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Cryptocurrency Warily Taking First Steps in Africa

It was reported yesterday by World Payments 2018 that the only country in Africa starting to embrace the idea of cryptocurrency is South Africa.


 

Countries like Kenya and Ghana are still deliberating over the idea of cryptocurrency, which has become a hot topic in some Asian nations including the Philippines and Singapore.

On the other hand, Nigeria is still completely against the digital asset. The report says that bitcoin is completely banned by the CBN as is any similar currency. Cryptos are also mostly banned in Brazil.

Either For or Against

It is noted in the report that countries in Europe like Germany, France, and the UK seem to be warming up, but as of now, no large scale regulations are in place.

Restrictions in India have been imposed already this year, despite the fact that they welcomed the idea of cryptos when it first came out of the woodwork.

The report also talks about how banks view the new VAS. These services include treasurers within corporate organizations, and bank plans to adopt a new interconnected system for payments. Trending technologies like blockchain and immediate payments are analyzed in the report as well and viewed as essential anchors to the new system.

The market for e-wallets provides a huge market-share value for large technology companies as they continue to grow and offer one-of-a-kind payment services to their customers.

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