Bitcoin is driving economic change in Africa. In East Africa, a new agreement between Bitpesa and a Japanese company on the digital currency trading platform shows that Kenyans use bitcoin to buy second-hand Japanese cars, cosmetics and appliances. In Nigeria, Sure remittance companies use Bitcoin to reduce the cost of cash transfers. In Zimbabwe, people use Bitcoin coin
to subscribe to TV shows, pay college tuition and imports of used cars.
Earlier this year, Elisha Owusu Akyam bought a Macbook Pro laptop with bitcoin. The 17-year-old cryptocurrency investor from Accra, Ghana, said in an interview with news.Bitcoin.com that Bitcoin payments are easier than the current way.
Token Media, a company that helps other startups raise millions of dollars in token sales through their marketing services, said the company’s founder and CEO Akyam: There are financial barriers on the African continent, and Bitcoin eliminates these barriers. If there is no bitcoin, it is impossible to buy large items in the case of one payment. People will have to pay in installments in a few days, wasting time and money.
Mobile payments are actually only widely used in a few countries, such as Kenya and Zimbabwe. In these countries, about 30 million people use mobile phones to pay for goods and services. In most countries, cash is still the most important.
But bitcoin and other cryptocurrencies are beginning to catch on, such as tron coin
, dash coin
and monero coin
, not only as a means of payment, but also as a means of remittance and value storage. Ghana is one of many countries in Africa where economies are being reshaped by cryptocurrencies, but in this West African country, the market for cryptocurrencies is still small, and regulatory issues cast a shadow over the future of the market, but according to Akyam, cryptocurrencies The market has seen significant growth recently.
Akyam said that some small businesses have begun to accept bitcoin payments, and digital currency exchanges are booming, with about 15 different platforms, mainly over-the-counter trading platforms, allowing Ghanaians to buy and sell cryptocurrencies. He added that basic services such as buying mobile phone talk time and traffic can also be achieved by using Bitcoin.
Regulatory issues remain. A recent statement by the Bank of Ghana warned the public that the use of Bitcoin is an unregulated activity. This unregulated environment has led to the spread of several scams and false investment plans, damaging the image of the Ghana cryptocurrency industry as a whole.