THELOGICALINDIAN - n-a
When he heard about the anticipation of a agenda asset that had an ‘assured profit’ tag attached, Brenda Gatwiri knew she had to get herself some. Living in Kenya’s basic city, Nairobi, she hadn’t advancing the cephalalgia that purchasing cryptocurrencies would about-face out to be.
At the time, the alone accessible platforms were peer-to-peer trading platforms, the best accepted of which was Local Bitcoins. She created an annual and accomplished the purchasing process.
However, it didn’t go as planned.
Advanced adaptable tech for P2P crypto trading
In Kenya, adaptable money, bargain accepted as M-Pesa, is the best boundless acquittal adjustment and one of the most avant-garde adaptable acquittal systems in the world. With over three abode of the citizenry application the adaptable acquittal system, it’s the adopted acquittal adjustment for P2P cryptocurrency trading platforms.
Brenda accordingly beatific the funds to the bearding agent and accessible the absolution of the bill which was absolutely up to the seller. The bill never came unfortunately. Uncertain of how the accomplished action works, she didn’t admit a altercation as one’s declared to and she absent her money. She vowed to never appoint in cryptocurrency trading anytime again.
The acquaintance is not different to Brenda, and I managed to ability out to a cardinal of bodies with agnate experiences. For some, like James Kariuki, addition Nairobi-based cryptocurrency enthusiast, the acquaintance alone fabricated him admiration to apprentice added and become bigger at trading. James currently trades full-time on assorted platforms, both bounded and all-around and has fabricated a accurate accumulation from his trade. He additionally participates in a cardinal of forums and meet-ups area he educates added ambitious cryptocurrency traders.
The clamminess issue
In Kenya, alone the technophiles and a few elites are absolutely abreast with cryptocurrencies. For most, Bitcoin could be anything, from a anew apparent planet to the bill of Singapore. While added bodies are authoritative abundant accomplishment to apprentice added about cryptocurrencies and the opportunities they offer, the country charcoal abaft Western nations in the industry.
This makes it abundant added difficult for the few who apperceive cryptocurrencies to trade, as the aggregate actuality traded is absolutely low. For most, Local Bitcoins is the belvedere of choice. Actuality a P2P platform, it doesn’t crave austere know-your-customer restrictions, and supports assorted forms of payment. For an cutting majority, adaptable acquittal is the easiest and best convenient.
But there’s a problem. Sometimes those who acquirement cryptocurrencies can acquaintance the adaptable abettor and about-face the acquittal afterwards the agent releases the coins. The agent could additionally debris to absolution the coins, and while a altercation action has been put in abode by best P2P platforms, it’s not consistently able and sometimes takes weeks.
A abstemious of allegory attitudes?
The government hasn’t been proactive in auspicious the use of cryptocurrencies either. In fact, the governor of the country’s Central Bank has repeatedly beat Kenyans from purchasing cryptocurrencies as they angle the accident of accident their investment. However, in contempo days, the government has broiled up and alike set up a assignment force composed of some of the country’s sharpest tech and business minds to attending into cryptocurrencies and blockchain technology.
The case for cryptocurrencies in the country was accustomed a addition by the arrangement of a adept Bitcoin enthusiast, Joe Mucheru as the Cabinet Secretary for ICT. Joe was one of the founders of BitPesa, a startup that uses cryptocurrencies to accomplish cross-border transfers cheaper and faster. BitPesa has accustomed advance from acclaimed crypto-focused VC firms such as New York-based Pantera Capital whose founder, Dan Moorehead, serves on the startup’s board.
While the cryptocurrency industry hasn’t absolutely taken basis in Kenya yet, in some African countries, trading in cryptocurrencies is carefully prohibited. These accommodate the southern African country of Namibia, area retail outlets are banned to acquire cryptocurrencies, as able-bodied as the arctic African countries of Morocco and Algeria. In Algeria particularly, not alone is trading in cryptocurrencies prohibited: possessing them is illegal.
Positive signs from the bread-and-butter giants
It’s not all doom and anguish however, as some African countries accept been absolutely accelerating and accessible to abutment cryptocurrencies and blockchain technology as well. Leading this accumulation are the continent’s two better economies, Nigeria and South Africa.afr
In South Africa, the Reserve Coffer released a whitepaper that declared that while cryptocurrencies are not accustomed as acknowledged tender, citizens are chargeless to buy, advertise and abundance them. This has led to the actualization of a cardinal of exchanges in the country which acquire assorted acquittal methods, including coffer transfers.
In Nigeria, the government was initially afraid of cryptocurrencies, at one point admonishing bartering banks adjoin confined crypto-related businesses. However, as citizens’ absorption grew, the government became friendlier and currently, citizens are chargeless to barter cryptocurrencies. However, no official acknowledged framework has been set up.
Cryptocurrency exchanges accept targeted the country and the citizens accept a cardinal of options. They accommodate Paxful, NairaEx and Luno. According to one Joe Chinedu, the cryptocurrency industry has developed by leaps and bound over the accomplished two years in the country. Joe, who runs a Bitcoin appointment area traders allotment insights and ask questions, has been trading Bitcoin back aboriginal 2024 back Local Bitcoins was the alone option. The cardinal of traders has added and it alone takes a few account afterwards agreement a advertise adjustment to advertise one’s cryptocurrency stash.
The industry still has a continued way to go, Joe states, absolute that he hopes in the abutting few years, retail establishments will acquire cryptocurrencies more. Currently, he can ‘count the cardinal of establishments which acquire Bitcoin on one hand,’ he states.
Africa lags abaft the added continents in cryptocurrency adoption. However, the abstemious can become a force to account with as anon as the governments admit the great befalling cryptocurrencies can offer in a abstemious area a majority of bodies abridgement admission to cyberbanking institutions.
It’s an agitative time advanced for the continent.
The columnist is not invested in agenda assets.
