With current indications, all African governments appear yet to approve crypto trading, nevertheless, crypto transactions on the continent continue to expand significantly. Most African countries are still scrambling to enact new legislation in order to adopt cryptocurrency.
The largest economy in Africa Nigeria took the lead, making cryptocurrencies legal and establishing regulatory rules for digital currencies and crypto-based businesses or start-ups yet last year, 2021, the country place a ban on crypto trading.
South Africa and Kenya, two other cryptocurrency strongholds, were not far behind. In April, South Africa’s leading financial authorities, including the South African Reserve Bank, issued a policy paper outlining suggestions for cryptocurrency regulation. Meanwhile, Kenya began testing a digital tax in January 2021, perhaps paving the way for additional crypto regulation.
However, according to thorough research, only ten African countries are actively trading cryptocurrencies, accounting for only about 20% of the continent’s 54 countries.
Nigeria, Kenya, South Africa, Ghana, Cameroon, Zimbabwe, Ethiopia, Egypt, Botswana, and Uganda account for the majority of crypto operations in Africa, this is a poor number as regards the size of the continent.
Despite a considerable increase in crypto transactions throughout Africa, over 80% of the continent’s countries are not included in the global crypto trading and adoption landscape.
Crypto operations have been severely hindered by draconian legislation in a number of African countries. In nations like Tanzania, Algeria, and Morocco, crypto trading is openly illegal.
In spite of this, Binance, the world’s biggest cryptocurrency exchange, has been named as the main sponsor of the 2021 Africa Cup of Nations (AFCON) events, does this mean that the African continent is ready to fully adopt crypto transactions by accepting the world’s leading blockchain ecosystem and crypto trading platform.
The African Football Confederation (AFCON) is notably the continent’s largest soccer tournament. From January 9 to February 6, 2022, the AFCON 2021 competition will be held.
Binance is the first cryptocurrency company to sponsor a large-scale football event. Binance will also be the sole cryptocurrency and blockchain platform for the AFCON 2021 tournaments.
Binance will be the official cryptocurrency system for the AFCON 2021 games, marking the company’s first partnership of a large-scale football event.
This move could be vital to driving cryptocurrency adoption in Africa as well as encouraging suitable legislation, implying that Africa is ready to fully embrace cryptocurrency.
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