A well-regulated African cryptocurrency market is needed in order to protect users as well as help countries stop bad actors from using digital assets to circumvent capital controls, the latest post on the IMF blog has said. The blog post reiterated the IMF’s belief that risks to a country are “much greater if crypto is adopted as legal tender.
As per the global lender’s latest blog post, only a quarter of countries in Africa’s sub-Saharan region formally regulate cryptocurrencies. However, in the Bretton Woods Institution’s latest post known as the “Chart of the Week,” it is stated that over two-thirds of countries from the region have implemented some restrictions.
Only six countries, namely Cameroon, Ethiopia, Lesotho, Sierra Leone, Tanzania, and the Republic of Congo have effectively banned crypto, the blog revealed. Zimbabwe, on the other hand, directed banks to stop processing crypto-related transactions. While the authors of the Nov. 22 blog post did concede that “many people use crypto assets for commercial payments,” they insisted that crypto assets’ volatile nature makes them unsuitable alternative stores of value.
Policymakers are also 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., the authors reiterated the IMF’s belief that such a decision places “public finances at risk.
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Kind of the point. To give Africa power and freedom back. If regulators like the ones in nigeria were not so cozy up to the west, Their central bank could be independent on bitcoin like El Salvador and fiat value would not matter there. Only bitcoin value would.
Crypto is for avoiding taxes isn't it
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It is better to encourage adoption of cryptos to develop an international trade. There are always ways to bypass countries' capital controls. It is just necessary to regulate crypto market.
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Isn't that the point?
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They implement restrictions but also build CBDCs?
It is impossible to restrict cryptos. All crypto users may have access to various crypto exchanges around the world and hodl cryptos in these exchanges. And nobody can freeze our cryptos.
I think what is needed is to get more people buying and owning Bitcoin.
Nigeria has 200mil people, everyone is there , when preparation meets opportunity , Mass adoption
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