Topic: African government against or for crypto?? - page 2. (Read 291 times)

I don't think that using crypto in the countries that prohibit it is a form of contribution. So your choice is not to use it at all if you're a citizen who obeys law.
Also my country isn't part of Africa, your question is a bit ambiguous.
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 I meant those in Africa, of cause you are not in Africa so the question wasn't for you but you could atleast answer some other questions

I won't go into a debate but I want to present you all with some facts. total 22 African countries are living in poverty due to a draconian law known as - the Franc of the French Colonies in Africa!

https://en.wikipedia.org/wiki/CFA_franc

It's a draconian law that ensures that France remains one of the richest countries in the world. In March 2008, former French President Jacques Chirac said:

“Without Africa, France will slide down into the rank of a third [world] power”

reference: https://www.linkedin.com/pulse/14-african-countries-forced-france-pay-colonial-tax-benefits-arnold/

So it's great for the African nations to adopt crypto at all levels of society and also they need to encourage its use to move out of the evil eyes of the French government. Only and only cryptocurrency adoption will save their fortune and keep the power themselves.

Sorry to say this, but based on my observation and research, you are wrong about this assumption. Cryptocurrency and its knowledge are widely spread across all of Africa. Most countries have the knowledge, but it's not widely accepted because of government restrictions. In places like Nigeria, as you have highlighted, we no longer hide our knowledge of crypto, even with the government ban and restrictions. Countries like South Africa seem to have publicly accepted crypto, and it's a great improvement and a big win. Lots will adopt. One thing I understand about the African government being against crypto is that they have not yet figured out how they can gain from it, which is why its citizens are transacting in it. 

I wouldn't say anyone knows the body language of the governments of most African nations with regards to cryptocurrency, especially bitcoin. This is because these people always wait to take a cue from the governments of the Western nations on the topic of bitcoin before they make bold statements about whether they are for or against cryptocurrency. Sadly, they have not taken the time to research bitcoin and its use cases. Why? Because they want the West to do it for them. They want the West to tell them whether it is good or not. This is why, in most of these African countries, the US Dollar is used to buy and sell assets, as well as to pay for some services, rather than their own local fiat. No wonder we see that in a country like Nigeria, the naira has lost its value. Please do not get me wrong, I am not saying that these African governments should accept bitcoin as the Messiah of their economies hook, line, and sinker, I am saying that they should really do in-depth research and find use cases in every sector of the economy. If they are afraid of scams and frauds, they must know that these vices are as old as the existence of money. They can find smart ways to deal with it.

2022 Global crypto adoption index
Cryptocurrency regulations around world

Regulations won't be loosen to easily for citizens in African continent but if around the world, cryptocurrency adoption becomes bigger and regulations are more friendly, countries in African continent won't stay out of the common trend globally. They will follow a global trend legally but before that I believe citizens there are very adaptive with cryptocurrencies.

Those people are un-banked find easier access to financial world with cryptocurrencies and it can change their lives and give them chance to work with cryptocurrency projects too.

No party will reprimand, no institution or union of any country's finances that intervene in a country about Bitcoin's recommendations so far except on the contrary.

I don't think that using crypto in the countries that prohibit it is a form of contribution. So your choice is not to use it at all if you're a citizen who obeys law.
Also my country isn't part of Africa, your question is a bit ambiguous.

        One of the most populous continents in the world, ""Africa"" has contributed greatly to the cryptocurrency industry. But due to limited technical advancements or government-imposed restrictions, the majority of African nations are still unaware of cryptocurrency.
      I made the decision to look into some of the African nations with the highest levels of involvement in the cryptocurrency industry, their percentage contributions, and those where utilizing cryptocurrency is prohibited.


1#Nigeria: Nigeria has the greatest percentage of cryptocurrency owners in Africa, with over 10-22 million users, 10% of whom own several cryptocurrencies. It is one of the leading nations promoting cryptocurrency in Africa.
Notwithstanding the CBN's restriction, young people between the ages of 18 and 66 continue to engage in cryptocurrency.Most Nigerians now possess more cryptocurrencies than fiat money "Naira" due to the recent significant devaluation of the Nigerian currency.



2## Ethiopia:. Ethiopia's government, recently declared cryptocurrency trading illegal and banned the use of Bitcoin and all other forms of cryptocurrency due to fraud committed by some citizens of the nation.The "Birr" is regarded as the only legal money in the nation, but over 1.4 million Ethiopians continue to engage in cryptocurrency trading this is considered as a significant felony or serious crime.



3###South Africa: It's incredible to learn that South Africa is also making a contribution to cryptocurrencies, with 4.5 million of its residents and 88% of its adults owning cryptocurrency.
   As cryptocurrency is not prohibited in South Africa, it is actually accepted as payment for goods and services. In fact, this has greatly aided the nation's economic growth.



4####Kenya: Kenya, a well-known nation in Africa, struck agreements with various cryptocurrency trading firms and professionals to help develop their economy, and this has resulted in lucrative earnings over the past few years.
   Also, it is claimed that the government of Kenya intends to adopt Bitcoin as its official currency.
In Kenya, 8.9% of the population now owns bitcoin, while over 4.4 million Kenyans have expressed interest in trading cryptocurrencies.



5#####Egypt: Due to the depreciation of their own fiat currency, young adults in Egypt have made the decision to search for alternative sources of income. The demand for cryptocurrencies has surged in Egypt as a result of the participation of over 67% of young adults in the country in cryptocurrency trading.



6######Ghana: Around 17% of the country's young adults hold cryptocurrencies, and 3.1 million adults trade them.
    In Ghana, cryptocurrency is accepted as a form of payment for trading. With the aid of some crypto institution offered by their government, this has been made possible.




I discovered during my investigation that majority of African nations have cryptocurrency trading bans, therefore I've also decided to list some of them.

Here are some of the nations where cryptocurrency is prohibited.

Niger, Senegal, Tanzania, Togo, Tunisia, Zambia, Algeria, Benin, Burkina Faso, Burundi, Cameroon, Chad, Democratic Republic of the Congo, Gabon, and Lesotho are just a few of the countries represented.

These restrictions may be implemented as a result of fraudulent activities, money laundering, or other Ponzi schemes operating in these nations, which compelled their governments to do so. Future consideration for the repeal of bans is possible.
 

What do you think about the African nations who aren't allowed to use Bitcoin? Do they merit these reprimands?

Do you believe that the government is genuinely allowing its people to lose out on the exciting world of cryptocurrencies?

Do you anticipate that these restrictions will be lifted?

If you are in Africa, what is your countries contributions in the crypto market?






Please let me know in the comments if I missed anything particularly important. I'd love to hear your feedback.( some of the information here was compiled and gotten from research through Google search engines)

For more information on this topic use this link:
https://www.itnewsafrica.com/2022/07/the-top-10-african-countries-with-the-most-crypto-holders/