Despite recent news from Nigeria clamping down on cryptocurrency exchanges, there is much to suggest Africa could be the next frontier for cryptocurrency.

Although not without some resistance, various reports and studies have shown and continue to emphasize the growing interest and use of cryptocurrency across Africa. It has been dubbed a "disruptive innovation that will blossom on the continent." With Bitcoin leading the pack of cryptocurrency options, it is quickly becoming a popular mode of business and regular financial transaction in Africa.

Although unconfirmed, I have heard gist of a couple of African startups receiving investor funding in cryptocurrency to avoid the stringent bottlenecks and hiccups that regular, traditional financial models come with. If this is true, it certainly means the continent has come a long way since 2009 when Bitcoin was created and Africa was rarely mentioned as a market for cryptocurrency in the world. Now, however, you find several African countries being mentioned in the list of largest markets for cryptocurrency; and is poised to rise yet.

With the decentralization that cryptocurrency provides, many African youth, especially those in countries facing tough economic challenges like inflation and unemployment, are finding ways to make cryptocurrency work in their favour. This will only increase in the coming months and years, even as the value of various cryptos continue to rise, and local traditional financial institutions refuse to do away with redundant and often harmful bank policies not suitable for a digital age such as we are in now.

Kenya remains a shining light

Kenya remains Africa's pioneer and leading digital money trailblazer. It launched mPesa in 2007 setting the path for a mobile money revolution that has swept through the entire continent. Now, it is leading again with cryptocurrency in Africa by not hindering the introduction and adoption of cryptocurrency in its economy, but rather finding ways to make this new wave work in the country's favour. Last year, Kenya announced it would earn $46 Million from a new tax it instituted targeting crypto exchanges in the country - a much more welcome move than the ban recently imposed by Nigeria's central bank in its own case.

Kenya's BitPesa launched in 2013 has continued to facilitate remittances within and outside the country, even to international countries; and local trading volumes in the country has continued to grow as well, which further emphasizes the value and possibilities of this industry.

Crypto is here to stay in Africa

Tunisia and Senegal are also examples of countries in Africa that have begun to see the value of embracing cryptocurrency. Tunisia's eDinar is a government-issued digital currency. Senegal launched its eCFA in 2016 and became the second country in the world to launch a national digital currency.

Already, experts are predicting that there will be more government-issued cryptocurrencies in Africa in the near future. Industry experts believe that cryptocurrency will be around for years and Africa should warmly embrace the innovation.

==

➡️ Website - I blog about the positive changing realities from across Africa here.

➡️ Twitter