Which countries in africa are using cryptocurrency
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The reason being is that inflation is created when there is an increase in a country's physical money supply, because platforms like Bitcoin are digital, there can never be an inflation since there will never be more than 21 million bitcoins produced for a very long time. Is crypto currency a wise decision for Africans? One of the major issues with African economies have been corrupt government regulations. What can often happen in Africa is that money is typically circulated amongst the wealthy, thus preventing the creation of sociatal money flow.
When this happens, those that are not as wealthy will be impacted by inflation. On the bright side, cryptocurrencies are a blockchain based system that can yield profits with just a small amount of money.
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Which countries in africa are using cryptocurrency easiest way to invest in ethereum
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Over 70 million Nigerians have traded cryptocurrency in the last six months. Central banks in most African countries like Kenya and Nigeria have been hostile to cryptocurrency exchanges, leaving crypto traders in Africa to deploy P2P platforms as the only viable solution, unless they use VPNs to access servers in other countries, which can be inconvenient for many.
In December , the Central Bank of Kenya issued a warning to Kenyans to stop the trade of bitcoins. In , the Central Bank of Nigeria banned all banks from using, holding, trading and transacting in cryptocurrency. Despite the challenges projected to stop the trade of cryptocurrency in Africa, the crypto market keeps growing. Many African developers have created various crypto trading apps in Africa to support crypto trading, with each having its significant purposes.
Breet , an OTC crypto trading platform was designed to automatically convert and withdraw your cryptocurrency to money straight to your local bank account privately, without the use of an open public sector. Other crypto platforms like Remitano and Quidax were designed for the buying and selling of Bitcoin , Ethereum and other crypto coins in Africa.
Foreign crypto platforms like Binance and Coinbase have also made their platforms accessible to African crypto traders. Remittances are sent by those who have left their country to their families. Traditional financial institutions, on the other hand, charge exorbitant costs for foreign transactions, particularly to African countries.
Furthermore, some African governments impose restrictions on the size of international transfers. As a result, migrants are driven to seek out more cost-effective and speedier methods of sending money. Cryptocurrency saves the day once more. Inflation Many African countries are facing significant inflation and, as a result, national currencies are depreciating. As a result, in times of severe inflation and economic crises, many Africans are turning to cryptocurrencies to save their money.
International commerce For local businesses, using cryptocurrencies for settlements is less expensive and more accessible than using a bank: transactions with digital assets are faster and more profitable, and no accompanying documentation are required. Furthermore, several banks forbid their corporate clients from transferring funds to China, thus shutting off a multibillion-dollar market. As a result, the adoption of crypto payments benefits African business owners tremendously.
To begin with, cryptocurrencies allow you to send money with minimum fees. Second, crypto payments can be nearly instantaneous, which is particularly crucial for businesses that rely on financial flow to stay afloat. Top 5 Countries in Africa where crypto payments legal 1. Nigeria In Nigeria, there is no cryptocurrency-specific legislation. The authorities have previously turned a blind eye to digital assets.
Payments with cryptocurrencies, on the other hand, are not technically forbidden. According to TripleA, about 8. Kenya is also a global leader in peer-to-peer trade. The country passed legislation recognizing digital currencies as financial assets in June Tanzania Tanzania ranks among the top twenty countries in terms of cryptocurrency adoption, alongside Kenya, Nigeria, and South Africa. A small community in Tanzania has even been transformed into a smart village thanks to cryptocurrency.
Namibia There are currently no formal crypto legislation in Namibia that allow the usage of cryptocurrency as a payment method.
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