BitcoinCash, a leading cryptocurrency after Bitcoin, will experience a very significant growth rate of mass adoption in Africa soonest.
This imminent surge in mass adoption rate is "sine qua non" to multiple growth in Africa's economy at large. By-and-large, Nigeria's economy plays major roles in deciding the direction and pace of economic advancement in the continent.
Hope rises for mass adoption of cryptocurrency in Nigeria as the chief financial watchdog of the nation will treat cryptocurrencies and token offerings as forms of securities until proven otherwise. In a statement signed Friday, 18th September, 2020; the Securities and Exchange Commission (SEC) of Africa's most populous country said "all crypto assets will fall under the regulation that covers securities, exchanges and transactions on exchanges".
The SEC confirmed all forms of digital asset offering taking place in the country, as well as participating individuals and companies, acting for themselves or on behalf of others, will be subject to its regulatory guidelines and approval.
Nigeria isn't the first African nation aligning digital asset offerings with existing securities guidance. South Africa published a policy paper in April that called for all token offerings to adhere to traditional regulation as much as possible.
It is very glaring from facts and figures that with the giant strides made by the two giant nations towards cryptocurrency embracing and inclusion in economic development plans, BitcoinCash is being positioned to be favored along with Bitcoin in Africa.
Currently, millions of Nigerians are using Bitcoin to bypass trading hurdles with China as easy access to forex is nothing-to-write-home-about. These transactions translate to billions of US dollars on monthly basis.
With the steps taken by SEC, emerging opportunities are there for BitcoinCash to take its own share of the bogus markets. Invariably, this will boost BitcoinCash's popularity and mass adoption across Africa.
In the same vein, some major digital exchanges in Nigeria that I have been discussing BitcoinCash with are eagerly committed to list the coin on their platforms; for direct trading for Nigerian Naira (NGN) as well as US Dollar.
Notable among them are:
blockvila.com (already listed BCH and will commence trading by October).
jostpay.com(already trading BCH/NGN)
As soon as those exchanges launch massively into actions by servicing millions of customers across Africa, it will be a very joyous event for BitcoinCash. This will positively enhance the coin's mass adoption across Africa.