Banks and Cryptocurrencies Global Evaluation: Africa

Bitcoin's appeal is in large part due to its accessibility and inclusivity, but the trust-free component of using cryptocurrencies also resolves the long standing issue of Africans' distrust of banks on online payment platforms.

If you have more detailed information on banks and the crypto relationship in your country, we encourage you to share it in the comment section.

The Central Bank of Nigeria first announced a commissioned study on virtual currencies in August 2017, with an objective to gather stakeholders to brainstorm and exchange ideas-proving the country to be a leader in blockchain and Bitcoin regulation in Africa.

The Central Bank of Kenya issued a warning to banks in April, urging them to reject crypto related transactions and entities, and likened Bitcoin to a pyramid scheme.

The central bank's governor expressed support of blockchain technology, though banks have maintained a cautious and skeptical attitude toward digital currency since 2015.

The legality of cryptocurrency is covered by Egyptian law that stipulates transactions with foreign entities be limited to official banks only, and also bans electronic banking.

The Transform Africa Summit in Kigali, Rwanda, attended by over 4,000 delegates including heads of state, fintech companies, blockchain experts, government regulators, AI firms, investment banks, and venture capitalists, took place recently on May 7-10.

The Bank of Botswana has not issued any regulations for the market, and at the end of 2017 claimed it had no interest in studying cryptocurrencies in general.

Ghanaian banks are restricting the use of cryptocurrency out of concern for its use in illegal activity, like money laundering and terrorist funding.

The first, second and third volumes of our Banks and Crypto Evaluation were about Asia, Europe and Americas respectively.