We will explore the top 10 crypto friendly countries in Africa in this article.
Surprisingly, African countries have ranked first, second, and third on Google for bitcoin-related queries.
This demonstrates that Africa is interested in learning about cryptocurrencies and adopting them.
By providing solid exchanges and preaching bitcoin to all and sundry throughout Africa, African entrepreneurs and bitcoin enthusiasts have aided in adopting bitcoin.
So, I’ll present the top 10 bitcoin-friendly African countries in this piece.
About Cryptocurrency Adoption in Africa
The State of Cryptocurrency in Africa Right Now
South Africa, Nigeria, Zimbabwe, Kenya, and Ghana are the top five African countries adopting Bitcoin, according to BitcoinAfrica.io. They have the highest demand for digital money and the most active cryptocurrency communities in their area.
Where is Crypto Legal in Africa?
Republic of the Central African Republic (CAR)
The Central African Republic has become the continent’s first country to use bitcoin as legal tender, surpassing regional cryptocurrency giants Kenya and Nigeria. The other country globally that accepts bitcoin as legal tender in El Salvador.
List of the Top 10 Crypto Friendly Countries in Africa
According to gobitcoin.io, an African website dedicated to Bitcoin news, Botswana, Ghana, Kenya, Nigeria, South Africa, and Zimbabwe are the main Bitcoin countries. Bitcoin is gaining traction in Uganda, according to the BBC.
The use of bitcoin by Tunisian nationals is neither controlled nor prohibited.
If you wish to buy bitcoins in Tunisia, you won’t be able to do it on a local exchange; however, you can trade on global exchanges like Etoro and Binance.
Regardless, the country has a strong interest in bitcoin, which led to its designation as a crypto-friendly country.
Its government unveiled the eDinar initiative in 2015, a centralized, government-controlled national digital currency.
In addition, Tunisia’s Central Bank established a committee in 2017 to consider the possibility of utilizing cryptocurrency to de-cash and revitalize the country’s struggling economy.
Madeira is a Portuguese autonomous area made up of four islands off the northwest coast of Africa.
Bitcoin transactions are legal in this country. However, they are unregulated.
Bitcoin enjoys favorable conditions in this country, and the number of services that accept bitcoin for debt settlement is extremely extensive.
3. East Africa
East Africa and the Horn are the two historically recognized regions that make up this region.
This region, which is surrounded by high and elevated ground, is made up of around 22 countries.
Bitcoin and cryptocurrency activities are highly controversial and illegal in this location.
Examples include Madagascar, Malawi, Mayotte, Reunion, Somalia, Zambia, Rwanda, Uganda, etc.
In Mauritius, Bitcoin is not considered legal tender.
However, the Financial Service Commission regulates and supervises the company’s operations in the country.
Indeed, the Mauritius International Financial Centre (IFC) became the first country to establish a regulated environment for the safekeeping of digital assets on March 1, 2019.
This served as a guide for using bitcoin and other cryptocurrencies in the country.
If a corporation meets the standards, it can obtain a license to hold digital assets for its clients.
As a result, Mauritius is home to many crypto-based enterprises operating all over the world.
If you visit Kenya or wish to relocate there, you should know that using bitcoins is illegal (i.e., neither approved nor prohibited).
Its financial regulatory authority has cautioned residents about the dangers of using bitcoins, and its central bank has prohibited banks from processing cryptocurrency transactions.
However, the use of bitcoin has continued to grow inexorably, with more businesses accepting bitcoin every day, such as Healthland Spa in Nairobi.
Bitcoin is accepted by Chinese businesses conducting business in Kenya, and ex-pats can use bitcoin to pay for their children’s school fees.
A Bitcoin ATM can also be found on the streets of Kenya, at Westland, Kenrail Tower Nairobi.
Bitcoin is legal in Zimbabwe, but it is not yet recognized as legal tender. However, it is becoming more popular.
Despite the Central Bank’s ban on Bitcoin transactions for banks, P2P Bitcoin trading through internet platforms continued.
It has become stronger over time.
As a result, Bitcoin continues to rise in this country.
Due to a shaky national fiat currency, there is a lot of inflation.
The country’s restriction on foreign currencies.
Local crypto exchanges such as Golix and Styx24 and a Golix-managed Bitcoin ATM are now available in Zimbabwe.
According to a report from Cointelegraph, the Reserve Bank of Zimbabwe is working on a framework that will help the country’s economy by regulating bitcoin.
Although Bitcoin is not regulated in this country, its acceptance grows daily.
The poor economy of Uganda and insufficient salary payments have played a crucial role in this rise.
“What I have earned in one and a half years from bitcoin is more than I earned in ten years as a teacher,” says Richard M Bagorogo, a Ugandan lecturer.
In Kampala, Uganda, there is a local restaurant and another Airpot transportation business, Spe Taxi Club, that accepts bitcoin payments.
Furthermore, in 2018 and 2019, this country was the first African country to host the largest African Blockchain Conference.
When this article was published, Uganda and Nigeria were the only African countries with local currencies listed on Binance, the world’s largest cryptocurrency exchange.
Uganda can proudly be cited when it comes to places where Bitcoin ATMs may be found.
In Djibouti, bitcoin and other cryptocurrencies are illegal. In this little East African country, crypto awareness is growing.
Today, this country can brag about having one of the world’s largest Bitcoin ATM networks.
9. Africa in the West
The Atlantic Ocean, Gulf of Guinea, and Sahara in their respective territories encircle this region, which is made up of around 16 countries.
As of this writing, bitcoin’s status in West Africa is unclear. However, it is not illegal.
A huge number of countries in this region are still learning about cryptocurrency.
Gambia, Ivory Coast, Cape Verde, Mali, Sierra Leone, and Guinea-Bissau are just a few countries that have yet to embrace bitcoin.
On the other hand, Nigeria is the region’s and Africa’s leader in crypto adoption.
Nigeria is among the African nations that have enthusiastically adopted cryptocurrency.
This country has the world’s biggest online bitcoin search volume.
Despite warnings from the SEC, bitcoin is currently booming in Nigeria, accompanied by enormous growth in daily trade volume.
This increase can be attributed to a variety of factors, including:
The search for a long-term source of income
Traditional cross-border remittance inefficiencies have a solution.
A high-tech solution to the economy’s problems.
Today, you can buy bitcoin from Yellowcard merchants in Nigeria’s local retailers.
Some retailers, such as Minku Design, currently accept bitcoin as payment in Nigeria.
Quidax, Buycoins, FirstKudi, BlockVila, Tradefada, and more exchanges created by Nigerians.
Bitcoin and Blockchain technology are gradually gaining acceptance and popularity in Africa.
Bitcoin is likely to grow in popularity in the next years, with more businesses accepting bitcoin as a form of payment.
The importance of bitcoin and other virtual currencies in Africa cannot be overstated.
This is comparable to how straightforward it is to perform cross-border transactions.
Watch the video below to know the crypto friendly countries in Africa:
- Forex TradingSeptember 28, 202310 Best ECN Brokers in Nigeria 2023
- CryptocurrencyJanuary 8, 2023Top 10 Crypto Friendly Countries in Europe 2023
- CryptocurrencyJanuary 7, 2023Top 10 Crypto Friendly Countries in Africa 2023
- CryptocurrencyJanuary 7, 2023Top 10 Best Crypto Futures Trading Platform in India 2023