Browsing: Crypto Regulation

• The Nigerian Central Bank (CBN) has taken a significant step in the financial sector by lifting the ban on cryptocurrency transactions. 
• Nigeria has emerged as a leader in cryptocurrency adoption in Africa, with an estimated 22 million cryptocurrency owners.
• The growing trend of cryptocurrency ownership in Africa reflects the continent’s increasing adoption of digital assets.

Nigeria lifts ban on cryptocurrency transactions

The Nigerian Central Bank (CBN) has taken a significant step in the financial sector by lifting the ban on cryptocurrency transactions, a move that is expected to reshape the country’s digital economy landscape. This decision comes after a two-year restriction, reflecting a broader trend toward the adoption and regulation of cryptocurrencies globally.

According to a circular issued on December 22, 2023, signed by Haruna Mustafa, the Director of the Financial Policy and Regulation Department at CBN, the bank has directed all financial institutions to comply with new operational …

An efficient crypto mining industry can generate more job opportunities in Africa as the demand for miners, blockchain specialists, and technology specialists increases, . This encourages nations to enhance their energy and technological capacities to support crypto operations. These enhancements can considerably benefit other industries and the economy as a whole.

African nations must embrace the chance to become a crypto mining hub. This can aid in the digital economy’s growth, citizens’ financial standing, and the infrastructure for energy production. Consequently, African governments can invest in cryptocurrencies to acquire alternative funding sources for developing renewable and alternative energy sources.…

• In a continent where cost so often is cited as a prohibitive factor in providing basic needs, blockchain technology and its many expressions hold so much potential for the future
• Twenty-five countries in Africa have banned cryptocurrency
• Morocco most recently moved from an absolute ban on cryptocurrency to revealing they will soon launch a Cryptocurrency regulation bill

The African continent has a lot to gain from blockchain technology. In a continent where cost so often is cited as a prohibitive factor in providing basic needs, blockchain technology and its many expressions hold so much potential for the future.

However, Africa’s stance on the adoption of cryptocurrency doesn’t reflect any of this potential. It is disheartening to note that nearly half of the continent has placed bans on cryptocurrency. Of the remaining half, less than half of them have any sort of regulation or progressive stance on cryptocurrency while the remainder …