Sunday, January 29, 2023
  • Home
  • TechBooky
  • Business
  • TV
  • Startup
TechBooky Africa
  • Home
  • TechBooky
  • Business
  • TV
  • Startup
  • Fintech/Finance
  • Login
No Result
View All Result
TechBooky Africa
Home Cryptocurrency

African Countries Need To Lift The Cryptocurrency Sanctions

The African digital economy has reportedly gained 1200% economic growth surged by cryptocurrencies

Eni by Eni
March 11, 2022
in Cryptocurrency, Government
0

The outcome of the global economic lockdown in 2020 turned out to create a surge via the digital economy. This has encouraged a significant transition from real-time commercial activities to embracing virtual commercial markets via the internet.

Related posts

Electronic Transfer Levy

Nigerians React To FG’s Imposed Levy On Recipients To Electronic Money Transfer.

January 13, 2023
The NBC Fines MultiChoice and Its League of Broadcasters for Televising Insurgent Documentary.

The NBC Fines MultiChoice and Its League of Broadcasters for Televising Insurgent Documentary.

August 5, 2022

The FinTech sector is the flagship stream of the digital economy revenue income whereby the cryptocurrency exchange currently competes with the foreign exchange market. While digital assets continue to surge other sovereign states grows fear of cryptocurrencies and other digital assets to devalue their custom legal tender.

While 2021 counts down, several African countries took heed to ban cryptocurrencies exchange in the African money market. Over twenty-three African countries banned cryptocurrencies exchange. Still, cryptocurrency is not illegal but the crypto market remains unregulated.

For context, the Nigerian government also banned commercial banks and the entire money market from trading with digital currencies. The Central BANK of Nigeria, CBN, intends to protect investors’ vulnerability to frauds and scams. It is as easy as injecting funds in fake tokens motivated by trendy ads on the web.

Out of the twenty-three countries that temporarily banned the crypto market, four other MENA regions permanently banned cryptocurrencies, including, Tunisia, Morocco, Algeria, and Egypt. These countries believe the existence of digital money will devalue the local legal tender in their local money market.

On the other hand, research has it that the Blockchain network has reportedly financed Terrorism, ransomware, and other illegal transactions because it wires an enormous amount of funds per transaction without wallet limitation. 2022 makes it a year since the CBN banned financial institutions from transacting with cryptocurrencies with penalties attached to violators.

Despite Central banks’ prohibition on commercial Banks from exchanging cryptocurrency as a legal tender, several other tech-inclined populations continue to exchange digital currency per its financial inclusion. Several other African will continue to use cryptocurrency since the real-time legal tender is currently devalued.

In Africa, the Nigerian economy has reportedly exchanged a hefty volume of digital currency worth over $400m via P2P networks on either Paxful, Binance, Luno, or other local vendors. African cryptocurrency indulgence is seconded by Kenya with $160m worth of cryptocurrency volume traded in Kenya.

The top three countries to use cryptocurrencies despite government sanctions includes Nigeria, Kenya, and South Africa (the Zulu economy has reportedly traded up to $177m worth of cryptocurrency).

In Africa, the Nigerian population has embraced digital currency to fuel its economy despite the official government sanctions that hover around the digital currency. This is possibly not incriminating because the Nigerian government also debuted a digital coin dubbed e-Naira likewise the adoption of the virtual fiat reserve dubbed the Central Bank Digital Currency harbouring a sole motive to duly regulate cryptocurrencies and other digital assets for easy adoption.

Several other countries are bending the rules they initially regulated to flag the cryptocurrencies indulgence due to its complexity of exchange. After the e-Naira debut, the Americans and other European countries are embracing the use of the digital coin likewise discovering means to regulate the entire digital economy.

Governments are bending the rules due to the economic benefit attached to trading with cryptocurrencies. The USA has reportedly consorted the CBN to uncover information about developing its custom CBDC likewise officiating digital assets as a legal tender. Today, the African digital economy has reportedly experienced a 1200% revenue growth which amounts to $29bn in the next decade.

Total
2
Shares
Share 2
Tweet 0
Pin it 0
Share 0
Tags: africaCrypto marketcryptocurrenciesgovernment
Previous Post

Y Combinator And Other Capitalists Offered YEP! $1.5M Pre-seed Deal.

Next Post

The Japanese And The Nigerian Government Compact To Debut The i-Hatch Startup To Incubator Bootcamp.

Next Post
The Japanese And The Nigerian Government Compact To Debut The i-Hatch Startup To Incubator Bootcamp.

The Japanese And The Nigerian Government Compact To Debut The i-Hatch Startup To Incubator Bootcamp.

RECOMMENDED NEWS

Google Chrome Selects Windows OS Versions The Web Browser Will Quit Supporting By February.

Google Chrome Selects Windows OS Versions The Web Browser Will Quit Supporting By February.

3 weeks ago
Egypt’s MaxAB Acquires Morocco’s WaystoCap, Sets New Record

Egypt’s MaxAB Acquires Morocco’s WaystoCap, Sets New Record

1 year ago
The Central African Republic Prepares to Debut Sango Coin to Accelerate Local Crypto Hub Development.

The Central African Republic Prepares to Debut Sango Coin to Accelerate Local Crypto Hub Development.

7 months ago
Telkom

Telkom Declines Rain Group Merger Offer.

2 weeks ago

FOLLOW US

  • 70.9k Followers

BROWSE BY CATEGORIES

  • App
  • Banking
  • Business
  • Cryptocurrency
  • Cybersecurity
  • East Africa
  • Economy
  • Enterprise
  • Event
  • Fintech/Finance
  • Funding
  • Gadget
  • Government
  • Insight
  • Internet
  • Investment
  • Nigerian/African Tech
  • North Africa
  • Personnel
  • Research/How to do it
  • Service
  • Social Media
  • Southern Africa
  • Startup
  • Telecom
  • Transport
  • Uncategorized
  • West Africa

BROWSE BY TOPICS

5g acquisition africa app banking CBDC cbn central bank of nigeria cloud cryptocurrency Crypto market cybersecurity e-commerce e-naira east africa ecommerce economy enterprise fintech funding Fundraising google government inec internet investment kenya License microsoft mtn ncc nigeria Partnership Regulator remittance ride hailing seed social media software south africa startup technology telecom twitter west africa

Featured Categories

App
19 Posts
View Posts
Banking
17 Posts
View Posts
Business
7 Posts
View Posts
Cryptocurrency
27 Posts
View Posts
Cybersecurity
13 Posts
View Posts
East Africa
23 Posts
View Posts
Economy
18 Posts
View Posts
Enterprise
31 Posts
View Posts
Event
9 Posts
View Posts
Fintech/Finance
83 Posts
View Posts
Funding
29 Posts
View Posts
Gadget
11 Posts
View Posts
Government
55 Posts
View Posts
Insight
4 Posts
View Posts
Internet
20 Posts
View Posts
Investment
18 Posts
View Posts
Nigerian/African Tech
31 Posts
View Posts
North Africa
2 Posts
View Posts
Personnel
2 Posts
View Posts
Research/How to do it
2 Posts
View Posts
Service
8 Posts
View Posts
Social Media
19 Posts
View Posts
Southern Africa
17 Posts
View Posts
Startup
83 Posts
View Posts
Telecom
35 Posts
View Posts
Transport
10 Posts
View Posts
Uncategorized
2 Posts
View Posts
West Africa
41 Posts
View Posts
No Result
View All Result
Loading
  • Amazon & Stripe
    Stripe & Amazon Iterated Partnership Deal Will Integrate FinTech & Cloud Services For Global Penetration.
    • January 25, 2023
  • Airtel eSIM
    Airtel Launches eSIM Technology In Nigeria
    • January 25, 2023
  • Mafab Communication Debut 5G Cellular Data In Nigeria.
    • January 24, 2023
  • Spotify
    Tech Retrenchment: Spotify Has Prepared To Cut It Global Workforce This Week.
    • January 24, 2023
  • Kuda Bank
    The SBP Issues Kuda Bank FinTech License to Operate In Pakistan.
    • January 24, 2023
TechBooky Africa

We bring you the best Premium WordPress Themes that perfect for news, magazine, personal blog, etc.

Follow us on social media:

Recent News

  • Stripe & Amazon Iterated Partnership Deal Will Integrate FinTech & Cloud Services For Global Penetration.
  • Airtel Launches eSIM Technology In Nigeria
  • Mafab Communication Debut 5G Cellular Data In Nigeria.

Category

  • App
  • Banking
  • Business
  • Cryptocurrency
  • Cybersecurity
  • East Africa
  • Economy
  • Enterprise
  • Event
  • Fintech/Finance
  • Funding
  • Gadget
  • Government
  • Insight
  • Internet
  • Investment
  • Nigerian/African Tech
  • North Africa
  • Personnel
  • Research/How to do it
  • Service
  • Social Media
  • Southern Africa
  • Startup
  • Telecom
  • Transport
  • Uncategorized
  • West Africa
  • Home
  • TechBooky
  • Business
  • Video
  • Contact Us

© 2022 Techbooky Africa .

No Result
View All Result
  • Home
  • TechBooky
  • Business
  • TV
  • Startup

© 2022 Techbooky Africa .

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In