Foundation » of Senegal which is a local initiative with the explicit objectives of promoting the opening of all forms of knowledge.
- ₿ineta NGOM, also known under the pseudonym of " Mama Bitcoin » was one of the pioneers to talk about bitcoin in Senegal. She works on a site (bleu comme la mer) that allows the sale of seafood products directly to consumers. The products can be purchased directly by paying in bitcoin.
- Babar Lo is a developer and speaker who leads workshops dedicated to learning blockchain and Bitcoin.
- Fode Diop is a blockchain developer, specialized in lightning network. He is convinced that Bitcoin is a tool that can help Africa become economically independent (https://reason.com/video/2021/09/15/bitcoin-a-weapon-for-us-to-fight- oppression/).
- Mouhamadou Kouta is a financial analyst in the banking field and is also the founder of Yité Technologies in Senegal which is developing open source software in the field of Bitcoin and blockchain. He also gives conferences and regularly publishes content on Bitcoin and its impact in Africa.
Where to buy bitcoin in Senegal?
To buy bitcoin in Senegal, you have several options. You can use peer-to-peer platforms such as Paxful, Noons or the P2P platform developed by Binance.
Please note that there are also companies based in Africa, such as ejara or, YellowCard which allow you to easily buy bitcoin with CFA Franc, via Mobile Money or bank transfer.
—> You can consult our articles and tutorial to find out how buy bitcoin in Africa.
Final word on the adoption of bitcoin in Senegal
The growing adoption of Bitcoin in Senegal demonstrates the growing interest in digital currencies and financial technologies that can improve the daily lives of the population.
Bitcoin offers advantages in terms of fund transfers and access to financial services for Senegalese people and for all citizens around the world.
However, regulatory challenges, such as the lack of specific regulations and concerns related to fraud and money laundering, must be addressed to ensure a favorable and secure environment for the use of Bitcoin in Senegal. The country, like other African countries, suffers from the fact that the UEMOA region has not defined (for the moment) clear regulations on cryptocurrencies. This prevents an expansion of the local ecosystem, and thereby reduces the commercial opportunities that the crypto-asset industry can generate.
It seems important and even urgent to us that the Senegalese and African authorities continue to consider the issue and collaborate with players in the sector to find suitable solutions that promote innovation while ensuring the protection of users.
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Note: This does not constitute investment advice. It is important to do your own research before making a decision.
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