Browsing: africa crypto

Some cryptocurrencies. The beauty of transacting in cryptocurrencies in Africa is that they are not plagued with hyperinflation like the countries’ local currencies. www.theexchange.africa

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