Bitcoin national reserve plans in Africa countries

Charles-Tim

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Quote from: MainIbem on Today at 12:15:20 AM

It's no new thing that lots of countries have picked interest in the Bitcoin reserve and trust me, Africa countries are not left out, several countries like Kenya, SouthAfrican, Centra African Republic and even Nigeria has embraced Bitcoin

We have to embrace bitcoin and other cryptocurrencies like the fiat pegged stable coins because of the hyperinflation in Africa countries, not about investment alone but which is also part of the reason. I am specifically referring to use but the government and not citizens. That is because they are the ones that will make bitcoin a strategic reserve in the country.

Quote from: MainIbem on Today at 12:15:20 AM

However research have it that Bitcoin is now official currency in Central African Republic and the news is dated back to 2022, which means that they're one of the countries that joined El Salvador to adopt Bitcoin years ago.

It was later reversed.

Quote from: https://bitcoinmagazine.com/culture/why-bitcoin-failed-in-car#:~:text=In%20April%202022%2C%20the%20Central,the%20nation%20reversed%20its%20decision.

In April 2022, the Central African Republic (CAR) adopted bitcoin as legal tender, becoming the second nation in history to do so. However, just a year later, the nation reversed its decision.

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Quote from: Charles-Tim on January 08, 2025, 07:39:56 AM

Or maybe I am missing some information. Is there any country that is having bitcoin national reserve plan? If I see any country in Africa with that plan, I will list it on this thread.

you know as our things de usually be, when any of those nations when colonize us start to officially adopt bitcoin as her strategic reserve, then you go begin see say most African countries de monitor this adoption process on the low. a lot of things go really hinge much on how the united state take adopt bitcoin and whether or not them go finally allow make bitcoin become their strategic reserve. once e finally happen, we fit de see massive adoption by African countries up to the extent of making use of it as her strategic reserve.

i believe say nija normally suppose follow for country when need adopt am as her reserve looking at how our currency de bad and how saving in USDT de like a serious disadvantage for us. if only we get younger and well exposed persons in leadership in African countries then adopting a digital technology as her strategy reserve will be an easy thing because it will serve as a serious edge against inflation and the devaluation of most of the African currency.

MainIbem

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Quote from: Charles-Tim on January 08, 2025, 07:39:56 AM

I have been reading many news about different countries or people in different countries in talk with regulators and government officials about plans to make bitcoin as a reserve in their respective country. What I am very concerned about is that as many as we in Africa, I means the countries, I have not seen any country that is making a plan like this.

Or maybe I am missing some information. Is there any country that is having bitcoin national reserve plan? If I see any country in Africa with that plan, I will list it on this thread.

It's no new thing that lots of countries have picked interest in the Bitcoin reserve and trust me, Africa countries are not left out, several countries like Kenya, SouthAfrican, Centra African Republic and even Nigeria has embraced Bitcoin, though our government is still being Skeptical about embracing it fully but lots of Citizens in our country have embraced it. However research have it that Bitcoin is now official currency in Central African Republic and the news is dated back to 2022, which means that they're one of the countries that joined El Salvador to adopt Bitcoin years ago. Anyways I've not heard of any African government that's publicly opened up to buy the reserve lately but with time lots of countries including those in Africa would follow suit probably after U.S buys the reserve in the near future, even our government would have to option than to buy the reserve to back up our local currency for the future.

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Quote from: Charles-Tim on January 08, 2025, 07:39:56 AM

I have been reading many news about different countries or people in different countries in talk with regulators and government officials about plans to make bitcoin as a reserve in their respective country. What I am very concerned about is that as many as we in Africa, I means the countries, I have not seen any country that is making a plan like this.

Or maybe I am missing some information. Is there any country that is having bitcoin national reserve plan? If I see any country in Africa with that plan, I will list it on this thread.

The Question should be is Africa even interested in Bitcoin investment? Talk more of making it a reserved asset like other continent. Well if you ask me I will say that they may likely make it a reserved asset but maybe in the future. Africans don't always follow suit any trend or development as fast as possible when it is at thee rise, rather they will likely wait untill it's too late then they will be struggling to participate. It has always been the bloodline of Africa. Take for example Nigeria is one of the word most Bitcoin adoption country, yet the government is bent on not making it legal. Then when will they think of such idea? They are urkward and shallow in thinking, but let's hope they follow suit with El Salvador.

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Quote from: Josefjix on January 08, 2025, 10:13:16 AM

Quote from: Amphenomenon on January 08, 2025, 09:30:12 AM

While there been any bill or news about an entire Nation(s) in Africa setting up a Bitcoin reserves, the fire fighters union in Kenya has done it recently.

Quote from: https://coinpaper.com/6516/kenya-s-firefighter-union-adopts-bitcoin-reserve-in-historic-move

Kenya’s Firefighter Union Adopts Bitcoin Reserve in Historic Move

The Kenya National Fire Brigades Association has become the first labor union in the country, and potentially in Africa, to adopt a Bitcoin reserve.

In respect to this, it seems Kenya has had major interest in adopting crypto the onset because they have shown their love and passion for crypto usage among their respective students in their tertiary institutions. Kenya and South Africa (the Zulu) had been the only African countries to have initiated a blockchain technology and cryptocurrency courses to be studied in their higher institutions for either free or paid.

If I should pick out African countries to start this Bitcoin reserve thing, then I think South Africa will take the lead, they are somewhat good enough to embracing newly created innovations, lets watch out.

I can say both Kenya and South Africa are like among the most inclined in technology in Africa, they are really innovative and I'm getting to see more reasons why IBM did collaborate with some universities in both countries for settling up quantum computing research center in Africa. I think the other country among this list is Egypt.
https://khusoko.com/2019/06/12/ibm-expands-its-quantum-computing-program-to-africa-university-of-nairobi-a-key-beneficiary/
https://medium.com/qiskit/ibm-quantum-challenge-africa-how-african-researchers-are-building-a-quantum-community-from-the-5e524f623a99

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No country for now, if there were to be then rumors will have been circulating throughout the internet about it , there’s just Central African Republic making Bitcoin a legal tender[ Source] just like Elsavador , no rumors of making it the country reserve.. it’s just a matter of time, sooner than later , they will all join if time permits.

Quote from: Frankolala on January 08, 2025, 01:19:58 PM

This is why Africa is different from the rest continents because they hardly look into the future and identify a good development that they can benefit from instantly. We only copy the things that we alone will benefit from and not what is good for the growth of our economy. If not will any Africa government say they're not aware of what's happening in the world, as some countries want to use bitcoin as a reserve for their future. It seems Africa countries are not thinking of the future.

Africa is not the only continent that’s yet to do it or make plans although Africa seem to be totally blanked about it for now , only few countries out side Africa has embraced/ considering of making it a national reserve as well, even the mighty USA is yet to do it, all we know for now is a promise to make bitcoin as the country reserve hope fully he does that when he enters…

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This is why Africa is different from the rest continents because they hardly look into the future and identify a good development that they can benefit from instantly. We only copy the things that we alone will benefit from and not what is good for the growth of our economy. If not will any Africa government say they're not aware of what's happening in the world, as some countries want to use bitcoin as a reserve for their future. It seems Africa countries are not thinking of the future.

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Perhaps none of us are in the parliament of any of the African countries not even our Nigeria, there could be such suggestions going on under the carpets but has not been made public in the Red Chamber (Lawmakers), everything remains undisclosed untill its discussed by the lawmakers and perhaps i believe that Nigerian lawmakers are not yet interested in it even though they know how much benefit it could become.

And if you observe very well African countries always wait for someone to begin the show before they jump in hence who is willing to be the first to propose such ideas in the Red Chamber.

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African countries suffers till date the economic burdens their colonial masters posed on them coupled with the level of corruption therein. I believe that if any countries would be considering taking those bold moves, it would be these countries whom have been overtaken by the military and removed every grasp of colonial masters and started focusing strictly on developing their countries.Burkina Faso is fast developing now and I expect them to make a bolder move towards strengthening their economy by involving Bitcoin.

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Me and you know that African countries are not proactive and only play second class roles to these big countries so for now African countries are still waiting for America and European countries to start before they can go and borrow Bitcoin from them as loans because even at this present point in time where Bitcoin is making waves many African countries still don't have confidence in Bitcoin and is still seeing it as scam infact some countries like Nigeria has made frantic effort to make sure that Bitcoin related activities is frustrated and don't see the light of the day that is why they have band some crypto exchanges platforms and in the back even closed bank accounts that has Bitcoin related transactions

So personally speaking I don't see any African country that has made any concrete steps or plan on ground to tap into the potential that Bitcoin can offer by way of having bitcoin reserves which will be beneficial to the government and even the entire countries economy

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yes

Quote from: Amphenomenon on January 08, 2025, 09:30:12 AM

While there been any bill or news about an entire Nation(s) in Africa setting up a Bitcoin reserves, the fire fighters union in Kenya has done it recently.

Quote from: https://coinpaper.com/6516/kenya-s-firefighter-union-adopts-bitcoin-reserve-in-historic-move

Kenya’s Firefighter Union Adopts Bitcoin Reserve in Historic Move

The Kenya National Fire Brigades Association has become the first labor union in the country, and potentially in Africa, to adopt a Bitcoin reserve.

In respect to this, it seems Kenya has had major interest in adopting crypto the onset because they have shown their love and passion for crypto usage among their respective students in their tertiary institutions. Kenya and South Africa (the Zulu) had been the only African countries to have initiated a blockchain technology and cryptocurrency courses to be studied in their higher institutions for either free or paid.

If I should pick out African countries to start this Bitcoin reserve thing, then I think South Africa will take the lead, they are somewhat good enough to embracing newly created innovations, lets watch out.

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Quote from: Charles-Tim on January 08, 2025, 07:39:56 AM

Or maybe I am missing some information. Is there any country that is having national reserve plan? If I see any country in Africa with that plan, I will list it on this thread.

African leaders are awkwards they don't think when other first to second world countries are thinking and they takes action when things seems to have been against them, well i don't really blame them because a country that is ruled by old men would always be old in their thinking and even if those inside are educated enough they can't do anything because they sole leaders aren't thinking way faster than others. For sure, have seen lot of news across the net, different countries planning of using bitcoin as a reserve plan but this you wouldn't see the africans taking effects on this steps maybe when bitcoin might have surge in a way that venturing would seems like a trap to them it is when you would see them jumping into it.

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Come to think of it, I haven't seen any also rather just other news showing their support to Bitcoin and which I think is mainly around mining, with Ethiopia likely being the leading source there after their recent mining regulation: https://www.binance.com/en-NG/square/post/2024-10-11-ethiopia-increases-bitcoin-mining-power-allocation-to-600-mw-14718686123586.

While there been any bill or news about an entire Nation(s) in Africa setting up a Bitcoin reserves, the fire fighters union in Kenya has done it recently.

Quote from: https://coinpaper.com/6516/kenya-s-firefighter-union-adopts-bitcoin-reserve-in-historic-move

Kenya’s Firefighter Union Adopts Bitcoin Reserve in Historic Move

The Kenya National Fire Brigades Association has become the first labor union in the country, and potentially in Africa, to adopt a Bitcoin reserve.

Cryptoprincess101

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Though i haven't heard of any African country planning to make Bitcoin their national reserve asset but in the future, we will definitely see some African countries who will make the move. Besides, plans on making bitcoin a national reserve is not what really matters but implementing it is what will affirm those plans. I know that Nigeria have been one of the major countries in Africa that are into cryptocurrency so if countries in Africa are to consider a move for bitcoin reserve, Nigeria will also be at the forefront. Another thing that has also made most countries silent about their stand on bitcoin reserve is because they are also watching President Donald Trump closely, to see if he will still make bitcoin a strategic reserve asset just like he stated during his campaigns before he was elected President of the United States of America.

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Quote from: Charles-Tim on January 08, 2025, 07:39:56 AM

I have been reading many news about different countries or people in different countries in talk with regulators and government officials about plans to make bitcoin as a reserve in their respective country. What I am very concerned about is that as many as we in Africa, I means the countries, I have not seen any country that is making a plan like this.

Or maybe I am missing some information. Is there any country that is having national reserve plan? If I see any country in Africa with that plan, I will list it on this thread.

you are definitely not missing anything, I do also hear about these news but no African country seems to be making a move.
Recently Chile are holding talks of making a strategic Bitcoin reserve fir it's country. But it seems African countries are still waiting for the other western civilization to make the moves first and this is indeed sad.

Obim34

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This country started with following El Salvador in making Bitcoin a legal tender. This was their first stage of Bitcoin acceptance and further plans they have aligned with Bitcoin. The Central African Republic in April of 2022, considered following El Salvador to make Bitcoin legal, this not only be the end of their adoption, the government situated their interest towards taking more steps involving making reserves and helping them foster a better economy. I haven't heard much from the country based on how far they have gone during the accumulation process unlike how the US are displaying their interest and soon portfolio openly.

On the list Central African Republic can come in, with how the US begin making their reserves, i believe it will motivate them to start up their own if they haven't yet.

Charles-Tim

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Charles-Tim

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I have been reading many news about different countries or people in different countries in talk with regulators and government officials about plans to make bitcoin as a reserve in their respective country. What I am very concerned about is that as many as we in Africa, I means the countries, I have not seen any country that is making a plan like this.

Or maybe I am missing some information. Is there any country that is having bitcoin national reserve plan? If I see any country in Africa with that plan, I will list it on this thread.

Topic: Bitcoin national reserve plans in Africa countries (Read 125 times)