Abstract：There is currently a wide embrace of cryptocurrency trading in most African countries today. This embrace is common among the youths who consider it an alternative source of income and employment. This article has provided a short survey of the top ten African countries with the highest rate of cryptocurrency trading today.
Cryptocurrency trading has become widespread in Africa today. Many consider the trend to be caused by the increasingly weakening African currencies against other international counterparts, especially Euro, pounds, and dollar. Others believe that the rapid embrace is due to the high rate of unemployment in Africa today.
Notwithstanding the efforts of some African leaders to limit the citizens from indulging in Cryptocurrency trading, especially in Nigeria, the spread of digital currency has been on the increase every day.
Highlights on the top ten African countries leading in Cryptocurrency trading today:
« South Africa: South Africa is renowned today as the country with the most active cryptocurrency traders. The dominance of South Africa in cryptocurrency trading seems to be favored by the tolerant attitude of the government towards cryptocurrency transactions. The South African Reserve Bank (SARB) had made it clear that all cryptocurrency transactions are subject to taxation. Similarly, SARB has made it clear that Cryptocurrency trading is not in any way supervised by the body hence subject to high risk. This has not in any way deterred the citizens from embracing cryptocurrency trading today.
« Nigeria: Nigeria is renowned today as the First African country to adopt a digital currency known as the e-naira. Despite this, the Central Bank of Nigeria (CBN) still prohibits the banks from facilitating Cryptocurrency transactions today. However, the hostile attitude of the bank towards cryptocurrency trading has not in the least prevented the citizens from partaking in cryptocurrency trading. A greater number seem to have resorted to P2P trading on cryptocurrency exchanges which does not involve bank knowledge anymore.
« Ghana: Although cryptocurrency trading has not yet been legalized in Ghana, the country has a very high number of citizens dealing with cryptocurrency trading. Ghanas Securities and Exchange Commission (SEC) recently warned its citizens to avoid cryptocurrency transactions of any form as it has a high risk associated with them.
« Kenya: Cryptocurrency trading is very much on the increase in Kenya today. The region is known to have the highest number of P2P users in various exchanges today. Generally speaking, Cryptocurrency trading is not considered illegal in Kenya as the government has not in any way criminalized it. Hence most citizens freely participate in cryptocurrency trading without any fear of sanctions.
« Zimbabwe: Even though the country banned its financial institutions from trading cryptocurrency back in 2018, the citizens have never refrained from trading cryptocurrency today. The citizens now resort to P2P trading across the various exchange.
« Botswana: Recently, the Botswanian government passed a law to regulate cryptocurrency trading in the country due to the rapid embrace of cryptocurrency by the citizens. This has not in any prevented the citizens from actively trading cryptocurrency in the country today.
« Tanzania: The Central Bank of Tanzania has proscribed all cryptocurrency trading back in 2019. However, Tanzania still ranks today among the country with the highest number of cryptocurrency traders in Africa.
« Togo: There is an increasing embrace of cryptocurrency trading in Togo today. However, the government has not in any way legalized cryptocurrency trading in the country.
« Ethiopia: Cryptocurrency is not yet recognized as a means of payment in Ethiopia today. However, a very large number of its citizens are actively involved in Cryptocurrency trading today.
« Cameroon: There is no standing regulation on the status of cryptocurrency transactions in this country today. To this end, the citizens tend to participate freely in cryptocurrency trading.
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