Post
Topic
Board Bitcoin Discussion
Re: in future are you hoping to see some countries in Africa legalis bitcoin.
by
Vincom
on 27/03/2024, 22:57:47 UTC
It's in two ways from how I view it here; it's a future digital currency for those that haven't adopted it either as a store of value or transaction purposes and while for those of us already making use of it it's nothing of a future digital currency but something we're all already living in the present with as a financial instrument.

As for legalization by African countries I am sure that if it's just African countries alone bitcoin doesn't have a problem of acceptance as with all the countries of the African continent you can hardly see any that's with stringent restrictions towards it's citizens on the use of bitcoin and cryptocurrency as a whole unlike in other countries of the world.
Africa is a new market and is ready to adopt new financial solutions to achieve economic development and improve quality of life. El Salvador in Latin has successfully applied the BTC strategy and African countries can learn from it. However, this also requires the government to be truly open to crypto. Nigeria has become a dangerous country for crypto after its government tried to attack CEXs and blamed crypto for the devaluation of its currency.

Crypto is currently being mined, stored and traded via P2P in Africa, especially in countries with high inflation, but to develop further it also needs to be approved and supported by the government. We will need a large-scale experiment in one African country to strengthen the feasibility of using crypto for the purpose of national economic development.