Crypto in Africa: Remittance issues, fraud, and crypto popularity
Startups are taking initiatives to help Africans send and receive money at the lowest possible cost.
Startups are taking initiatives to help Africans send and receive money at the lowest possible cost.
Cryptocurrency exchange Paxful is in hot water in Nigeria after crypto traders in the country claimed the firm has been closing down their accounts illegally.
Countries in Africa are destined to use blockchain technology and cryptocurrency to change their societies as a whole. While many are using these technologies for good, some are still looking for an easier path to illegal activities.
Interest in Bitcoin is increasing in South Africa and Uganda, and banks all over the continent are fighting against the rush to cryptocurrencies.
The year has been quite active for the crypto community in Africa. More start-ups continue to emerge, and politicians are taking up these new technologies.
The year started with great promise for the cryptocurrency in Africa, and gains were made in South Africa, Nigeria, Kenya, Ghana, Zimbabwe, and Uganda.
Nigeria Deposit Insurance Corporation (NDIC) has expressed concern over the development of digital currencies and their effect on the banking industry.
The African crypto space is still strong, with Bittrex and VALR partnering on a new exchange, and Veritaseum expanding their offers.
It’s an interesting week for the cryptocurrency space in Africa this week. The continent has seen more governments profess their support for cryptos publicly, while others are planning to create a regulatory framework for the market.
Quidax, a European-based cryptocurrency exchange, recently launched its operations in Nigeria.
The cryptocurrency sector in Nigeria has been busy growing in the last couple of weeks with new game changers joining in the fray. More Nigerians are trading in cryptocurrencies both locally and internationally.
African countries are not just taking blockchain technology by the horn, they’re also tightly holding on to it. In the last few months, some countries in the region are finally realizing the great potential of cryptocurrency and its underlying technology.