Adrian JulianThe African continent, which has one of the youngest populations in the world, with rapid growth in some regions, presents enormous potential for Bitcoin adoption. Many countries, like Nigeria, are among the countries where the population is the most active in terms of cryptocurrencies. This is, in fact, a way to improve the financial structure failing on the continent.
After Nigeria, we find South Africa, Ghana and Kenya which are showing ever greater enthusiasm for Bitcoin. Although certain regulations prevent deeper adoption in the countries mentioned, populations are still more attracted to cryptocurrencies. Across the continent, numerous initiatives are continuously emerging, creating a Bitcoin ecosystem ever more important.
Nigeria: The leading adoption country
For a long time (since 2018), the Nigerian government has implemented hostile regulations towards the use of cryptocurrencies in the country. However, in 2021, the Nigeria is one of the world leaders in terms of adoption of cryptocurrencies. He is placed after India, with a young and tech-savvy population. Cryptocurrencies (including bitcoin) are used to protect against inflation experienced by the national currency, to make payments and for remittances abroad by the diaspora.
Although the Internet penetration rate only reaches 40%, the prospects for development are enormous.
In 2023, Nigeria made a real turning point in its crypto policy, admitting that the growing demand for cryptocurrencies by the population seems inexorable. Thus, the Central Bank of Nigeria has just authorized payments in cryptocurrencies for certain operators. Likewise, a new stablecoin (cGNG) was formalized in order to boost the country's digital economy.
South Africa: The country with the most startups and fintechs
Just like Nigeria, South Africa has a population hungry for new financial technologies. It is a country that includes many fintechs and startups operating in the financial andopen banking notably. This is then fertile ground for the use of cryptocurrencies and blockchain, it seems. Regulations in South Africa are relatively tolerant with the possibility for operators to register on the national legal register to operate. In 2018, the government implemented a finance law allowing the taxation of cryptocurrencies, implying legal recognition of digital assets.
The country's Financial Sector Conduct Authority recently announced that all crypto exchanges would be able to apply for an official license to operate legally.
While in other countries on the African continent, businesses accepting bitcoin are mainly small and medium-sized businesses, in South Africa, you can find large companies. Thus, the Pick n Pay supermarket accepts payment in bitcoin in nearly 1700 stores throughout the country.
Other major companies have announced plans to accept payment in bitcoin in the coming months.
Kenya: The country with the most advanced legal framework
In 2023, the Kenyan government has been very open to creating new opportunities related to cryptocurrencies and blockchain. The latter signed a partnership agreement with the company Venom Foundation, based in Abu Dhabi to create a blockchain and Web 3 hub in Kenya.
Lawmakers in Kenya are taking a serious look at crypto regulation in the country. Commissions and panels of consultants are currently working with the Blockchain Association of Kenya (BAK) to establish a crypto-friendly legal framework.
Therefore, it would not be surprising to see in some time, a new law on cryptocurrencies to facilitate the creation of new businesses in this sector.
It is also a country where there are mining companies, including the Gridless company which exploits the country's renewable energies for its mining centers.
The Central African Republic: The most daring country
In 2022, after El Salvador, the Central African Republic became the second country in the world to adopt bitcoin as legal tender. It was therefore the first African country to establish such a law, despite strong reluctance from the Constitutional Court of the country. In reality, and according to the very circumstances of the country whose national currency also depends on Cemac, bringing together 6 countries. Thus, Faustin Touadéra's government does not have all the legal capacity to legislate on bitcoin as it would have liked to do.
Thus, this decision was cut short after its announcement, even though legally, bitcoin is still legal in the country. In addition, the government launched its own token " SangoCoin", a few days after the promulgation of the Bitcoin law. The "SangoCoin" initiative represents more generally, a complete program of digitalization of the country. The project is currently under development.
Morocco: A population increasingly interested in cryptocurrencies
Morocco is experiencing an astonishing situation because the population is among those most active in the use of cryptocurrencies, while the government has decreed a ban on owning them. The Triple-A agency estimates that more than 2,4% of the population owns cryptocurrencies, or around 0,1 million people.
However, holders of cryptocurrencies risk fines and prison sentences if the government discovers that they possess them. However, this does not seem to stop the growing craze for cryptocurrencies in the country.
The regulations at Morocco could take a more positive turn in the months to come. Earlier this year, the Moroccan central bank indicated that a crypto bill would legally define crypto and its use in the country. For the moment, there has been no follow-up to the bill…
Ghana: A future country with high adoption
Ghana is becoming an increasingly important country in Bitcoin adoption in Africa. Thus, the conference Africa Bitcoin Conference takes place precisely in Accra and brings together many bitcoiners from the region.
Recently the government of Ghana adopted a new regulatory framework that is rather tolerant towards cryptocurrencies. Ghana could join the bitcoin adoption rates of neighboring countries such as Nigeria and Kenya.
Note: There is no financial advice in this or any other article on this site. This is information of which you are the sole judge and master. Be responsible with your investments and only invest as much as you are willing to lose.
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