Cryptocurrency is becoming more popular and widely adopted in Africa, as it offers a potential alternative to traditional banking and payment systems.
According to a report by Chainalysis, Africa’s on-chain cryptocurrency activity has grown significantly since 2020.
Some of the favorite cryptocurrencies in Africa are Bitcoin, Ethereum, Litecoin, Tether and Bitcoin Cash, which are supported by BitPay, a platform that allows users to accept and send cryptocurrency payments.
However, cryptocurrency adoption in Africa also faces some challenges, such as lack of reliable internet, lack of financial literacy, lack of regulation and legal uncertainty.
For example, the Nigerian Central Bank recently directed banks to stop offering services to cryptocurrency providers, which affected the volume and accessibility of crypto trades in the country.
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