The latest reports suggest that Africa is steadily growing its interest in virtual currency and Blockchain.
Some economists have shared their views on this growing interest, and they have also agreed that Cryptocurrency will blossom on the African continent. Cryptocurrency, often referred to as virtual currency, is not bound by location as it is web-based.
The virtual currency brands that are leading the pack in Africa currently are:
- Monero, and of course;
Although, when listing the biggest markets for virtual currencies Africa is seldom mentioned but give or take in the nearest future, the continent will be set to steal the frontier for Cryptocurrencies over all other existing markets.
According to the statements made by Rakesh Sharma; a technology journalist, ” Africa is rarely mentioned among the largest markets for cryptocurrency, but it may be set to steal a march over other markets,”
He also gave his reasons to be that with a paradigm of decentralization, virtual currencies provide a different option to the disastrous central monetary institution policies.
African Countries And Crypto
Between September 2016 and September 2017, the inflation rate of South Sudan rose to 102% according to reports made by the World Bank. The other countries that have high inflation rates reaching double digits include:
- Zimbabwe, and;
Also, some of the countries mentioned above are among the major bitcoin economies that are in Africa. These primary Bitcoin countries are:
- South Africa
- Kenya, etc.
Currently, Bitcoin is steadily gaining ground in faraway Uganda. Also, when the inflation rate of Zimbabwe increased back in 2015, central authorities had no choice but to print $100 trillion notes; this made some of the Zimbabwe citizens to turn to Bitcoin.
Even more, the vice president of ICOWatchlist.com stated that some African countries, including Zimbabwe, transacted in Bitcoin instead of their local Fiat currencies as its ecosystem with hyperinflation.
Additionally, forecasts suggest that there will be about seven hundred and twenty-five million mobile phone subscribers in Africa by 2020. This simply implies that more Africans will be handed the tools to connect into the crypto eco-system easily.
Spread Of Bitcoin In Africa
Bitcoin is currently growing strong on the African continent, and this may be because African governments are not regulating the crypto. Not like they do not want to, but they are simply powerless to regulate it.
According to the Nigerian Apex bank, they can not regulate or try to control Bitcoin because like the internet, they do not own it.
With this, so many virtual currencies are making their way to the African continent. They will also gain a stronghold as the Africans without any access to banks and reside in politically unstable countries will end up being attracted to the crypto ecosystem.
To Wrap It Up
About fifteen virtual currency operations started in Africa in just the past year. There are also remittance services that are based off Cryptocurrency and are currently popping up in diverse African countries such as Abra which functions effectively in both Malawi and Morocco.