Hey, we get it, no judgments from this end at all, we all want the same thing as you.
You want to be able to move your money around without fear of being monitored, or charged exorbitantly. You even want to have easy access to send money to any country at the speed of light. The thing is, you actually deserve this, it’s your money after all.
One of the ways to do this efficiently is through a decentralized technology otherwise known as cryptocurrency. But you keep encountering some challenges.
Challenges associated with African countries using cryptocurrency
It is not news that governments around the world including Africa are putting their foot down and insisting on regulating cryptocurrency in their countries.
These prohibitions, however, do not mean that crypto adoption amongst citizens isn’t growing in these countries. Although it has become difficult to freely transact digital currency in most African countries, many users of crypto have resorted to Peer to Peer (P2P) trades. While this is a solution, it came with some challenges such as safety issues and an increase in the scam rate.
Hence, one of the most exciting news to hit the African countries using cryptocurrency this year is that despite the restrictions by most governments, the Central African Republic announced that they will adopt bitcoin as a legal tender.
The Parliament of the Central African Republic (CAR) voted unanimously to sign a bill that will recognise Bitcoin and other forms of cryptocurrency as national legal tender, according to a statement posted to the country’s presidential Facebook page.
After El Salvador in North America, CAR is the second country in the world to legalise cryptocurrency.
What does this mean for Africans?
The difference between cryptocurrency and fiat currency is that cryptocurrency is not regulated by the government. Also, it doesn’t need middlemen, just the internet. This makes it borderless. Economists say it is a disruptive innovation that will blossom on the continent.
Cryptocurrency has gained worldwide popularity and usage in the past decade—with global adoption growing by 2300% since 2019 and 103 countries allowing crypto trading
Four African countries—Algeria, Egypt, Morocco, and Tunisia—have banned all forms of crypto trading. However, 7 other African countries using cryptocurrency including Nigeria, Cameroon, and Gabon have some forms of prohibition regarding crypto trading.
African countries where you can spend your crypto
In its 2021 Geography of Cryptocurrency Report, Chainanalysis reported that Africa’s cryptocurrency market grew by over 1200% between 2020 and 2021.
Some African countries using cryptocurrency are as follows:
Chainalysis featured these countries in its Top 20 Global Crypto Adoption Index. In fact, Kenya is leading the continent in peer-to-peer crypto trading.
While CAR remains the first and only African country to legalise cryptocurrency, you can still transact crypto in any African country. You just need to sign up on a safe and trusted exchange platform.
The best crypto exchange platform for you
Introducing Bitmama, the first highly-secured blockchain infrastructure that pioneers the “Crypto Beyond Trading” movement in Africa.
At Bitmama, we have amazing products like the Buy Crypto Pay Later feature. This allows you to buy crypto without upfront cash to pay back in 30 days.
You can’t afford to not have our physical and virtual crypto debit cards. These cards give you over $10,000 in monthly spending limits. MasterCard powers our cards, you can fund it with stable coins and use it anywhere in the world for instant online and offline transactions.
On our platform, you can perform daily transactions such as airtime purchases and pay for your cab or food directly with crypto without first converting to fiat.
