November 16, 2018 IBOMLLC Team

Reasons for the Growing Bitcoin market in Africa

Innov8tiv
Innov8tiv – Blacks In Technology in USA, UK, Caribbean Islands & Africa

Recently, Africa has shown to be a fertile ground for Cryptocurrency with several countries such as South Africa, Kenya, Ghana, Zambia, Nigeria and Zimbabwe among others embracing its adoption.

There are several reasons to this boom.

One of them is the fact that African governments no longer impose stringent regulations to Cryptocurrency. This might be attributed to the inability to regulate this currency as recently indicated by the Central Banks of Nigeria and Kenya. However, it is still not clear whether the same trend will be sustained in future.

Another factor spurring this growth is the fear for a probable collapse of the African banking industry or arbitrary appropriation of money. In such a case, Africans are gaining interest into Cryptocurrency due to their fear to be unable to access banks and political instability that might result in loss of money; hence, the need for a secure option.

The rationale for this enticement is based on the hypothesis that transactions related to Bitcoins eliminate the procedural bottlenecks that plague traditional banking and financial services. However, this assertion is yet to be confirmed and if proved solidly and concretely, then …read more

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