Booming African crypto adoption drives concerns over regulation
African crypto adoption has exploded in 2020, prompting fears of a heavy-handed regulatory response 2020 has seen an acceleration in African crypto adoption, with the continent emerging as the second-largest region for peer-to-peer (P2P) trading, and two African nations ranking in the top eight of the Chainalysis crypto adoption index.However, the booming growth has caught the attention of Africa’s financial regulators, sparking concerns that a rush to introduce heavy-handed oversight could quell innovation in the local crypto industry.Nigeria has led the continent’s growth in 2020,....
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The African continent may not be the biggest crypto/blockchain market yet but the growing adoption of the technology illustrates that this will likely be a key market in the future. For instance, instead of being seen or used as a tool for speculative trading, crypto is proving to be a more convenient and cheaper way of sending remittances. In countries whose economies have been devastated by inflation, cryptocurrencies are an alternative way of storing value. As more people on the continent understand these attributes of cryptocurrencies and the underlying technology, their demand for....
The International Money Fund (IMF) has added its voice to institutions and parties criticizing the Central African Republic (CAR)’s decision to adopt bitcoin. The IMF insists the adoption poses legal economic challenges not only to the country but to the region as well.
CAR’s Bitcoin Adoption Has Financial and Legal Issues
The IMF has reportedly said the CAR’s recent decision to adopt bitcoin poses a number of challenges for the country and the region. The comments by the global lender mark the first time it has publicly reacted to CAR’s decision to....
Digital assets have seen great success as investment tools in recent years, but payment adoption is unfortunately still lagging behind. Alchemy Pay is well on its mission to change this by enabling millions of merchants to accept crypto payments and get paid in their local currency. At the same time, Alchemy Pay also opens up investments in the DeFi space to fiat investors. Pay With Crypto at the Bar or Online With Alchemy Pay Alchemy Pay is a hybrid fiat and digital currency gateway solution for businesses and investors. It already operates in 18 countries and regions around the world and....