Cryptocurrency is a digital currency growing steadily in Africa. Some economists say that it is an innovation that will disrupt and also blossom on the continent.
Cryptocurrency is not limited by geography because it is internet based. It's transaction are stored in a database called block chain, which is a group of connected computers that record transaction in a ledger in real time. It is pleasant to hear that cryptocurrency is not control by government, does not need middlemen and transaction rely on the Internet . which means they can happen anywhere in the world - isn't that wonderful.
The news is that Africa is rarely mentioned among the largest markets for cryptocurrency but it may set to steal a march over the markets (let's wait and see).
African governments are not now regulating cryptocurrency may be a factor spurring its growth on the continent; however, there is no guarantee that governments will not change their current mindset.
Rather than simply not wanting to, governments may be powerless to regulate cryptocurrency, the Nigerian central bank indicated recently. Currently tackling the country’s 12% inflation rate, the Nigerian apex bank announced that it could not control or regulate Bitcoin, “just the same way no one is going to control or regulate the internet. We don’t own it.”
