In what seems to be like the smartest invention the World has ever experienced since Electricity, Cryptocurrency is sweeping through the world like a Storm. It has spread its tentacles with so much efficacy that it would never again lose hold on the elements it has garnered.
Bitcoin which was created in 2008 is an initiative which is centred around creating a 'decentralized currency with transparency, better security, and easier access.' Its fame had reached all corners of the World, except Africa. However, activities in recent times has shown that there's light at the end of the tunnel for Cryptocurrency in Africa.
Thanks to Inflation and a huge slide in Currency value, business startup was beginning to face undeserved persecution. Global marketers based in Africa were also running at a loss thanks to the exchange value of currencies such as Naira, Cedis and Rands, until wisdom was gotten through understanding applied to the knowledge of Bitcoin.
With the need for a better transaction environment arising, cryptocurrency gained voice in Africa with Nigeria and South Africa standing the flag. It didn't have a smooth landing though.
Central Bank of Nigeria for instance issued a stern warning against cryptocurrency on the 12th of January, 2017 saying it was a currency which was "largely untraceable and anonymous making them susceptible to abuse by criminals, especially in money laundering for financing of terrorism." South Africa on the other hand proposed strict cryto regulatory framework so they would not be held accountable for any losses, but that is an aside now.
Africa is witnessing the greatest boost in 2020 as different countries like South Africa, Kenya, Ghana, and Nigeria have all welcomed BTMs onto their shore. BTMs are Crypto-based ATMs which help in facilitating faster crypto transactions. With this done, buying and selling of cryptocurrency such as Bitcoin and Ethereum are now easier than earlier envisaged. Finally, importers and exporters can now transact business without a fear of currency value.
The different Financial governing bodies of these countries which are rapidly opening arms to Bitcoin have still not openly adopted Cryptocurrency. However, with what we have on ground, we know the future for Cryptocurrency in Africa has a glittering hope!
