Cryptocurrency in Africa is developing despite unemployment, illiteracy, regulations and political instability – factors that can hinder the cryptocurrency business. Despite these problems, the cryptocurrency companies in the region continue to develop with unshakable determination.
Cryptocurrency in Africa develops due to successful exchanges and startups
One of the prosperous enterprises is BitPesa. BitPesa is an exchange based in Nairobi, Kenya. The exchange has offices in different countries, including London, Uganda, Lagos, Luxembourg and Dakar. It employs more than 60 people. The exchange helps clients to perform crypto transactions in the specified cities.
An outstanding project in Africa is Bitland. Bitland, a startup in Ghana, uses blockchain technology that allows citizens to register land. Mr.Narigamba Mwinsuubo founded Bitland, which is currently located in Kumasi, as early as 2016. The company offers land registration services, land survey, confirmation of ownership of land, registration of real estate. Sending collected data to the registration blockchain ledger of the Bitshare, issues a paper certificate to the rightful owner.
BITLAND HELPED RESOLVE LAND DISPUTES BETWEEN COMMUNITIES IN GHANA
Over the next five years, the startup plans to expand its technology to other African countries.
Despite many problems, the cryptocurrency in Africa is developing quite well, as crypto-currency transactions are beginning to become the norm in most countries of the region.
Binance, a powerful force for the development of the cryptocurrency market in Africa
Binance, one of the largest cryptocurrency exchanges in the world, plans to open an office in Uganda. Binance through its CEO Changpeng Zhao announced the news at the Africa Blockchain Conference 2018 held in Kampala last week. According to Zhao, Africa demonstrates excellent potential to become a leading continent when it comes to the introduction of cryptocurrency.
The opening of the Binance office will help to increase the financial economy of Uganda. This step will attract a large number of large investors connected with cryptocurrencies to the country. The increase in cryptocurrency activity will create much-needed jobs to overcome the gap in employment in the country.
Binance actively participates in various enterprises related to the cryptocurrency. They have already established a partnership with Crypto Savannah, the African blockchain innovation hub and Msingi, an organization that works to create the East African future industries. They also created a partnership with the initiatives “Made in Africa”.
ACCORDING TO BINANCE, THE COMPANY IN THE AFRICAN MARKET IS AIMED AT SUPPORTING SMALL CRYPTOCURRENCY STARTUPS
which were crushed by banks from Europe, the United States and China.
That will provide a platform for other African countries wishing to immerse themselves in the cryptocurrency market. Uganda is just the starting point, as Binance plans to expand its opportunities for all countries on the African continent.
Cryptocurrency in Africa as part of the state economy
Cryptocurrencies are generally accepted all over the world. Different countries are trying to create their own cryptocurrencies. Japan, Dubai, Switzerland , Kyrgyzstan, Russia and Sweden are still in the process of developing the national cryptocurrency. Others, such as Venezuela, made a huge leap with their government-protected cryptocurrency, Petro.
In this dream, African countries also participate. Compared to other continents, Africa has fewer countries interested in creating its own cryptocurrency, but this has not stopped their government from working on updating their cryptocurrency dream.
The Tunisian government, in particular, made great strides in the world of cryptocurrencies.
TUNISIA USED BLOCkchain TECHNOLOGY TO CREATE A DIGITAL VERSION OF ITS CURRENCY IN 2015
which they called eDinar. A digital coin is used to pay bills and make money transfers.
Another African country with a national cryptocurrency is Senegal. The Senegalese nation created its digital currency in 2016. To create a digital token, the Senegal government together with local banks, the Banque Regionale de Marches and eCurrency Mint Limited created the CFA franc. The blockchain that controls eCFA is tied to the value of the national currency and is stored in an electronic wallet.
As we know for a long time, Africa was ruined from the outside and from within. A lot has also been done and is being done to develop this huge region. It remains to be hoped that the cryptocurrency in Africa and blockchain technology will bring with them only the development and well-being of this cradle of humanity.