Samuel Haig: Ecobank Report Finds Significant Presence of Crypto in 36 African Countries

swaziland south-africa significant report presence namibia n-economy finds emerging-markets ecobank cryptocurrencies crypto countries bitcoin african africa 36

Ecobank Report Finds Significant Presence of Crypto in 36 African Countries

A report published by the pan-African bank, Ecobank Transnational Inc., has found that despite cryptocurrencies exerting a notable presence in each of the 36 African countries in which the company operates, only South Africa and Swaziland have adopted a “generally favorable and permissive [regulatory] stance” pertaining to cryptocurrencies.

Also Read: The ICO Market Has Hit the Brakes

Africa’s Regulators Adopt ‘Wait and See’ Approach Regarding Cryptocurrencies

Ecobank Report Finds Significant Presence of Crypto in 36 African CountriesEcobank’s report finds that “As in many other parts of the world, African governments and central banks are mostly adopting a ‘wait and see’ approach when it comes to regulating cryptocurrencies.”

The report states that “Many African governments and regulators recognize both the risks and the potential positive impacts of cryptocurrencies,” and that some African governments have shown an “appreciat[ion of] the difference between cryptocurrencies and the underlying blockchain technology.”

Despite such, Ecobank finds that many African states “have been reticent in authorizing cryptocurrency transactions, and mostly remain apprehensive about the potential risks,” adding that “African countries appear to be looking to their neighbors to regulate and innovate first, and learn from their mistakes, rather than being the first mover.”

“No Discernible Regional Regulatory Trend”

Ecobank Report Finds Significant Presence of Crypto in 36 African CountriesThe report finds that “To date, there has been no discernible regional regulatory trend, whether favorable or unfavorable.” Ecobank assets that South Africa and Swaziland offer “the most favorable regulatory stances Africa,” whilst only Namibia has sought to prohibit cryptocurrencies.

“With the exceptions of Cameroon, Rwanda, and Senegal, no other Francophone government or central bank has made a policy statement on virtual currencies,” the report states, adding “Those countries that have made a statement have indicated that cryptocurrencies operate in the grey area between legality and illegality. In these countries, the best a cryptocurrency innovator can hope to achieve is a ‘no objection’ to trialing the product rather than formal authorization and (ultimately) legislation to match. The consensus in these countries is that for Africans, although cryptocurrencies are generally not prohibited, consumers use them at their own risk and they have been warned about the potential consequences by regulators.”

African Governments Concerned About Citizens Becoming “Overexposed to Cryptocurrency”

Ecobank Report Finds Significant Presence of Crypto in 36 African CountriesEcobank emphasizes that many African states have concerns pertaining to the potential systemic risk that could result from many citizens investing heavily and becoming overexposed to the cryptocurrency markets.

The report states that “Cryptocurrencies such as Bitcoin, Ethereum and Ripple made waves in 2017 and early 2018, not just in terms of their innovation, but also of their role as highly speculative assets. […] “Unfortunately, the spectacular rise and fall in the traded value of cryptocurrencies has drowned out broader discussion on the potential benefits this new technology could bring. The transformational impact that could be delivered by tokenizing products and services on the blockchain has been compared to that of the Internet. Crypto tokens and currencies could enable consumers to transact instantly, cross-border and for free, provide them with KYC-compliant digital IDs, and incentivize their behavior and change the way they engage with governments & service providers.”

“African governments worry that if its citizens become overexposed to cryptocurrency investments, the repercussions of a future crash could be felt in the broader economy, hence their skepticism of licensing their use,“ the report concludes.

What is your response to Ecobank’s report on cryptocurrency regulation throughout Africa? Share your thoughts in the comments section below!

Images courtesy of Shutterstock, Wikipedia

At Bitcoin.com there’s a bunch of free helpful services. For instance, have you seen our Tools page? You can even lookup the exchange rate for a transaction in the past. Or calculate the value of your current holdings. Or create a paper wallet. And much more.

The post Ecobank Report Finds Significant Presence of Crypto in 36 African Countries appeared first on Bitcoin News.

Original article was created by: Samuel Haig at news.bitcoin.com

Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency or ICO.

Interested in Cryptocurrencies and ICO's?

Follow our telegram channel for daily cryptomarket reports!

Join @cointrends

Related Articles

pubDate Newsline
1 hour ago Crypto Exchange Works With Regulators to Develop Legal Frameworks for Arab States
3 hours ago OST Community Heroes: From ICO Purchasers to Alpha Development
1 hour ago Crypto Exchange Works With Regulators to Develop Legal Frameworks for Arab States
3 hours ago The Daily: Binance Tracker Available in Beta, New Crypto Exchange Ready in Two Weeks
1 hour ago Crypto Exchange Works With Regulators to Develop Legal Frameworks for Arab States
3 hours ago The Daily: Binance Tracker Available in Beta, New Crypto Exchange Ready in Two Weeks
1 hour ago Crypto Exchange Works With Regulators to Develop Legal Frameworks for Arab States
12 hours ago Japan Roundup: Public Companies Unveil New Mining Plan, Exchange, Token Fund
1 day ago South African Tax Authority Going After Crypto Traders
2 days ago P2P Markets Report: Record-Breaking Volume Across VEB, ARS, and PHP Markets
4 days ago Coinhive Mints Quarter Million Dollars in Monero a Month, Report Reveals
2 weeks ago P2P Markets Report: Selling Drives Upswing in Emerging Markets’ Volume
1 week ago Electron Cash Wallet Now Available for Basic Feature Phones
2 months ago South African Asset Management Firm, Sygnia, to Open Crypto Exchange
3 months ago Georgia Has Become Eurasia’s Cryptocurrency Mining Epicenter
3 weeks ago Coinbase Inquiry Finds No Improper BCH Trading Took Place Prior to Launch
7 months ago Bitcoin Adoption in Africa Hinders EAC Plans for a Unified Currency
7 months ago Bitcoin Adoption in Africa Hinders EAC Plans for a Unified Currency

Stay on top of Altcoins and ICO trends.

Subscribe to our free Weekly Cryptomarket report

Delivered once a week, strongly to your inbox.

Subscribe to our mailing list
August 20, 2018

Crypto Exchange Works With Regulators to Develop Legal Frameworks for Arab States

Following the statement by Saudi Arabia declaring cryptocurrency illegal, the largest crypto exchange in the Middle East and North Africa is working with regulators across the region to develop crypto regulations. Bitoasis confirmed its platform is unaffected by the Saudi Arabian crypto...

From: Kevin Helms

The Daily: Binance Tracker Available in Beta, New Crypto Exchange Ready in Two Weeks

Leading cryptocurrency exchange Binance has announced the launch of its new market intelligence app in beta. The mobile tracker is available for Android and iOS. Also in The Daily, an IT company offers a platform to build a crypto exchange in just two weeks, Shariah compliant trading platform...

From: Lubomir Tassev

PR: Former Meituan Cloud Veteran Launches BonusCloud – AWS in Decentralized Cloud Computing

This is a paid press release, which contains forward looking statements, and should be treated as advertising or promotional material. Bitcoin.com does not endorse nor support this product/service. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the press...

From: Bitcoin.com PR

Japan Roundup: Public Companies Unveil New Mining Plan, Exchange, Token Fund

Three Japanese public companies have individually made announcements regarding their cryptocurrency operations. Forside has grown its mining operation with a plan to sell 7nm bitcoin mining rigs. Farsteps is planning a Singapore exchange launch. Meanwhile, Line Corp, the operator of...

From: Kevin Helms

Second Hand Rigs Are Dumped as the Solo Mining Dream Dies

In the summer of 2017, rising cryptocurrency prices led to a run on high performance graphics cards. Coveted cards with a high hashrate were snapped up like proverbial hot cakes, leaving gamers, scientific researchers, and anyone else who relied on flagship GPUs priced out as the cryptocurrency...

From: Kai Sedgwick
August 19, 2018

Three Hackers Held in China Over $87 million Crypto Theft

Three suspects have been detained by Chinese police in connection with an alleged cryptocurrency theft. The supposed hackers stole bitcoin and other digital assets worth an estimated $87 million USD. Authorities say this is the biggest heist of this type in the People’s Republic so far. Also...

From: Lubomir Tassev
Upcoming ICO's
This week overview
Token Name Starts
Rubius (RUBY) logo Rubius (RUBY) 1 days
Cryptocurrency rates
*Last hour average price&change
Coin Name Price Hour
Bitcoin logo BTC $6460.66544095 0.04%
Ethereum logo ETH $289.890586986 0.43%
Ripple logo XRP $0.3341621164 -0.19%
Bitcoin Cash logo BCH $548.373799066 0.31%
EOS logo EOS $5.1039789748 0.83%
Stellar logo XLM $0.2231860843 1.27%
Litecoin logo LTC $56.2310625573 0.44%
Tether logo USDT $1.0022547744 -0.04%
Cardano logo ADA $0.0982930892 0.05%
Monero logo XMR $96.706669633 0.98%
IOTA logo IOT $0.5260170818 0.71%
Tronix logo TRX $0.021772396 0.41%