The Central Bank of Nigeria (CBN) has banned cryptocurrency in Nigeria.

Despite the fact that many of im pipo deal in cryptocurrency, African nations have never shown the kind of support that many had hoped for, despite the fact that some have taken modest steps to accept am.

Cryptocurrencies such as Bitcoin, Dogecoin, and Ethereum are among of the most popular ones that Africans deal in, and the fact that many countries have yet to accept them as legal tender hasn’t slowed their development. According to a study by the consulting firm Baker McKenzie, Nigeria is ranked third in the world for nations that engage in Bitcoin trading (wey be di most popular type of cryptocurrency). Moreover, according to Paxful, which is a cryptocurrency exchange platform that will be operational in 2020, Nigerians would be able to conduct crypto trading in Africa with a total volume of 60,215 Bitcoins worth $566,668,692.

Some people believe that if African countries regulate cryptocurrency, it would increase the popularity of the currency and cause the economy to become more volatile. However, odas rationale am to be similar to gambling. Make we torchlight some African kontris who don tok (or don’t tok) about the usage of bitcoin and see what happens.

Ghana

Di Bank of Ghana does not recognize bitcoin as a legitimate form of money, despite the fact that dem have put up a Bill to govern cryptocurrency.

Nigeria

According to a statement released on dia official website in 2018, the Nigerian Securities and Exchange Commission (SEC) intends to regulate digital assets such as cryptocurrency because ‘digital asset offerings’ such as crypto-tokens or crypto-coins dey provide anoda through which pipo can invest or keep dia money as an asset, according to the statement.

As e be say di Central Bank of Nigeria don draw ear before giving kontri pipo say traders and investors in any form of crypto currency in Nigeria are not protected by law, according to one CBN circular on February 28, 2018, this ground-breaking remark surprised many. For February 2021, the Central Bank of Nigeria (CBN) has issued an order directing financial institutions to shut down the accounts of any customers who have been engaged with cryptocurrencies.

Kenya

Kenya’s government does not recognize cryptocurrencies because of the difficulty in regulating it, despite the fact that it has formed a task group to determine whether the country is ready to accept it.

Baker Mckenzie is the source of this information.

Republic of South Africa

As one of Africa’s most developed countries, dem don’t bother to look into whether or not they should legalize cryptocurrencies. As a matter of fact, di national treasury doesn’t suggest that dem alter the legislation to recognize me. The Crypto Assets Regulatory Working Group, on the other hand, is tasked with bringing to light any legislation that may be necessary to legalize cryptocurrency. However, di South African Reserve Bank never promulgated any legislation to provide am with legal protection.

Mauritius

Di kontri is no stranger to the many financial trading services that have sprung up all over the globe. In di island country, there are numerous forex trading firms that are registered, and for crypto currency trading, dem don’t set up a framework to enable am.

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