BUSINESS MAVERICK OP-ED: Blockchain and cryptocurrency regulation in Africa

African countries are no strangers to the use of digital solutions for money transfers, nor to the rapid implementation of such technologies.

Despite this, a high percentage of migrant work, both within and between African countries results in a disproportionate need for remittance mechanisms outside traditional banks. And foreign remittance remains a primary source of income for many African communities and households, with countries such as Lesotho purportedly attributing almost a third of their GDP to remittances from abroad.

Some governments, however, have been apprehensive and reserved, and in some instances unreceptive to the use of this technology. Countries such as Zimbabwe and Namibia have reportedly begun with a hard stance, whilst Mauritius is a regional frontrunner. The regulatory sandbox created in Mauritius, for instance, demonstrates a progressive take on the general economic benefits that could follow a friendly, and even incentivised, approach to cryptocurrencies.

In Nigeria, no regulation has been issued by the Central Bank of Nigeria to date. However, the Bank has announced plans to release its white paper on the use and regulation of cryptocurrency in the country. So far, they have been against the use of cryptocurrency due to the risk that Nigerians will be victims of fraudulent schemes.

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Business Maverick: Debt, State Firms Are Risks to South Africa Rating, Moody’s SaysSouth Africa may struggle to hang on to its sole investment-grade credit rating if economic growth persists at weak levels and if government debt and risk from state-owned companies rises, Moody’s Investors Service said.
Source: dailymaverick - 🏆 3. / 84 Read more »

Business Maverick: Africa Growth at 7-Year High, No Thanks to Its Major EconomiesGrowth in Africa’s two largest economies may be sputtering along but that won’t stop the continent’s gross domestic product from expanding at the fastest pace since at least 2012.
Source: dailymaverick - 🏆 3. / 84 Read more »

BUSINESS MAVERICK: Facebook’s South Africa problem: Just what exactly is ‘white nationalism’?Facebook, under enormous pressure to be more conscious about the content on the platform, has recently announced that beginning immediately it will start taking down posts that support white nationalism and white separatism. But what exactly is ‘white nationalism’ and how would it apply in South Africa? Turns out, it’s a work in progress. A MINORITY's(self)-Preservation .
Source: dailymaverick - 🏆 3. / 84 Read more »