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| comment | | "parent_author":"",<br>"parent_permlink":"cryptocurrency",<br>"author":"dintellectual",<br>"permlink":"the-future-and-fate-of-cryptocurrency-as-a-largely-accepted-means-of-transactions-in-african",<br>"title":"The Future And Fate Of Cryptocurrency As A Widely Accepted Means Of Transaction In Africa.",<br>"body":"I have personally become motivated to write this post by the fact that some Africans appear grossly ignorant about what cryptocurrency is all about. Getting out to source for the pieces of information I needed in order to have this whole post has been engineered by My recent argument with a Fellow Finance friend.\n\nI recently got into an argument with a colleague and friend (we both studied finance at first degree) which ended up on the NO VICTOR,<br> NO VANQUISH basis. This argument was about the future and fate of cryptocurrency in Africa.\n\n**<Center>HOW DID I TRY TO CONVINCE HIM?<\/Center>**\n\nI tried all i could by giving various meanings of cryptocurrency especially as regards how it will soon become indispensable for commercial transactions In Nigeria,<br> and by extension Africa :\n A cryptocurrency is a digital or virtual currency that uses cryptography for security. A cryptocurrency is difficult to counterfeit because of this security feature. A defining feature of a cryptocurrency,<br> and arguably its most endearing allure,<br> is its organic nature; it is not issued by any central authority,<br> rendering it theoretically immune to government interference or manipulation.\n\n![CBN Befunky.jpg (https:\/\/steemitimages.com\/DQmXgNT2VmrAiAoCJ2QXjoZKbvxP5cDVMn7nTKUXncEv4MZ\/CBN%20Befunky.jpg)\n**<Center>[Image Source (https:\/\/www.google.com.ng\/search?q=central+bank+of+nigeria&rlz=1C1CHWL_enNG730NG730&source=lnms&tbm=isch&sa=X&ved=0ahUKEwj5zv221_zVAhWEa1AKHYHcBHwQ_AUICigB&biw=1242&bih=602#imgrc=crrdXcGMXZMy-M:)<\/Center>**\n\nGoing cashless is now the norm in many parts of Africa,<br> especially with the introduction of mobile money in the last few years. Mobile money has allowed Africa to by pass conventional Western structures to embark upon an alternate form of digital currency.\n \nAlongside this digital currency revolution is the emergence of cryptocurrency. The rise of cryptocurrency in Africa adds another layer of complexity to the digital currency revolution. The growth of Bitcoin in some parts of Africa \u2013 like South Africa,<br> Ghana,<br> Nigeria,<br> and Kenya \u2013 has drawn attention from concerned regulators. In November 2015,<br> the government of South Africa introduced a cyberlaundering bill to properly regulate electronic and digital transactions in cyberspace. In January 2017,<br> the government of Nigeria issued a ban on Bitcointransactions in an attempt to curtail the activities of Bitcoin exchange operators like NairaEx. In Zimbabwe,<br> the government is currently drafting a regulatory guideline on Bitcoin which it plans to introduce soon. Surprisingly,<br> Ghana and Kenya are yet to take any significant regulatory action on the issue of cryptocurrency and cyberlaundering.\n \nDigital currency is growing at an increasingly rapid pace. Digital currency was first perceived as a risky way to conduct transactions. It is rather ironic that today digital currency is increasingly being preferred over paper currency. Card swiping is gradually disappearing in the U.S and U.K where touchless forms of electronic payment are preferred at the terminal. For example,<br> in the U.S.,<br> Starbucks (big chain coffee shop) prefers customers to scan their phones at the terminal to make payment. Africa is responding to this global trend in digital currency in many ways. In November 2016,<br> Senegal became one of the first countries in the world to announce the introduction of a blockchain-based national digital currency which it plans to use alongside the CFA Franc. This idea of a blockchain-based digital currency is new in Africa and it is being spearheaded by Senegal. Very soon other African countries will follow suit.\n\n<Center>![hqdefault.jpg (https:\/\/steemitimages.com\/DQmZgcyc9TYKxhBU1p9CmhpgwogV1xpstqSMiM86qJv8MZV\/hqdefault.jpg)<\/Center>\n**<Center>[Image Source (https:\/\/www.google.com.ng\/search?q=digital+currency&rlz=1C1CHWL_enNG730NG730&source=lnms&tbm=isch&sa=X&ved=0ahUKEwiMts_93_zVAhUJb1AKHVMQBmoQ_AUICygC&biw=1242&bih=557#imgrc=aiCKMJA2jqj_jM:)<\/Center>**\n\n\nI See It As A High Level Of Mediocrity For the bank of Nigeria To Kick Outright Against Virtual Currencies\n\n<Center>![Capture.PNG (https:\/\/steemitimages.com\/DQmW6Z14HYYK3vSBv8oxYv6Y8fWoxfJXkwYwooqE3VFuo9Q\/Capture.PNG)<\/Center>\n\nIt Is Sad For The Central Bank Of Nigeria To advise anyone never to use,<br> hold,<br> and \/or transact in any way in virtual currencies; and to Ensure that existing customers,<br> that are virtual currency exchangers,<br> have effective AML\/CFT controls that enable them to comply with customer identification,<br> verification and transaction monitoring requirements; and that \u201cWhere banks or other financial institutions are not satisfied with the controls put in place by the virtual currency exchangers\/customers,<br> the relationship should be discontinued immediately\n\n[Source (https:\/\/www.vanguardngr.com\/2017\/01\/cbn-bars-banks-transactions-virtual-currencies\/)\n\nCryptocurrencies have unavoidably come to stay,<br> and will soon be generally preferred above all other means of transactions..... So it will be very wise now for Africans to buy into this concept while they still can.\n \nBe Active On Steemit,<br> And Earn!!!!\n \n![GENERIC.gif (https:\/\/steemitimages.com\/DQmcGTgE9ztQ7QmWESyE7uVqLrUqfbAa1fsTCod6dmsFYjP\/GENERIC.gif)",<br>"json_metadata":" \"tags\":[\"cryptocurrency\",<br>\"nigeria\",<br>\"africa\",<br>\"steemit\",<br>\"bank\" ,<br>\"image\":[\"https:\/\/steemitimages.com\/DQmXgNT2VmrAiAoCJ2QXjoZKbvxP5cDVMn7nTKUXncEv4MZ\/CBN%20Befunky.jpg\",<br>\"https:\/\/steemitimages.com\/DQmZgcyc9TYKxhBU1p9CmhpgwogV1xpstqSMiM86qJv8MZV\/hqdefault.jpg\",<br>\"https:\/\/steemitimages.com\/DQmW6Z14HYYK3vSBv8oxYv6Y8fWoxfJXkwYwooqE3VFuo9Q\/Capture.PNG\",<br>\"https:\/\/steemitimages.com\/DQmcGTgE9ztQ7QmWESyE7uVqLrUqfbAa1fsTCod6dmsFYjP\/GENERIC.gif\" ,<br>\"links\":[\"https:\/\/www.google.com.ng\/search?q=central+bank+of+nigeria&rlz=1C1CHWL_enNG730NG730&source=lnms&tbm=isch&sa=X&ved=0ahUKEwj5zv221_zVAhWEa1AKHYHcBHwQ_AUICigB&biw=1242&bih=602#imgrc=crrdXcGMXZMy-M:\",<br>\"https:\/\/www.google.com.ng\/search?q=digital+currency&rlz=1C1CHWL_enNG730NG730&source=lnms&tbm=isch&sa=X&ved=0ahUKEwiMts_93_zVAhUJb1AKHVMQBmoQ_AUICygC&biw=1242&bih=557#imgrc=aiCKMJA2jqj_jM:\",<br>\"https:\/\/www.vanguardngr.com\/2017\/01\/cbn-bars-banks-transactions-virtual-currencies\/\" ,<br>\"app\":\"steemit\/0.1\",<br>\"format\":\"markdown\" " |
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