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News- The list of the top 200 crypto-ready nations has been released, and Mauritius is one of the few African countries to make it into the top 50
- Cryptocurrency is internet-based, it is not limited by region; its transactions are recorded in a database known as the blockchain, which is a network of linked computers that records transactions in a ledger in real-time
- South Sudan’s inflation rate was 102 percent between September 2016 and September 2017, according to the World Bank. Double-digit inflation rates may be seen in Egypt, Ghana, Malawi, Mozambique, Nigeria, Zambia, and Zimbabwe
The release of the top 200 crypto-ready countries shows that Mauritius happens to be one of the only countries in Africa which makes a place in the first 50, in the list. The index shows a lot of names but none belonging to Africa. Looking closely at the crypto condition in Africa, we can understand the low levels of participation. In Africa, interest in cryptocurrency, a type of digital currency, is gradually increasing. Some economists believe it will be a disruptive innovation on the continent. Because cryptocurrency is internet-based, it is not limited by region; its transactions are recorded in a database known as the blockchain, which is a network of linked computers that records transactions in a ledger in real-time. The difference between cryptocurrency and, for example, Visa or Mastercard, is that cryptocurrency is not currently controlled by the government, does not require middlemen, and transactions are carried out via the internet, allowing them to take place anywhere in the globe.
According to the World Bank, South Sudan’s inflation rate was 102 percent between September 2016 and September 2017. Egypt, Ghana, Malawi, Mozambique, Nigeria, Zambia, and Zimbabwe are among the nations having double-digit inflation rates. It’s no surprise that some of these nations are among Africa’s most important Bitcoin economies. According to gobitcoin.io, a website dedicated to Bitcoin news in Africa, the top Bitcoin nations are Botswana, Ghana, Kenya, Nigeria, South Africa, and Zimbabwe. According to the BBC, bitcoin is gaining traction in Uganda. The lack of regulation of cryptocurrencies by African countries may be a factor driving its rise on the continent; nevertheless, there is no assurance that governments will not alter their opinions.
Governments may be helpless to control cryptocurrencies, rather than simply not wanting to, according to the Nigerian central bank. The Nigerian central bank, which is now dealing with the country’s 12 percent inflation rate, stated that it will be unable to control or regulate Bitcoin, just as no one will be able to control or govern the internet. It isn’t ours. Nonetheless, other industry observers see cryptocurrencies as a dangerous and volatile investment, noting the value of Bitcoin plummeting to $8,700 in February from a peak of $20,000 in December 2017. Cryptocurrency is a double-edged sword in the absence of rules; there may be rewards from time to time, but any sharp drop in price might leave investors with no way out. Manasseh Egedegbe, a Nigerian financial manager, compares Bitcoin’s wild price rise to the dot-com bubble at the turn of the millennium.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
