Ecobank Report Finds Significant Presence of Crypto in 36 African Countries

-
Ecobank Report Finds Significant Presence of Crypto in 36 African Countries

A report published by the pan-African bank, Ecobank Transnational Inc., has found that despite cryptocurrencies exerting a notable presence in each of the 36 African countries in which the company operates, only South Africa and Swaziland have adopted a “generally favorable and permissive [regulatory] stance” pertaining to cryptocurrencies.

Africa’s Regulators Adopt ‘Wait and See’ Approach Regarding Cryptocurrencies

Ecobank’s report finds that “As in many other parts of the world, African governments and central banks are mostly adopting a ‘wait and see’ approach when it comes to regulating cryptocurrencies.”

The report states that “Many African governments and regulators recognize both the risks and the potential positive impacts of cryptocurrencies,” and that some African governments have shown an “appreciat[ion of] the difference between cryptocurrencies and the underlying blockchain technology.”

Despite such, Ecobank finds that many African states “have been reticent in authorizing cryptocurrency transactions, and mostly remain apprehensive about the potential risks,” adding that “African countries appear to be looking to their neighbors to regulate and innovate first, and learn from their mistakes, rather than being the first mover.”

“No Discernible Regional Regulatory Trend”

The report finds that “To date, there has been no discernible regional regulatory trend, whether favorable or unfavorable.” Ecobank assets that South Africa and Swaziland offer “the most favorable regulatory stances Africa,” whilst only Namibia has sought to prohibit cryptocurrencies.

“With the exceptions of Cameroon, Rwanda, and Senegal, no other Francophone government or central bank has made a policy statement on virtual currencies,” the report states, adding “Those countries that have made a statement have indicated that cryptocurrencies operate in the grey area between legality and illegality. In these countries, the best a cryptocurrency innovator can hope to achieve is a ‘no objection’ to trialing the product rather than formal authorization and (ultimately) legislation to match. The consensus in these countries is that for Africans, although cryptocurrencies are generally not prohibited, consumers use them at their own risk and they have been warned about the potential consequences by regulators.”

https://news.bitcoin.com/ecobank-report-significant-presence-crypto-36-african-countries/

Comments

Post a Comment

Popular posts from this blog

Three Reasons why Bitcoin is Programmed to Pump

-
Image
I saw an article online and it was well articulated about Bitcoin being programmed to pump. I made a video about it. Highlighting the view of the writer. Despite non-stop criticism, obituaries, and competition from altcoins, Bitcoin has undeniable advantages — ensuring that its value will keep rising for decades to come. It might make sense just to get some in case it catches on. If enough people think the same way, that becomes a self fulfilling prophecy. Satoshi Nakamoto, 1/17/2009 Here are the reasons 1. The Hard Supply Cap 2. No One is in Control 3. The Lindy Effect
Read more

Four Events that will trigger the next Global Financial Crises

-
Image
There are some foretelling signs that shows that the global financial crises is looming, For some times now, Governments around the world are facing an upward task of balancing there sheet when it comes to financing. But the inevitable is here. The governments are in territories that have never been before. The interest is at its lowest in decades and Quantitative Easing is no longer feasible. Printing more money will lead to hyperinflation. Everything is pointing to a looming doom! Here are the four Events as it unfold 1. Government Debt As said earlier that we are now in the territories we have never been before in history of humanities. The Global Financial Debts is in trillions of Dollar. The world reserved currency ($) is weakening by the minutes. Interest is at its all time low and debts are at all time highs. It is not the matter of when that we are going to succumb to the load of debts. We are only hanging by a thread. 2. Negative Stock Market Returns
Read more

When the Game is Rigged, you don't have to Play by the Rules

-
Image
When the game is rigged, you don't have to play by the rules. Since the start of time, powerful empires have risen through history. And the one major prerequisites for glory and power had always been a standard financial system. Be it Ancient Egyptian or Babylonia or even recently Rome, wealth have been the driving force that spurred these empires forward. They could command great armies, buy Calvary and acquire the state of the art technology that gave them an edge in produc tion, industrialization and warfare. Not taking anything away from the industriousness of these empires, a spark that ensured they stayed in power is they knew something other nations didn't. They knew that the game of wealth was rigged and you need not play by the general rules to win. Of course they preached about the real 'rules' of the game but then they played by the rigged rules that ensured their victory. That pattern has been carried into modern empires of America and China.
Read more