17/05/19 06:24 UTC-4

Financial geography. Cryptocurrencies on the African continent

Cryptocurrencies in Africa – financial geography
Cryptocurrencies in Africa – financial geography

Those who are interested in cryptocurrency, probably heard a joke that Africa will not grow before the era of credit cards but will become the first continent with official crypto-assets. There is more truth in this joke than anyone thought.

The fact is that people in African countries and republics rarely have access to banking services. At the same time, in order to gain access to European goods, they use cryptocurrency. In this article we will talk about how things are with crypto-regulation on the African continent.


Investment companies become cryptocurrency

Many low-income African investment companies are reassigned to work with crypto to survive in harsh economic conditions. For example, Johannesburg (South Africa) investment company, Sygnia Ltd., in 2018 launched its own SygniaСoin exchange platform. SygniaСoin Exchange offers its clients a trading platform with international infrastructure and integration with investments in funds.


Bitcoin in African supermarkets

In 2017, the popular supermarket chain in South Africa, Pick-n-Pay, together with Electrum, began practicing the implementation of Bitcoin payments. As you know, it is possible to pay with Bitcoins in stores that cooperate with Pick-n-Pay until that time. Pick-n-Pay is 2,560 stores in South Africa, Namibia, Botswana, Zambia, Mozambique, Mauritius, Swaziland and Lesotho.

By the way, the company is going to test the introduction of payments with other altcoins.

Interesting in the section: Bitcoin Cash, as the currency Bitcoin


Banks on the side of cryptocurrency!

In December 2017, the South African Reserve Bank, with the initiative of its director, Lesetja Kganyago, began testing the blockchain technology. In addition, the bank plans to add support for cryptocurrency by the beginning of 2020.

It is also worth mentioning the Absa bank, which belongs to the Barclays holding. Back in 2016, it became the first African bank to join the R3CEV consortium and set up its blockchain quality and safety control platform.


Cape Town crypto conference

The heart of the development of cryptocurrency industry in Africa is the city of Cape Town. Since 2015, Cape Town has been taking part in the annual multinational blockchain conference. The traditional meeting place was the Atlantic Imbizo Conference and Function Studio research center.


Tony Elumelu and African crypto

Nigeria is home to one of the world's most famous investors in the development of crypto-assets and blockchain technology, Tony Elumelu. In early 2014, Elumelu, a Nigerian billionaire and philanthropist, invested $ 100 million in the development of crypto in Africa. According to the information, this money should have created more than 10,000 crypto-companies in major cities in Africa. In addition, Elumelu annually invests in supporting the work of established crypto-firms.


The leader in the use of cryptocurrency

In 2018, a very interesting study was made public. According to the information provided by the Paxful p2p platform, more than 17,000 transactions of the first cryptocurrency, Bitcoin, are made every day in Africa. At the same time, 87% of Paxful African customers use as a payment gift cards from iTunes and Amazon.

Editor: Pereyidenko Ihor

#Africa #cryptocurrency #TonyElumelu #CapeTown #Absa #Paxful #Amazon #iTunes #cryptocurrency



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