After El Salvador declared Bitcoin legal tender last week, many Latin American countries joined in their support, sparking the laser eye movement. Predicting this week, it could be Africa’s turn – with key individuals coming out in favor of bitcoin (BTC) adoption.
Does Africa have a chance to join the wave of Bitcoin support?
Africa has a chance to join the wave of Bitcoin supporters triggered by El Salvador Salvador
Unlike Latin Americans’ accusations, some of the biggest voices supporting the movement are actually based in the US – with Twitter boss Jack Dorsey and sports star Russell Okung claiming BTC will bring change real economy for Africa.
All eyes are also on Tanzania, where the President reported over the weekend that the country is ready to embrace “cryptocurrency and blockchain.”
According to a report from Swahili Times, President Samia Suluhu Hassan has instructed the Central Bank of Tanzania to “prepare for the use of cryptocurrencies and blockchain technology”.
During his speech at the new building of the Central Bank of Tanzania in Mwanza, near Lake Victoria, the President announced that technological change is imminent in the financial sector. She said:
“We have seen the emergence of a new journey through the internet. I know that in Tanzania we have not yet adopted or started using this technology. However, my message to the Central Bank is that you should get on with this development. Central banks should be ready for change and not be caught unprepared. “
At this stage, it remains unclear whether the President is actually referring to cryptocurrencies like BTC — or central bank digital currency (CBDC). She did not mention any tokens by name, and the media has called “sarafu za kimtandao” – roughly translated (by machine translation) as “internet-based currency” or “digital”.
However, the media also sparked interest online by posting a link to the news story alongside an image of the President at the new building – interspersed with images of decorated coins. with BTC, ethereum (ETH) and litecoin (LTC) symbols.
Meanwhile, American football star Okung, who was a first-round NFL draft pick in 2010 and has played in the NFL for brands like the Carolina Panthers and Denver Broncos, wrote an open letter to Nigerian government, calling on the nation’s leaders. to follow El Salvador in the lead.
Okung – a Nigerian-American – claims that “economic independence and financial sovereignty” can be achieved by pursuing “the national bitcoin standard”.
“Soon every country will face this decision, but those who take the initiative to seize the moment like we just witnessed in El Salvador will enjoy significant advantages across the globe. pray for generations to come,” he said.
The crypto situation in the African continent is favorable for Africa to join the wave in favor of Bitcoin
According to recent data and reports, Bitcoin and crypto adoption is skyrocketing across Africa.
Cryptocurrency adoption and peer-to-peer Bitcoin trading are on the rise across the African continent. There has been significant progress across Africa towards crypto adoption in terms of regulation, trading volume and reported crypto ownership.
Currently Uganda, Nigeria, South Africa, Ghana, and Kenya regularly rank among the top 10 countries for Bitcoin searches on Google according to a recent report by Arcane Research and Luno.
The study highlights that Africa is “one of the most promising regions” for crypto adoption as it presents a young and largely unbanked population, who often forced to use expensive forms of money transfer.
In light of the growing popularity of cryptocurrencies, South Africa’s top financial regulators have released a policy report with 30 recommendations on the regulation of cryptocurrencies and related service providers. mandarin. The purpose of the policy paper is to comply with the cryptocurrency standards set by the Financial Action Task Force (FATF).
According to a BBC report published last year, many Kenyan businesses have begun to accept bitcoin as payment for their services and products, despite warnings from the Central Bank of Kenya about the nature of bitcoin. volatility of cryptocurrencies. Last year, the total number of bitcoin transactions in Kenya was estimated to be worth more than $1.5 million, according to the Kenya Blockchain Association. The number is expected to grow significantly as cryptocurrencies gain popularity on the continent.
Even Nigeria is experiencing an uptick in crypto adoption. Interestingly, the country has several local platforms that support buying and selling cryptocurrencies with the national currency. One such notable platform is Nairaex, the largest local cryptocurrency exchange that supports several payment methods for buying and selling BTC including bank transfers and the Bitpesa bitcoin remittance platform. According to buybitcoinworldwide.com, more and more Nigerian companies are accepting crypto payments.
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