While other countries and continents like the United States and Europe are embracing the cryptocurrency revolution, Africa seems to be left behind. Other than trading, there are very few uses of crypto currency. Governments and fiscal authorities in many African countries have an an antagonistic view of cryptocurrencies. Nigeria’s Central Bank is currently studying the viability or otherwise of cryptos, but has banned banks from holding them.
The general populace seems to be wary of them, due to memories of the get rich schemes which came and crashed. There are currently no institutions that accept bitcoins as a means of payment in Nigeria. Aside the institutional barriers, poor internet access is a stumbling block. Trading in cryptocurrencies requires 247 internet access. Broadband costs are still quite expensive, costing more than the minimum wage. Telecom companies have blamed the high costs on the taxes and levies they have to pay (many illegal). One hopes Africa will catch up before it becomes too late.