Browsing: africans turn to bitcoin and cryptocurrency:

  • CAR is making preparations to completely include cryptocurrencies in its economic policy with the planned launch of a Bitcoin cryptocurrency investment hub
  •  “SANGO” cryptocurrency project, which will be released in the near future, is open to prospective investors, who can register on a waiting list on the official website
  • CAR does not have the essential digital infrastructure to support the growth of cryptocurrencies on a bigger scale, which casts doubt on the viability of adopting bitcoin as a currency

The Central African Republic intends to go against the advice of the International Monetary Fund and continue using bitcoin as its official currency with the planned launch of the CAR Bitcoin cryptocurrency investment hub.

After making the announcement that it will open Africa’s first legal bitcoin investment hub, the President of the CAR, Faustin-Archange Touadéra, stated that the country is now completely ready to accept cryptocurrencies.

CAR is making preparations to …

In February, Nigeria dominated most tech news outlets following the ban on the trading of cryptocurrencies which triggered anger among Nigerians seeing cryptos as a safe haven in the populous economy.

The West African nation is the world’s second-largest Bitcoin market after the United States and despite this, the Central Bank of Nigeria (CBN) is cracking down on the trade of cryptocurrencies. 

Cryptocurrency technology is decentralized and no government, company, or person controls it.

Read: Is Bitcoin poor Africans’ alternative reserve currency?

In the crackdown directive on February 5CBN ordered commercial banks and other financial institutions to close accounts transacting with cryptocurrency exchanges.  A week later, Bitcoin’s value doubled. 

While the CBN has not clearly stated its reasons for the crackdown, the reality on the ground is that Africa’s giant economy is facing dollar shortages following the sharp decline in