Is Africa embracing or resisting crypto?

Africa is one of the most populated continents, and it’s made some serious waves in the crypto space. Yet, due to slow tech development and government restrictions, many African countries are still pretty clueless about cryptocurrencies. I decided to dig into a few African countries that are really involved in crypto, their contribution percentages, and where it’s actually banned. 1#Nigeria: Nigeria leads Africa with the highest number of crypto owners, ranging between 10 to 22 million users, with about 10% holding multiple cryptocurrencies. It's a major player in the continent's crypto scene. Despite the Central Bank of Nigeria's ban, folks aged 18 to 66 are still diving into crypto. In fact, a lot of Nigerians now hold more crypto than their local currency, the Naira, especially after its recent dramatic devaluation. 2##Ethiopia: The Ethiopian government has recently made all forms of crypto trading illegal, including Bitcoin, because of fraud issues. They consider the 'Birr' as the only official currency. Still, over 1.4 million Ethiopians are trading crypto, which is a big no-no in the eyes of the law. 3###South Africa: It’s wild to see that South Africa is also stepping up in the crypto game, with around 4.5 million people and 88% of adults owning some form of cryptocurrency.

No party will reprimand, no institution or union of any country's finances that intervene in a country about Bitcoin's recommendations so far except on the contrary. I don't think that using crypto in the countries that prohibit it is a form of contribution. So your choice is not to use it at all if you're a citizen who obeys law. Also my country isn't part of Africa, your question is a bit ambiguous.

2022 Global crypto adoption index Cryptocurrency regulations around world Regulations won't be loosen to easily for citizens in African continent but if around the world, cryptocurrency adoption becomes bigger and regulations are more friendly, countries in African continent won't stay out of the common trend globally. They will follow a global trend legally but before that I believe citizens there are very adaptive with cryptocurrencies. Those people are un-banked find easier access to financial world with cryptocurrencies and it can change their lives and give them chance to work with cryptocurrency projects too.

I wouldn't say anyone knows the body language of the governments of most African nations with regards to cryptocurrency, especially bitcoin. This is because these people always wait to take a cue from the governments of the Western nations on the topic of bitcoin before they make bold statements about whether they are for or against cryptocurrency. Sadly, they have not taken the time to research bitcoin and its use cases. Why? Because they want the West to do it for them. They want the West to tell them whether it is good or not. This is why, in most of these African countries, the US Dollar is used to buy and sell assets, as well as to pay for some services, rather than their own local fiat. No wonder we see that in a country like Nigeria, the naira has lost its value. Please do not get me wrong, I am not saying that these African governments should accept bitcoin as the Messiah of their economies hook, line, and sinker, I am saying that they should really do in-depth research and find use cases in every sector of the economy. If they are afraid of scams and frauds, they must know that these vices are as old as the existence of money. They can find smart ways to deal with it.

Sorry to say this, but based on my observation and research, you are wrong about this assumption. Cryptocurrency and its knowledge are widely spread across all of Africa. Most countries have the knowledge, but it's not widely accepted because of government restrictions. In places like Nigeria, as you have highlighted, we no longer hide our knowledge of crypto, even with the government ban and restrictions. Countries like South Africa seem to have publicly accepted crypto, and it's a great improvement and a big win. Lots will adopt. One thing I understand about the African government being against crypto is that they have not yet figured out how they can gain from it, which is why its citizens are transacting in it.

I won't go into a debate but I want to present you all with some facts. total 22 African countries are living in poverty due to a draconian law known as - the Franc of the French Colonies in Africa! https://en.wikipedia.org/wiki/CFA_franc It's a draconian law that ensures that France remains one of the richest countries in the world. In March 2008, former French President Jacques Chirac said: “Without Africa, France will slide down into the rank of a third [world] power” reference: https://www.linkedin.com/pulse/14-african-countries-forced-france-pay-colonial-tax-benefits-arnold/ So it's great for the African nations to adopt crypto at all levels of society and also they need to encourage its use to move out of the evil eyes of the French government. Only and only cryptocurrency adoption will save their fortune and keep the power themselves.

I don't think that using crypto in the countries that prohibit it is a form of contribution. So your choice is not to use it at all if you're a citizen who obeys law. Also my country isn't part of Africa, your question is a bit ambiguous. [/quote]  I meant those in Africa, of cause you are not in Africa so the question wasn't for you but you could atleast answer some other questions

I think it doesn't really matter if the government like bitcoin or not. The most important thing is that it helps people and people will be using it no matter what. So I think the adoption of bitcoin will be getting bigger no matter what the government is thinking. And in the end, bitcoin is created to take away our freedoms from the government and make a revolution. The best way the government can help is not to slow down adoption.

There is also a situation where governments are elected via elections, which means that they need votes, you can be the greatest government the world has ever seen, but if people do not vote you then you will be ousted on next election. So, what does that tells us? They could change their point about bitcoin depending on what people say, if enough people say it's bad, then they will ban it, if enough people say it's good then will make it legal. It is all about votes that they could get and what they do will bring in how many votes. My nation did that for example, government didn't like it, people protested, now they made it legal and can be used very easily.

In most of these countries it's expected that what they don't understand they would rather declare the unknown to be illegal instead of serving the citizens with what they want..but it's all about time things will go in favor of crypto one way or another. Btw looking at some of the listed countries in the OP, if crypto has the likes of Nigeria, South Africa, Kenya, Egypt just to name a few I think this is a big win to be honest. If am not mistaken these are some of the biggest economies in Africa and a great bench mark for other non crypto nations to emulate and adopt crypto, its just a waiting game for now. Totally correct, as long as a user as access to the internet and the alike legislation really does not matter tbh, but am not saying do illegal things be a good citizen

And what question might you be taking about? All your questions and the entire post is about Africa and African there's none that exclude Africa. Whether government accept crypto or not, one thing is sure people are still going to keep using it and eventually it will grow to the extent that it will be a pain in the ass for government if they should try to stop it.

I think because more and more people in every country in Africa are interested in and get involved in the world of crypto, I think one day in African countries the crypto ban will be lifted. and they will create laws that oversee crypto instead. because a country will not be able to step into a more advanced era if it is not open-minded about technological progress itself such as digital money for example (cryptocurrency). Because high citizen interest will certainly be a consideration for a government in a country. because if they ban it it will only make its citizens continue to use crypto in a clandestine way. So those governments in African countries will then think that supervising their citizens in using crypto will be much better. and they can also implement a crypto tax that will add to the country's unique income. which can be used to improve infrastructure and improvements within the country itself. because the digital era is unstoppable. and like it or not all countries have to be open with it. that's just my thought. maybe the people of Africa will know more about the possible actions of the government there in the future. I really like the enthusiasm of the African community in getting to know crypto. even that gives me a little motivation.

Though many African nations have adopted the use of bitcoin, it has been difficult for us to utilize cryptocurrencies while living in Africa. Notwithstanding the policies, I don't think the government can do anything to restrict cryptocurrency-related activity. Nigeria has been the leader in Africa when it comes to cryptocurrencies, but it has been a very challenging journey due to the government and the police. There have been instances where bank accounts related to cryptocurrencies have been blocked, and the police have harassed young people simply because they use cryptocurrencies. Nevertheless, we are still in the game. notwithstanding the pressure that is being put on them.

No doubt about your findings in Nigeria being the lead country in Africa in terms of bitcoin knowledge. The government is fully aware that Nigerians are still dealing on crypto but they have no option than to play dumb and blind. The banks too knows about it and there are some bankers too who do the crypto and bitcoin stuff too. Why the delay from the government to legalizing bitcoin is that there is no way they can launder the treasury through bitcoin as it is an open and transparent ledger where  every one individual would see what is in the wallet and another is transaction fee and taxes which will be of benefit to them hence the delay in implementing and adoption of crypto and bitcoin.

Nigerian become most popular country with higher bitcoin transaction and I find many Nigerian user here, last few update situation what happen in Nigeria because the government regulation adopted limit withdrawing cash in the bank in daily days. I think have reason with African countries exactly Nigeria's government against for cryptocurrencies because their citizen can withdraw or save assets in Bitcoin without any limit withdrawing the saving in the bank have waiting more than two years if huge amount for withdrawing all assets. Each African countries adopted with democratic system and president election in each five years, I sure when the new president have new rule about cryptocurrencies and I sure will have president in African countries will support for cryptocurrency.

It's not about being a giant without having anything to prove for it, Africa is fast growing with Bitcoin adoption with it's populace and yet only Central African Republic has made Bitcoin a legal tender and yet it has no tangible results to show for it, but the people who have adopted Bitcoin are making a God living through this while a whole country like CAR isn't progressing much about it, that is why it's not all about going by the adoption but putting things in place for the suitability of the adoption on ground, Bitcoin has been a major sustainability on majority of the African youths while their governments failed to take responsibility for them, Bitcoin deed and till today, many Africans were still looking for more opportunities that could come more from Bitcoin adoption.

You have said it all. It's just the simple truth: Africans don't need any government approval for them to use crypto; we are using it and we will continue to use it, even if they stop all financial institutions from engaging in any form of crypto-related transaction. We will always make ways for ourselves, as we always do.

I don't know if the estimates are accurate, but I have my doubts and questions. Okay, let's say it's 10 million in Nigeria, 1.4 million in Ethiopia. Then you say 4.5 million residents of South Africa (you mean, like, residents but not citizens or a total of 4.5 million?), then saying 88% of adults own cryptos there. It seems that roughly 35 million adults like in South Africa, and 4.5 million is certainly not 88% of them. But okay, let's say it's 35 million. Add to that 9% of Kenyan population (around 5 million), 3.1 million traders in Ghana. That, excluding Egypt (because calculating a population of young adults is tricky), gives us almost 55 million crypto users in this handful of countries alone. Isn't is a bit too many? I'm especially interested in the 88% of adults in South Africa. Could that really be true? As for policies, it seems that African countries opt for restrictive approaches, while the people try being crypto-friendly. It's sad that such things happen, when countries don't follow the will of the people.

I had read through the article you presented and I must say I’m appalled. It’s such a shame that such things are allowed to go on today. France are the only ones benefiting massively from all this. Riding on the backs of countries seeking independence and “spreading democracy” everywhere asides from Africa. France has always relied on Africa and would not let go of its cash cow so easily. So I guess it’s great for African nations to adopt bitcoin and a must to do away with colonialism.

I would like you you to make further research of Africa adopting the system of Bitcoin or neither cryptocurrency, when you check in the history of the continent and country that adopt Bitcoin most, you note that African countries adopt Bitcoin mostly and especially Nigerian, the aspect i was expecting you to narrow your point is the aspect of making Bitcoin a legal tender, our government's doesn't not suppoet the system of Bitcoin as a legal tender, or legalize Bitcoin, but now most countries in Africa have support the motion of regulations of Bitcoin.