Speaking in this way gives a general and not a diagnostic impression of what is happening in Africa. For example, I will respect the proposal if you give numbers and analyzes that show the increase in trades in some central or decentralized platforms or the emergence of local markets, but just constructive talk that is not supported by numbers.
As for Nigeria’s ban, we have not heard of a person being prosecuted for trading, and therefore I do not think that it will be strict or influential, and Nigeria is a model and not all of Africa.
Topic: Usability of cryptocurrency in Africa - page 2. (Read 221 times)
Cryptocurrency has impacted the African economy in a lot of positive ways such as:
* Growth of business for entrepreneurs as it is easy to transact with American, European, and Asia countries with a low transaction fee
* It has helped in creating employment through mining, blockchain development.
* Cryptocurrency has helped mitigate the effect of scarcity of banking structure. Cryptocurrency transactions can be done anywhere as long as there is an internet connection. Some see cryptocurrencies as vital protection from government repression.
Cryptocurrencies do not benefit the economy of a country. It has the potential to profit citizens, but not nearly enough to impact the overall economy of a particular country, at least not yet.* Growth of business for entrepreneurs as it is easy to transact with American, European, and Asia countries with a low transaction fee
* It has helped in creating employment through mining, blockchain development.
* Cryptocurrency has helped mitigate the effect of scarcity of banking structure. Cryptocurrency transactions can be done anywhere as long as there is an internet connection. Some see cryptocurrencies as vital protection from government repression.
• Bitcoin does provide means of conducting international transactions easier and faster; with no border restrictions.
• Mining does not really create employment as it's a venture which requires huge capital, and not an industry that employs labour. Blockchain development is not solely built for cryptocurrencies.
• The last point is a valid one and a big quality that attracts people to Bitcoin, this however does not impact a nation's economy.
I think it is necessary to be more specific about the topic. When we say Africa, this includes more than 50 countries with different economies and different financial policies. The situation of crypto in North Africa, for example, where there are Arab countries with emerging economies and witnessing political and social stability to some extent, is fundamentally different from the situation of crypto in West African countries, for example, where these countries suffer from complete dependence on France through the currency of the African franc, which is controlled by France complete control.
Crypto to date represents a good solution for individuals who suffer from unfair financial and banking policies in their countries, but at the same time it will be more like a dilemma for countries that are not ready in terms of the necessary technical development and the appropriate ground for adopting crypto. The example of Central Africa and Venezuela was very unsuccessful.
Crypto to date represents a good solution for individuals who suffer from unfair financial and banking policies in their countries, but at the same time it will be more like a dilemma for countries that are not ready in terms of the necessary technical development and the appropriate ground for adopting crypto. The example of Central Africa and Venezuela was very unsuccessful.
Cryptocurrency usage in Africa is on the increase daily as more and more Africans are realizing the value and benefits of cryptocurrency and due to the need of a fast, reliable, accessible and serviceable
means of money transfer and high inflation of fiat currency.
Cryptocurrency adoption in Africa as a continent is very promising because most African countries share a lot of similarities like capital control issues and scarcity of banking infrastructure. https://guardian.ng/technology/tech/evolution-of-cryptocurrency-in-africa/
Cryptocurrency has impacted the African economy in a lot of positive ways such as:
* Growth of business for entrepreneurs as it is easy to transact with American, European, and Asia countries with a low transaction fee
* It has helped in creating employment through mining, blockchain development.
* Cryptocurrency has helped mitigate the effect of scarcity of banking structure. Cryptocurrency transactions can be done anywhere as long as there is an internet connection. Some see cryptocurrencies as vital protection from government repression.
However, the usability of cryptocurrency in Africa is facing a lot of challenges due to government policies because they can't regulate it. In February 2021, the Nigerian government place a ban on cryptocurrency transactions through licensed banks. In July, it launched a scheme for a new government-controlled digital currency – hoping to rival the already established cryptos. Countries like Ghana and South Africa are coming up with policies to regulate cryptocurrency. All these policies stem from the criticism mostly by government and authorities as a means of laundering money and financial crime and also for its instability.
Another issue is the volatility of crypto, cryptocurrency is subject to unpredictable changes in the market, For businesses, a 3 percent drop in bitcoin’s value can be big enough to generate a massive loss, and that’s a risk business owners are not willing to take. https://cioafrica.co/the-truth-about-crypto-usability-in-nigeria/
means of money transfer and high inflation of fiat currency.
Cryptocurrency adoption in Africa as a continent is very promising because most African countries share a lot of similarities like capital control issues and scarcity of banking infrastructure. https://guardian.ng/technology/tech/evolution-of-cryptocurrency-in-africa/
Cryptocurrency has impacted the African economy in a lot of positive ways such as:
* Growth of business for entrepreneurs as it is easy to transact with American, European, and Asia countries with a low transaction fee
* It has helped in creating employment through mining, blockchain development.
* Cryptocurrency has helped mitigate the effect of scarcity of banking structure. Cryptocurrency transactions can be done anywhere as long as there is an internet connection. Some see cryptocurrencies as vital protection from government repression.
However, the usability of cryptocurrency in Africa is facing a lot of challenges due to government policies because they can't regulate it. In February 2021, the Nigerian government place a ban on cryptocurrency transactions through licensed banks. In July, it launched a scheme for a new government-controlled digital currency – hoping to rival the already established cryptos. Countries like Ghana and South Africa are coming up with policies to regulate cryptocurrency. All these policies stem from the criticism mostly by government and authorities as a means of laundering money and financial crime and also for its instability.
Another issue is the volatility of crypto, cryptocurrency is subject to unpredictable changes in the market, For businesses, a 3 percent drop in bitcoin’s value can be big enough to generate a massive loss, and that’s a risk business owners are not willing to take. https://cioafrica.co/the-truth-about-crypto-usability-in-nigeria/
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