Cryptocurrency has become the more popular mechanism in Africa and its regions. It’s quite virtuous decision to adopt and implement blockchain technology across the wide-ranging industry in African continents.
Reports state the untested regions of Africa including Kenya is getting a good market exposure from a crypto enthusiast. According to the news coverage, the following can be taken into consideration;
The Rise of Bitcoin ATMs
Africa’s crypto enthusiast can now buy the Bitcoin effortlessly as Kenya’s first Bitcoin ATM is up. The new digital currency Automated Teller Machine is up in Nairobi (East Africa) which streamline the process of buying bitcoins and Litecoin easily through cash.
Purchase Cryptocurrency with Cash at Bitcoin ATM in Kenya
According to local media, the new ATM enables users to buy cryptocurrencies via fiat currency such as dollars or Kenya shillings. These virtual coins are available in small tokens for as low as $5.
Although South Korea has installed first cryptocurrency ATM four years ago the new ATM by BitClub, the Nairobi-based fintech company offers transaction in less than two minutes.
Wangechi Kariuki, Bitcoin entrepreneur at BitClub states; “You get as many bitcoins as the value of your cash”
Considering the skyrocketing demand of cryptocurrency by Kenyans, BitClub installed a new Bitcoin ATM in the Westland’s area, three kilometers from the central business district.
Golix announced business diversification in three African market
Not only Coinbase and Huobi, yet another cryptocurrency exchange is expanding its business. Golix, Zimbabwe crypto exchange is diversifying its business into three African markets including Kenya, Uganda, and South Africa.
Following the severe regulations and ban by the Central Bank of Zimbabwe(CBZ), Golix intends to get the bigger scope of its services outside the country. According to Golix head of growth, Panashe Tapera, the move was a strategy by exchange to enlarge their business across the whole continent.
Africa becomes a New Hope
Despite the ban by Reserve Bank of Zimbabwe (RBZ), country’s leading cryptocurrency exchange continues to trade in new regions. In a statement, the firm is excitedly pointing three new regions to get the benefits of Golix service. Three provinces focusing are Kenya, Uganda and South Africa.
Africa can be the Next Frontier for Bitcoin and cryptocurrency. For a quite long, African citizens are experiencing the high inflation which results in cryptocurrency adoption. However, Rakesh Sharma, a business journalist says – Africa is rarely mentioned among the largest markets for cryptocurrency but it may set to steal a march over other markets. Crypto adoption within the country offers an alternative to disastrous central bank policies. Th major countries that come under Bitcoin economies in Africa would be Malawi, Nigeria, Zambia, Egypt, Ghana, and Zimbabwe. These regions count as approximate as 102% inflation rate within 2016 and 2017, according to the World Bank.
Also, there are no such rules in Africa that regulate cryptocurrency. As per the Nigerian Apex Bank, the country is still fighting to reduce the inflation rate thus it couldn’t control or regulate Bitcoin. The bank quoted – Just the same way no one is going to control or regulate the Internet. We don’t own it.
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