In Africa, new cryptocurrency regulation (2019)

Africa is a large region in which a large number of different currencies rotate. The fact is that there are more than 50 countries with official currencies. But by and large, in Africa, we no longer need control from bankers and corrupt officials. Given that this continent has so many countries and economies, as well as borders that can be crossed without prohibitions and sanctions, Bitcoin becomes an ideal means of payment for the entire territory. If we analyze the banking system in different African countries, we can conclude that the scale of the financial infrastructure is very different. For example, in South Africa, a fairly high-quality system is established, and in Central the situation is quite different.

Bitcoin is a threat to government currencies, the issue of which is under the control of the authorities. The government has a monopoly on the issue of money, and in this case it has no competitors. There were some problems with the advent of cryptocurrency, which are gaining great popularity throughout the African continent. Perhaps in the near future, bank money will no longer be able to compete with cryptocurrency, because in essence they are less adapted for use. In many ways, this situation is due to the spread of mobile devices throughout the continent.

We can observe how some countries are increasingly using cryptocurrency. For example, there is a lot of information about Zimbabwe, Nigeria and the Republic of South Africa. Statistics of Google trends at the request of Bitcoin says that Africa often prevails. From this we can conclude that the interest of the population in this technology is quite real. But there are also many countries where people practically heard nothing about digital currencies, so there is still a lot of room for improvement for this territory. However, we can see as starting points regions such as the Republic of South Africa, Nigeria and some other countries which are going to contribute in widespread distribution of cryptocurrencies.

Nigeria
Nigeria’s presidential candidate, Atiku Abubakar, is a crypto enthusiast. He has repeatedly stated that he will try to make the cryptocurrency become part of the country’s future development. Presidential elections will be held next month, and Abubakar has quite high ratings. In the event of his victory, most likely in Nigeria will begin an intensive introduction of cryptocurrency technology in different directions.

Uganda
Another loyal country for digital assets. here was opened a platform from the Binance exchange, which realized the possibility of trading cryptocurrency with fiat pairs. This site has become very popular among the people of Uganda who want to buy Bitcoin. At the same time, the government of Kenya (with which Uganda has an active foreign trade) has created the first regulatory framework for the regulation of virtual assets.

South Africa
The authorities of this country have opened a working group on cryptocurrency regulation. Also, the Reserve Bank of the Republic of South Africa approved a draft law, according to which there is opposition to fraud and protection of investors in the field of cryptocurrency, as well as transactions are monitored and taxes are laundered. The norms of this document equate Bitcoin with traditional financial infrastructure due to de-anonymization of cryptocurrency operations. According to this law, marketplaces and software wallet owners must track transfers and control how their customers use digital assets. In fact, they now perform the same functions on the cryptocurrency market as the traditional banks in the financial system. Therefore, cryptocurrency exchanges, wallet developers, Bitcoin-ATMs, and other companies doing business related to virtual assets should register with the government registry in 2019. And for many market participants this is negative news.

Zimbabwe
Recently, Zimbabwean authorities have disconnected the Internet throughout the country. This happened for the reason that mass protests broke out in the country against the increase in fuel prices by 150%. However, the population quickly began to master the possibilities of satellite Internet, and as this type of communication spread, the government started to realize that they were not able to prohibit connecting to the world wide web.
Not so long ago, Binance employees conducted a public relations campaign aimed at helping victims of a landslide descent in Uganda. The fundraising took place through the blockchain platform of the Binance Charity Foundation, the charity fund of the platform . Also, according to representatives of the foundation, they intend to save one million African children from starvation in 2019.

In Africa, new cryptocurrency regulation (2019)

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Kane Dane