African countries, despite showing an interest in the regulation of cryptocurrency, appear to be shuffling their feet with respect to this new digital technology.The Togo-based Ecobank, a major banking group with a presence in nearly 40 countries across the African continent, disclosed this in a recent report.
The study, which looks into the regulatory approach to cryptocurrency in the 39 sub-Saharan African states, underlined that regulators in a majority of these areas, have a more hesitant approach to this area. Of the 39 administrations reviewed, the greater part, close to 21 nations, still couldn’t seem to make an open position on digital money.
Just three nations had taken a solid position to regulate cryptocurrency with Namibia issuing a boycott and South Africa and Swaziland receiving generally positive stances on the technology yet holding back with respect to furnishing them with full legalities.
The other 15 nations lay where in the center, to a great extent refusing to manage regulation of cryptocurrency. They seem to express the opinion that bitcoin and different crypto forms of money fall under a hazy area lawfully, cautioning speculators against investing in them.
The bank expressed frustration that digital currency market developments have stifled general talk among the people about this technological innovation.
As reported by CCN, the bank made a statement, saying, “The transformational impact that could be delivered by tokenising products and services on the blockchain has been compared to that of the Internet. Crypto tokens and currencies could enable consumers to transact instantly, cross-border and for free, provide them with KYC-compliant digital IDs, and incentivise their behaviour and change the way they engage with governments and service providers.”
Cryptocurrency is a decentralized digital payment format produced by the collective crypto system. Since the price hike of Bitcoin in 2017, public interest in crypto tech and government interest in regulation of cryptocurrency has grown rampantly. In a centralized banking structure, corporate bodies control currency by printing money and injecting additions to banking ledgers. However, in the case of decentralized cryptocurrency, authorities have no such control. The digital ledger system maintained by cryptocurrencies can ensure in a much more free and fair economic structure with financial power restored to the people.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]