South Africa, Kenya, and Central African Republic go crypto.
Crypto adoption is taking an exciting turn in the African continent in this week’s crypto news. If you want to stay updated on how you can buy Bitcoin or exchange your cryptocurrencies for value, then join the Valor community.
In today’s news:
Bitcoin as legal tender in CAR plus a new token that could give you citizenship.
The adoption of cryptocurrencies has skyrocketed over the years, but history is still being made. This is because the Central African Republic (CAR) has joined the growing list of countries like El Salvador that accept cryptocurrencies, i.e. Bitcoin, as legal tender. This would make the CAR the first African country to accept crypto as legal tender.
What is legal tender? Legal tender refers to any currency that must be accepted in a country as payment for a debt if offered.
This means any person in the country could exchange crypto for goods, land, to pay taxes etc. you can buy Bitcoin from a crypto exchange like ValorExchange for as little as $1. You can make payments, transfers or exchange crypto for other things of value with your free crypto account. It’s a fast, secure and straightforward process.
According to BBC, Although this move came as a shock to some people, the government believes that the decision to adopt Bitcoin as legal tender would help secure the financial future of the country.
It doesn’t stop there. The country is releasing its first token on the Bitcoin blockchain, Sango coin. The token would allow the buyers to have access to pieces of land, property, citizenship as well as a location in the metaverse.
According to the Sango token website, the token will be released on the 25th of July, 2022.
South Africa classifies Bitcoin as an asset.
In the next eighteen months, South Africa’s reserve bank will begin regulating cryptocurrencies as financial assets. In the near future, digital assets, i.e. Bitcoin, in the country, will be regarded as financial assets. Some believe that this step would serve to increase the country’s adoption of cryptocurrencies.
It has been estimated that over 4.2 million South Africans already trade cryptocurrencies in the country. People exchange crypto for their fiat currencies daily, which will only improve.
This move has been debated for some time and will take effect in 2023. This is according to Deputy governor Kuben Chetty in an online dialogue on the 11th of July, 2022.
Kenyans have the highest crypto users, according to UNCTAD
According to the latest data from the United Nations Conference on Trade and Development (UNCTAD), Kenya has the highest number of cryptocurrency owners among its citizens or inhabitants than any other country on the continent.
Over 8.5% of the country’s total population actively exchange crypto for fiat or buy Bitcoin to send abroad to loved ones. The data shows that this is the most significant number of crypto adopters in a country in the African continent and the fifth highest percentage of crypto adopters in a country globally.