The International Monetary Fund is calling for increased regulation of Africa's crypto markets, one of the fastest-growing markets in the world, the global institution blogAmong the reasons why countries in the region should embrace regulation, the monetary fund cited the collapse of FTX and its ripple effect in cryptocurrencies prices, which is"prompting renewed calls for greater consumer protection and regulation of the crypto industry.
Moreover, the authors argue that"risks from crypto assets are evident" and"it’s time to regulate" to find a balance between minimizing risk and maximizing innovation. Based on the October 2022 Regional Economic Outlook for sub-Saharan Africa, the piece states that"risks are much greater if crypto is adopted as legal tender", posing a threat to public finances if governments accept crypto as means of payment.
According to IMF's data, 25% of countries in sub-Saharan Africa have formally regulated crypto, while two-thirds have implemented some restrictions. On the other hand, Cameroon, Ethiopia, Lesotho, Sierra Leone, Tanzania and the Republic of Congo have already banned crypto assets, which represents 20% of the sub-Saharan African countries. Kenya, Nigeria, and South Africa have the highest number of users in the region.
Between July 2020 and June 2021, Africa’s crypto market increased in value by more than 1,200%, according to data from analytics firm Chainalysis, with high adoption in Kenya, South Africa, Nigeria and Tanzania.
It's not a surprise. I think talk about it will go on for a long time
And what about usa and other countries?
The IMF should worry about the economic disasters they have created in Africa
First must be regulated US companies like Coinbase, Circle. the latter probably needs even law-enforcement attention.
How come everybodyyy is silent on this!
I think Africa will be a great home for crypto. I heard Bitfinex is well known there.
If revolution , is about Web3 (not Web5), is about DigitalTransformation, is about Coredao_Org , is about SatoshiPlusConsensus, is about 👈
crypto adoption in Africa was spiking last year, and this should be the case in 2023 especially since BitDAO is supporting AfricaDAO's mission to drive-up web3 adoption in the continent
The IMF can go fark itself. The IMF is part of the Zionist controlled global financial empire that keeps us in debt and uses us as pawns in their games they play on.
Jokers
Love to see this!
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