Crypto News Bulletin from bitcoinmagazine

Friday May 31, 2019 6:48 PM
1 month 1 week ago

Op Ed: Bitcoin in Africa, What Needs to Be Done to Encourage Adoption?

Bitcoin has the potential to revolutionize the African continent. Through Bitcoin, millions of unbanked Africans will have access to financial services.These and many more such statements exist across the internet. All these statements are true. But, despite all the benefits that Bitcoin is expected to bring to African countries, adoption levels in Africa continue to be the lowest globally.Which begs the question, “If Bitcoin is to help Africa catch up with the rest of the world, what is preventing Africans from adopting the cryptocurrency?”Why Is Africa Lagging in Bitcoin Adoption?Africans are interested in bitcoin and other cryptocurrencies. Nigerians account for the highest number of searches for the keyword “Bitcoin.” However, this peak in interest does not appear to be translating to increased adoption rates.Why is this?One of the main factors limiting bitcoin adoption in Africa is the availability or lack of regulations. African governments either have introduced strict regulations limiting bitcoin use or have not introduced any legislation to govern cryptocurrencies.In countries such as Zimbabwe, the government introduced strict regulations against cryptocurrencies, which resulted in Golix — the country’s only crypto exchange — shutting down its bitcoin ATMs.In countries where crypto regulation is still absent, citizens are exposed to a multitude of scams, which makes them wary of bitcoin. In Uganda, for example, bitc...