The Top 5 African Countries That Are Embracing Bitcoin
Bitcoin is popular among South Africans. According to their search interests on Google, they top the ranking for bitcoin. One group bitcoin appeals to is millennials. South Africa has a lot of them. Young people between the ages of 15 to 34 years old make up 20.6 million people – 35.7 percent of the total population, according to Statistics South Africa’s 2018 mid-year population estimate report. Combined with the fact that the country has one of the highest internet penetration rates in Africa, the country has become a sweet spot for many cryptocurrency exchanges.
Africa’s second-largest economy has been struggling to stand on both feet for the past few years; the economy has refused to grow. Considering this, bitcoin has become a haven from the political and economic turmoil.
In Nigeria, many local traders and activists believe this is an opportunity to liberate themselves from a flailing economy using digital currencies and blockchain technology.
The main driving force for Nigeria’s strong bitcoin adoption could be tied to the prolonged dollar shortage in the country . Bitcoin has been a viable means for Nigerians to work around the lack of access to foreign exchange and preserve their money from being eroded by inflation.
Local crypto exchanges have also been on the rise in the country giving more people access to a broader range of cryptocurrencies.
The situation in Nigeria is not too dissimilar from Zimbabwe. A cash-strapped economy, failing currency and depleted foreign exchange markets saw locals turn to bitcoin as a store of value.
However, since 2018, the relationship between financial regulators and crypto businesses have been strained. The Reserve Bank of Zimbabwe (RBZ) decided to ban all local financial institutions from servicing cryptocurrency businesses. Young Zimbabweans – desperate to overcome the foreign currency and liquidity challenges plaguing the country – have found innovative ways around the ban though.
Zimbabwe’s capital, Harare. Remitano and local Bitcoins have also been servicing crypto fans in Zimbabweans.
A Citibank research ranked Kenya among countries with the largest bitcoin holdings worth over $1.63 billion, approximately 2.3 percent of the GDP.
The East African country has one of the highest bitcoin trading volumes in Africa.
Also, local innovators have launched cryptocurrency systems to support payments and cross-border transactions, as embodied by initiatives like BitPesa.
Kenya is also one of the few countries in Africa with a Bitcoin ATM. Others are Zimbabwe, South Africa, and Djibouti.
Ghanaians began the year 2018 with a statement from the Bank of Ghana (BOG) cautioning the public about the use of bitcoins.
The Central Bank of Ghana (BOG) expressed an interest in introducing cyber security guidelines to guide the use of digital currencies in the country. The central bank presented a bill referred to as Payment Systems and Services Bill to the Ghanaian parliament. The BOG also hailed the potential of the technology behind bitcoin, blockchain.
The company’s most active locations are Nigeria and Ghana, the second and third largest markets, respectively.
There are also several local bitcoin and blockchain startups, such as Bitland and BTCGhana.
Food For Thought
Make a list of people you completely trust. The list should include people who always want what’s best for you. These people will always love and support you unconditionally. They will help you grow and be there for you, no matter the circumstances. Only value the opinions of people on this list. You don’t need to worry about what anyone else thinks about you. Opinions or judgment of anyone who is not on your list doesn’t matter.