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Africa ready to embrace cryptocurrency


Africa ready to embrace cryptocurrency

Cryptocurrencies might soon pave their way in the African continent as locals slowly warm up to the idea of a digital world.

 

The exchange of digital currencies have dramatically increased in the continents in the past couple of months.

 

The investments in the sector have also surged with more crypto-related start-ups coming up.

 

Recent study suggests that Africa has topped in Paxful's crytocurrency transaction list.

Paxful, a peer-to-peer cryptocurrency marketplace reports that over R500 million are transacted on the platform originated from Africa.

 

According to Paxful, the digital exchange is particularly famous among young people below the age of 30 years.

 

"The continent shows a great potential to become a leader in peer-to-peer financial matters," said Paxful co-founder and CEO, Ray Youssef.

 

Countries like Nigeria, Kenya, South Africa and Ghana has experienced a growth in peer-to-peer technology among its citizens. This might be an indication that the block chain technology is going to take over various sectors such as mobile banking.

 

mCoin has announced its plans of getting  associated with African governments to launch a virtual SMS wallet. mCoin is a crytocurrency that can work on any mobile platform.

 

The new technology will be allowing individuals an access to the virtual wallet and it would help them interact with other people through its SMS interface.

 

Scams and Ponzi schemes across Africa havemade people skeptical about the digital currencies among investors. But, the current atmosphere in Africa suggest that the government might open their doors for the virtual currencies.