Cryptocurrency is gradually becoming regulated across the world, and all be it at different speeds. These regulations are helpful to the progress of the crypto movement because it opens doors for businesses and eases uncertainty among the general public who may have put off using it – for now. Overall, the regulation of cryptocurrency could not come soon enough, and there is an unspoken race of which territories will be fully prepared for crypto first.
Africa may not be at the forefront of that race at the moment, and the continent does have many countries within it that are not planning to regulate but instead, their authorities have implemented ways to block crypto. However, all is not lost for those who have already taken the plunge and set up their bitcoin wallet at Luno or other renowned operators who support crypto in Africa.
Why Africa and Crypto Go Well Together
Africa and cryptocurrency are well suited for several reasons. For one, Africa already boasts a culture that is familiar with sending money via smartphones and using apps. A trend that sits well with the implementation of widespread crypto use. Crypto is not just suited to Africa, but it could also help the continent’s many underprivileged. It becomes a solution to many continuing problems, including:
- Large unbanked populations
- Lost money to transfer companies when receiving payment from family overseas
- Earning money slowly
- Hyperinflation (crypto is unaffected, and wealth can be somewhat preserved)
These are just some of the ways that crypto could enhance the lives of Africans and improve the economies of its nations.
Positive Signs in Africa
Despite efforts by central banks and African governments to make crypto use difficult, most notably in Kenya where bank accounts are not permitted to crypto users, there are signs that Africa is revving the engine and prepared to overtake other nations that are considered progressive with crypto use.
South Africa is one of the shining lights in the continent and has called for regulation on a global scale. However, one of the biggest success stories comes from Mauritius now being dubbed the hub of crypto in Africa. Mauritius has become the first country in the world to adopt regulations for crypto and digital assets in the world. In that regard, it could be argued that a small portion of Africa already won the crypto race.
So, Will Africa Lead the Race?
With the EU implementing their team to start regulating crypto, it is unlikely that Africa would be able to compete with the EU’s speed to get the job done. However, once regulation is widespread, and crypto accepted more often in Africa, the continent could be one of the powerhouses of digital assets, considering how many benefits it could have on the continent. It is an exciting time for crypto across the world, and there are prizes for everyone who finishes the race.