Browsing: cryptocurrencies in Africa

It is now possible to store, buy, exchange and resell Nigerian naira for bitcoin and a hundred other cryptocurrencies directly from the Binance platform.

The Chinese giant headquartered in Malta is opening up to the fiat currencies of Africa’s largest economy. And for the occasion, it is the Nigerian naira that will serve as a trial balloon.

• Cryptocurrency exchange platforms are generally available to holders of euros or dollars, it is now the turn of the Nigerian naira are to be accepted
• Binance has adopted African currencies and is looking at Kenya and South Africa as well.
• Cryptocurrencies are now competition for Western Union and Moneygram

In an October 24 2021, press release, Binance explains that this milestone was reached thanks to a partnership with Nigerian fintech Flutterwave, which offers secure payment solutions for small entrepreneurs in 150 different currencies. In a second press release, Binance announces that it will …

• The African continent receives only 2 per cent of the total global value of all cryptocurrencies.
• Chainalysis ranks Kenya, South Africa, and Nigeria as three of the top ten countries for cryptocurrency adoption globally
• Many African countries have overlooked this financial innovation, maintaining cryptocurrency exchanges while failing to provide a regulatory framework or allowing trading but not providing an exchange for their citizens.

The development in internet access in sub-Saharan Africa has brought with it new technologies such as cryptocurrencies and blockchain that have the potential to enhance and significantly revolutionise financial and economic sectors.

The African continent receives only 2 per cent of the total global value of all cryptocurrencies. In February 2022, CoinGecko estimated the crypto market to be worth US$2.04 trillion, translating to a US$40 billion African market worth.

The rapid growth of crypto in the continent will profoundly impact the financial sector in sub-Saharan Africa, which …

Recently, many Nigerians trading on the Binance platform complained about initiating or completing transactions.

Some of the affected persons have taken to social media calling out crypto for “targeting Africans, especially Nigerians”, as their accounts have been suspended for reasons oblivious to them.

Some users say that they have been told to contact the Federal Bureau of Investigation (FBI) and New York Police Department to resolve transactions issues, a situation they claim to be absurd.…