This is a very important question as Africa countries and its leaders might just follow suit with Zimbabwe and start placing ban on the use of cryptocurrency across Africa. Lets take a look at some African countries that might just ban the use of cryptocurrency.
1. NIGERIA MIGHT JUST BAN THE USE OF CRYPTOCURRENCY/BITCOIN
The very first Africa country that comes into mind is Nigeria. In fact there have been a debate in the senate house regarding the use of bitcoin and it was not in favor of the cryptocurrency. In addition to that debate, the Central Bank of Nigeria was also directed to investigate cryptocurrency and educate banks, financial institutions and individuals about cryptocurrency.
The Nigeria Deposit insurance corporation(NDIC) also issued out a warning to Nigerians that they should desist from using cryptocurrency as it is not recognized by the Central Bank of Nigeria as a legal currency.
Although the Central Bank of Nigeria has been a little silent about the use of cryptocurrency and have allowed cryptocurrency exchanges to carry out their activities peacefully in the country but how long can they sit on the fence now that the Reserve Bank of Zimbabwe have come out to place an outright ban on the use of cryptocurrency in the country.? Well we’ll leave the answer to that question for time to answer but in the time been all Nigerians should brace themselves for whatever is coming ahead.
Other Africa countries that might also now consider placing a ban on the use of cryptocurrency/bitcoin include but not restricted to KENYA, SOUTH AFRICA(RSA), TANZANIA, GHANA. Although the condition for trading bitcoin is favorable for now in the above countries but anything can happen now. Cryptocurrency users in these countries are mostly investors in online platforms and so far some have gained a lot from bitcoin investment well maybe its time to cash in those gains.
More news on the Zimbabwe ban on cryptocurrency will be coming through and if the favorable condition changes in any other Africa country (Lets hope it doesn’t) we’ll also give the update here. Do you think it is a good move for countries to reject the use of cryptocurrencies or not? please leave your reply as a comment below.