Browsing: Central Bank bans cryptocurrencies

If crypto specialists believe that most of the African population is proficient in cryptography, they are gravely mistaken. The majority of people’s daily lives are currently unaffected by cryptography.

The adoption of cryptocurrency will result in its global recognition as a trustworthy medium of exchange. Cryptocurrency is a decentralised asset that may be used to communicate and store value securely. Africa is falling behind schedule due to the continent’s lack of bitcoin and blockchain expertise.

Gemini’s 2022 Global State of Cryptography research shows that a lack of education is the primary global barrier to cryptocurrency ownership. 40% of African respondents in the study had never purchased cryptocurrency because they were unfamiliar with the process.

According to Kucoin, 2.8% of all cryptocurrency transactions worldwide occur in Africa, indicating that we have a long way to go in terms of acceptability.…

The Central Bank of Kenya added that all countries in the region needed to participate in flattening the multi-layered correspondent banking structure and shortening the payment chains for a digital currency to work.

The development of CBDCs has been on the rise. According to a 2021 survey of central banks by the Bank for International Settlements (BIS), 86 per cent of central banks are in the process of researching the potential for CBDCs, 60 per cent are experimenting on them, and 14 per cent were deploying pilot projects.

The CBK has maintained the cryptocurrency ban and has not issued a digital currency due to concerns about the risks of a CBDC.…