There is presently an obsession with Crypto currencies across the African continent. The later continent has emerged the fastest adopters of Crypto Currency across the different continent. Many believe that this is due to lack of meaningful jobs for the citizens while others consider it as promoting money laundering and supporting terrorist activities. Nigeria had remained the greatest users in Africa despite the Central Bank severe attitude towards Crypto currency dealers.
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Despite the fact that Crypto currencies has not been fully legalized globally, the African continent has emerged the greatest adopters and dealers in Crypto Currencies. According to the Africa report: Cryptocurrency adoption in Africa grew 1200% between July 2020 and June 2021, making it the fastest adoption rate in the world. Yet the continent is still said to be below other continent especially the Western world in terms of overall values traded. Probably this could be attributed to the lack of values of the African local Currencies when converted to Bitcoin or other Western fiat Currencies including USDT, Euro and Pounds.
Across the African continent, countries like Nigeria, Kenya, South Africa, Ghana, and Tanzania had some of the highest grass-roots adoptions in the world and ranked in the top 20 Global Crypto Adoption Index.
Equally Wikbit researchers have observed that the use of Crypto Currency in Africa seem to be on a greater increase in Nigeria and South Africa hence, the global Cryptocurrency regulator have extended it's services to these two countries.
Nigeria has already remained the greatest African country dealing on Crypto currencies notwithstanding the clamp down by the Central Bank of Nigeria on all activity involving Crypto currencies. The dogged youths and general citizens of Nigeria had found other means to navigate the harsh attitude of the Central Bank towards Crypto currency traders.
Research has shown that the citizens have utilized extensively the p2p platforms for Crypto currency transactions across the banks. According to the details provided by the African research, no region uses P2P platforms at a higher rate than African cryptocurrency users, as they account for 1.2% of all African transaction volume and 2.6% of all volume for Bitcoin specifically, reads the report in part.
Trading volumes for several African currencies have especially grown on Local Bitcoins and Paxful, the worlds biggest P2P platforms by transaction volume since 2016.
Crypto currency no doubt is a Decentralized blockchain transaction that makes it impossible for government to regulate and track the identity of the traders. Of course, following the intention of the earliest founders of Crypto Currency, beginning with Bitcoin, their aims have been a revolt against the government controlled financial transactions. Government have regularly abused their control of fiat and centralized currency by freezing the accounts of citizens at will without following the due process always. Consequently, the citizens have revolted to beat the government by introducing a decentralized digital currency which cannot be controlled by the government.
Obviously, the Nigerian government have been seeking to regain control over the use of Crypto Currency in Nigeria which has led them to introduce the Central Bank Digital Currency dubbed the e-naira.
The e-naira is in itself fully centralized and goes against the purpose of Crypto Currency creation.