NIGERIA ONLINE Six African countries that ban cryptocurrency 1 year ago Szarlot Post Views: 254 Simultaneously, Africa happens to be the fastest growing crypto markets, while also being the smallest. This is thanks to the sporadic use of digital currencies on the continent. For example, of the 46 Sub-Saharan African countries, Kenya, Nigeria, and South Africa record a substantial amount of the entire crypto transactions in the region. Asides the sporadic use of cryptocurrency, African governments also harbor a shared paranoia on the use of a currency with little to no regulations. A very valid phobia given the recent collapse of the world’s third largest crypto exchange FTX, and the subsequent plunge in the prices of Bitcoin, Ethereum, and other major crypto assets. As a result, the use of cryptocurrency is still a huge bone of contention within many markets in the region. The recent crash of FTX has rekindled the conversation surrounding government regulations on cryptocurrency, and the general public has become more weary of exchanging their traditional currency for a virtual one. In Africa however, this conversation is most likely going to have little effect, at least in the coming years, seeing as authorities in the region simply share a general mistrust of the blockchain technology. This was evident in the conflict of interest that arose in Nigeria during the #endsars period. During the #endsars movement, the government of Nigeria placed a ban on the use of cryptocurrency, while the people protested this ban to little effect. If this is any indication, it shows that Africa as a people are ready to embrace the use of cryptocurrency, and are willing to accept the risk, the same risk present in the stock market. While governments are not. “Policymakers are worried that cryptocurrencies can be used to transfer funds illegally out of the region and to circumvent local rules to prevent capital outflows. Widespread use of crypto could also undermine the effectiveness of monetary policy, creating risks for financial and macroeconomic stability,” – according to a report by the International Monetary Fund. In the same report dubbed the October 2022 Regional Economic Outlook for sub-Saharan Africa, the IMF also noted that two-thirds of Sub-Saharan African countries have implemented some form of restrictions on cryptocurrency and six countries have banned cryptocurrency altogether. The countries who have placed some measure of restrictions on the use of cryptocurrency were placed under the IMF’s implicit ban section, while those that have completely banned the use of cryptocurrency were placed under the IMF’s explicit ban section. Below are six of these countries that have explicitly banned the use of cryptocurrency; Cameroon Ethiopia Lesotho Sierra Leone Tanzania The Republic of Congo Source: africa.businessinsider.com About Post Author Szarlot I am a fan of casino games especially roulette and blackjack. After that I analyze current events in the gambling industry. See author's posts SzarlotI am a fan of casino games especially roulette and blackjack. After that I analyze current events in the gambling industry. Facebook Twitter LinkedIn Email Print Tags: ban, crypto, sub-saharan Continue Reading Previous Star Candy from GreentubeNext PlayTSOGO is new online betting operator on SA More Stories ONLINE UGANDA Elevate Your Gaming Experience with the Buffalo Slots Mobile App 22 mins ago Tools ONLINE SOUTH AFRICA SOFTSWISS unveils South African iGaming market overview 1 day ago Samuel HOT NEWS ONLINE How has Cryptocurrency Changed the World of Casinos 1 day ago Samuel LOTTERIES NIGERIA Nationwide league signs N964m sponsorship deal, unveils technical partners 1 day ago Szarlot ONLINE WORLD NEWS Pragmatic Play further expands LatAm footprint by going live with Betsala 1 day ago Iwo Bulski NIGERIA ONLINE Can Lagos become Africa’s gaming hub? 1 day ago Szarlot EXPERTS NIGERIA Africa Surges to Become Third Largest E-gaming Market With 186M Players 4 days ago Samuel BETTING NIGERIA PalmPay And BetKing Promote Responsible Gaming In Nigeria 4 days ago Samuel ONLINE SOUTH AFRICA WA.Technology Unveils Next-Gen iGaming Solutions at BiG Africa Summit 2024 5 days ago Szarlot ONLINE WORLD NEWS Pragmatic Play Bolsters African Market Presence Through Betfounders Collaboration 5 days ago Iwo Bulski EXPERTS NIGERIA Binance executives detained in Nigeria 5 days ago Samuel ONLINE WORLD NEWS Slotegrator Partners with Turbo Sportsbook 6 days ago Tools Leave a Reply Cancel replyYour email address will not be published. Required fields are marked *Comment * Name * Email * Website Save my name, email, and website in this browser for the next time I comment. Δ This site uses Akismet to reduce spam. Learn how your comment data is processed.