Cryptocurrency in Africa
From Current Affairs Notes for UPSC » Editorials & In-depths » This topic
The UNCTAD, in its Policy Brief No.100, recently highlighted the unprecedented increase in the use of cryptocurrencies. The brief noted its increasing popularity in African countries and other developing nations. The report warned of the risks posed by widespread unregulated use of digital currencies to Africa’s financial system.
How is cryptocurrency gaining grounds in Africa?
- According to the policy brief, these digital currencies are being used by significant proportions of the African countries’ populations:
- Kenya – 8.5%
- South Africa – 7.5%
- Nigeria – 6.3%
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