Africa does not have a very big market for Cryptocurrency but it is growing despite the concerns people have and tough regulations in different countries.
According to BitcoinAfrica.io, the top 5 African countries whose communities are adopting Bitcoin are South Africa, Nigeria, Zimbabwe, Kenya, and Ghana.
They have the most demand for digital currency as well as the most active local cryptocurrency communities. In addition, according to bitcoin.com South Africa, Nigeria and Kenya appear in the top 10 countries by Cryptocurrency Adoption worldwide.
Nigeria has one of the most dynamic peer-to-peer Bitcoin trading markets in the world, but so far the country has banned Cryptocurrency and warned its citizens that Bitcoin investments had no legal cover.
On January 12, 2017, the CBN warned all the Banks and Financial institutions in Nigeria to never use, hold, trade, or transact any virtual currency. On the 5th of February 2021, the CBN has ordered banks across the country to close the accounts of anyone who deals in cryptocurrency.
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