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In a recent global survey conducted in 15 countries, Nigeria has the highest population aware of cryptocurrency, higher than the United States.



The survey was conducted by ConsenSys and YouGov and aimed to gather insights into how different countries perceive cryptocurrencies and the broader Web3 ecosystem on both a macro and regional level.



Based on the results of the survey, it was found that Nigeria and South Africa have the highest level of cryptocurrency awareness among African nations. The survey revealed that 99% of Nigerians and 98% of South Africans are more knowledgeable about Web3 than people in major economies such as the United Kingdom, the United States, Japan, and Germany.



The survey was conducted among 15,158 individuals aged between 18 and 65 from 15 countries. Among Nigerian respondents, 70% claimed to have a good understanding of the basic concepts of blockchain technology.



Nigerians&#8217; knowledge about the <a href="https://upyo.com/en/news/tags/africa-crypto">cryptocurrency industry</a> is reflected in the percentage of the population that either currently or previously owned cryptocurrencies.



Out of the 1,001 individuals surveyed in Nigeria, 76% had experience with cryptocurrencies, with Bitcoin (BTC) and Ether (ETH) being the most commonly owned. Interestingly, BNB (BNB) and Dogecoin (DOGE) were ranked higher than Tether (USDT), the world&#8217;s largest stablecoin.



Additionally, 90% of those surveyed expressed interest in investing in cryptocurrencies within the next year, while 65% believed that cryptocurrency could serve as a hedge against hyperinflation and monetary devaluation. Since the Central Bank of Nigeria severed ties between cryptocurrency exchanges, firms, and local banks in February 2021, 50% of the respondents believed that regulators should establish laws encouraging participation while protecting investors.



ConsenSys has published data and insights related to all 15 surveyed countries. In the United States, 95% of respondents were aware of cryptocurrencies, while 42% had heard of the sector but needed a clearer understanding. Additionally, only half of the American respondents indicated that they currently or previously owned cryptocurrencies.

Crypto in Nigeria

Crypto

Nigerians Aware Of Crypto More Than Americans, Survey Says

Namibia decided to give the crypto industry to thrive after banning it in 2017. The Namibian government signed a law that regulates the virtual asset service providers operating in the country.



The Namibian Virtual Asset Act 2023 had been published in the official gazette after being approved in Namibia’s National Assembly on July 6 and signed by President Hage Geingob on July 14. The African country&#8217;s Ministry of Finance will set a date for the law to enter into force.



The Namibia Virtual Asset Act 2023 aims to set up a regulatory authority to supervise crypto exchanges in the country and related activities for purposes of ensuring consumer protection, preventing market abuse, and preventing or mitigating the risk of money laundering and financing of terrorism and proliferation activities posed by virtual assets markets; and to provide for incidental matters.



It is considered the first law that lays the foundations of crypto regulation in the country, according to Cointelegraph.



The virtual asset service providers, who will not comply with the new law, will face penalties of up to $671,000 (10 million Namibian dollars) and 10 years in prison. However, the Bank of Namibia, the central bank of Namibia, maintained its position that cryptocurrencies would not hold legal tender status in the country.



Earlier in November, the International Monetary Fund (IMF) called for more regulation of the crypto industry and greater consumer production in African countries, according to a blog published by the global financial institution.



IMF referred to policymakers’ concerns that cryptocurrencies could be used to illegally transfer funds out of Africa and get around local rules to prevent capital outflows. The blog said: “Widespread use of crypto could also undermine the effectiveness of the monetary policy, creating risks for financial and macroeconomic stability.”



Despite being one of the fastest-growing crypto markets in the world, <a href="https://upyo.com/en/news/tags/africa-crypto" target="_blank" rel="noreferrer noopener">Africa’s crypto market</a> is still the smallest in terms of crypto transactions reaching $20 billion per month in mid-2021, according to Chainalysis. Africa’s crypto market increased in value by more than 1,200% between July 2020 and June 2021.

Cryptocurrency in Namibia

Namibia Passes Law on Regulating VASPs in Country

Kenya is likely to impose taxes on cryptocurrencies and NFTs after lawmakers submitted a bill to the Kenyan parliament on this matter.



The Kenyan parliamentarians called for introducing a 3% tax on cryptocurrency and nonfungible token transfers and a 15% tax on monetized online content, <a href="https://cointelegraph.com/news/kenya-considers-tax-on-crypto-nft-transfers-and-online-influencers" target="_blank" rel="noreferrer noopener">according to Cointelegraph</a>. This call came as a part of the Finance Bill 2023, which calls for enacting digital asset taxes on income earned from the transfer or exchange of digital assets and NFTs also.



The Kenyan National Assembly should do readings and revise the draft law for five rounds before passing it and if it was passed, the president should ratify it to be in force.



So the Kenyan government will collect 3% of the value of transfers of cryptocurrencies and NFTs done by crypto exchanges or persons. Crypto exchanges, which are not registered in Kenya, have to register under the tax regime.



But such a bill, if applied, means that the crypto and NFTs are recognized in the African country, a matter which cancels a warning issued by the Central Bank of Kenya against using the crypto.



In terms of crypto adaption, Kenya is one of the most 20 countries whose people possess crypto, coming in 19th place, according to a Chainalysis report issued in September.



Despite being one of the fastest-growing crypto markets in the world, Africa’s crypto market is still the smallest in terms of crypto transactions reaching $20 billion per month in mid-2021, according to Chainalysis. Africa’s crypto market increased by more than 1,200% between July 2020 and June 2021, with Kenya, South Africa, Nigeria, and Tanzania leading adoption.

Kenya Crypto

Kenyan MPs Submit Bill on Imposing Tax on Crypto

Zambian Minister for Innovation, Science, and Technology Felix Mutati said his country eyes finishing the tests of real-world cryptocurrency usage by the end of June.&nbsp;



<a href="https://www.reuters.com/world/africa/zambia-finish-cryptocurrency-regulation-tests-by-june-minister-2023-04-12/" target="_blank" rel="noreferrer noopener">In an interview with Reuters</a>, Mutati noted Zambia needs digital infrastructure, including digital identities, before introducing cryptocurrencies. 



The Zambian central bank and securities regulator started the tests on February 19 as Mutati pointed out that his country seeks to balance safety and innovation, saying: &#8220;Our main goal in the area of cryptocurrency is to strike a balance between innovation in terms of digital payments &#8230; against citizens&#8217; safety, particularly given that cryptocurrency is very volatile.&#8221;&nbsp;



The Zambian minister underlined that the tests&#8217; results would help in the formulation of the regulation. He also referred to an increasing appetite to invest in Zambia.&nbsp;



Earlier in February, with the commencement of the tests, Mutati noted that cryptocurrencies are the future that the country seeks to engage in, affirming the importance of outlining a policy framework that supports this revolutionary technology<a target="_blank" href="https://www.mots.gov.zm/?p=2309" rel="noreferrer noopener">, the Zambian ministry said in a press release</a>.&nbsp;



According to Mutati, the testing of the technology on regulating cryptocurrency will be upscaled in due course as part of deliberate measures to achieve an inclusive digital economy for Zambia.



Zambia eyes being an African technological hub by establishing appropriate digital infrastructure, luring investments in technology, and creating access, the minister pointed out.&nbsp;



Some African countries are currently studying rolling out their central bank digital currencies (CBDC), recent of which was the Central African Republic.&nbsp;



Despite being one of the fastest-growing crypto markets in the world, Africa’s crypto market is still the smallest in terms of crypto transactions reaching $20 billion per month in mid-2021, according to Chainalysis. Africa’s crypto market increased by more than 1,200% between July 2020 and June 2021, with Kenya, South Africa, Nigeria, and Tanzania leading adoption.

Zambian Flag with Bitcoin

Zambia Plans To Finish Crypto-related Tests in June

Zambian Technology and Science Minister Felix Mutati said his country&#8217;s central bank and securities regulators are testing technology to enable the regulation of cryptocurrency in Zambia to achieve an inclusive digital economy.&nbsp;



In statements in Lusaka, Mutati noted that cryptocurrencies are the future that the country seeks to engage in, affirming the importance of outlining a policy framework that supports this revolutionary technology<a href="https://www.mots.gov.zm/?p=2309" target="_blank" rel="noreferrer noopener">, the Zambian ministry said in a press release</a>.&nbsp;



According to Mutati, the testing of the technology on regulating cryptocurrency will be upscaled in due course as part of deliberate measures to achieve an inclusive digital economy for Zambia.



Zambia eyes being an African technological hub by establishing appropriate digital infrastructure, luring investments in technology and creating access, the minister pointed out.&nbsp;



Some African countries are currently studying rolling out their central bank digital currencies (CBDC), recent of which was the Central African Republic.&nbsp;



Earlier in November, The International Monetary Fund (IMF) called for more regulation of the crypto industry and greater consumer production in African countries,<a target="_blank" href="https://www.imf.org/en/Blogs/Articles/2022/11/22/africas-growing-crypto-market-needs-better-regulations" rel="noreferrer noopener">&nbsp;according to a blog published by the global financial institution</a>.



IMF referred to policymakers’ concerns that cryptocurrencies could be used to illegally transfer funds out of Africa and get around local rules to prevent capital outflows. The blog said: “Widespread use of crypto could also undermine the effectiveness of the monetary policy, creating risks for financial and macroeconomic stability.”



Despite being one of the fastest-growing crypto markets in the world, Africa’s crypto market is still the smallest in terms of crypto transactions reaching $20 billion per month in mid-2021, according to Chainalysis. Africa&#8217;s crypto market increased by more than 1,200% between July 2020 and June 2021, with Kenya, South Africa, Nigeria, and Tanzania leading adoption.

Zambian Flag

Zambia Tests Enabling Cryptocurrency Regulation

Rwanda&#8217;s government called on banks to stop facilitating crypto-related transactions, citing the status of high risk and unsafety, <a href="https://news.bitcoin.com/rwanda-government-orders-banks-to-stop-facilitating-crypto-related-transactions/" target="_blank" rel="noreferrer noopener">Bitcoin News reported</a>.&nbsp;



The National Bank of Rwanda (NBR) noted that the country&#8217;s financial services providers are prohibited from engaging in any crypto-related activities until the outlining of a regulatory framework, according to a letter sent by NBR to CEOs and managing directors of financial services providers.&nbsp;



In this regard, NBR Acting Governor Soraya Hakuziyaremye claimed that the prohibition would create safe and efficient financial services, pointing to the unregulated status of most crypto assets and how this leaves users without the guarantees and safeguards associated with regulated financial services.



In her letter, Hakuziyaremye justified the bank&#8217;s decision, saying: &#8220;Although crypto asset activities are still limited and therefore, do not pose substantial risks to [the] financial and monetary system of Rwanda, the NBR is concerned about the involvement of the financial institutions in crypto activities.&#8221;&nbsp;



The acting governor pointed out that there are some Rwandans who are still trading digital assets like bitcoin, although the bank warned against crypto-related activities, adding data showed that over $3 million were traded on the Rwandan market since January 2020.&nbsp;



Earlier in November, The International Monetary Fund (IMF) called for more regulation of the crypto industry and greater consumer production in African countries,<a target="_blank" href="https://www.imf.org/en/Blogs/Articles/2022/11/22/africas-growing-crypto-market-needs-better-regulations" rel="noreferrer noopener">&nbsp;according to a blog published by the global financial institution</a>.



IMF referred to policymakers’ concerns that cryptocurrencies could be used to illegally transfer funds out of Africa and get around local rules to prevent capital outflows. The blog said: “Widespread use of crypto could also undermine the effectiveness of the monetary policy, creating risks for financial and macroeconomic stability.”



Despite being one of the fastest-growing crypto markets in the world, Africa’s crypto market is still the smallest in terms of crypto transactions reaching $20 billion per month in mid-2021, according to Chainalysis. Africa’s crypto market increased in value by more than 1,200% between July 2020 and June 2021.

bitcoin-with-gold-crown-rwanda-flag-cryptocurrency-king-concept-d-rendering_601748-2350

Rwanda Urges To Stop Facilitating Crypto-related Transactions

Central African Republic studies entering the crypto field as it set up a committee of 15 persons to outline a draft law on regulating crypto and tokenization.&nbsp;



In this regard, President of the Central African Republic Faustin-Archange Touadéra highlighted the role of cryptocurrency in developing his country&#8217;s economy, saying cryptocurrencies have the potential to eliminate the country&#8217;s financial barriers, <a href="https://cointelegraph.com/news/central-african-republic-eyes-legal-framework-for-crypto-adoption" target="_blank" rel="noreferrer noopener">according to Coin Telegraph</a>.&nbsp;



Touadéra asserted the importance of introducing a legal framework for cryptocurrency usage to create a business-friendly environment, noting: &#8220;With access to cryptocurrencies, the monetary barriers existing until now will disappear, the main objective of the measures adopted by the government being the development of the national economy.&#8221;&nbsp;



The committee, which is tasked with outlining the crypto bill, includes 14 experts from five local ministries; Ministry of Justice, Promotion of Human Rights and Good Governance, Ministry of Waters, Forest, Hunting and Fishing, Ministry of Mines and Geology, Ministry of Town Planning, Land Reform, Towns and Housing and Ministry of Agriculture ad Rural Development.&nbsp;



It will work on a legal framework that allows cryptocurrencies to operate in the Central African Republic and contributes to boosting the national economy.



Earlier in November, The International Monetary Fund (IMF) called for more regulation of the crypto industry and greater consumer production in African countries,<a target="_blank" href="https://www.imf.org/en/Blogs/Articles/2022/11/22/africas-growing-crypto-market-needs-better-regulations" rel="noreferrer noopener">&nbsp;according to a blog published by the global financial institution</a>.



IMF referred to policymakers’ concerns that cryptocurrencies could be used to illegally transfer funds out of Africa and get around local rules to prevent capital outflows. The blog said: “Widespread use of crypto could also undermine the effectiveness of the monetary policy, creating risks for financial and macroeconomic stability.”



Despite being one of the fastest-growing crypto markets in the world, Africa’s crypto market is still the smallest in terms of crypto transactions reaching $20 billion per month in mid-2021, according to Chainalysis. Africa’s crypto market increased in value by more than 1,200% between July 2020 and June 2021.

Africa blockchain

Central African Republic Studies Regulating Crypto

The International Monetary Fund (IMF) called for more regulation of the crypto industry and greater consumer production in African countries,<a href="https://www.imf.org/en/Blogs/Articles/2022/11/22/africas-growing-crypto-market-needs-better-regulations" target="_blank" rel="noreferrer noopener"> according to a blog published by the global financial institution</a>.



The call came amid the collapse of the world’s third-largest crypto exchange FTX followed by the drop in the prices of Bitcoin and Ethereum.



IMF referred to policymakers&#8217; concerns that cryptocurrencies could be used to illegally transfer funds out of Africa and get around local rules to prevent capital outflows. The blog said: &#8220;Widespread use of crypto could also undermine the effectiveness of the monetary policy, creating risks for financial and macroeconomic stability.&#8221;



It noted that the risks would be bigger if the crypto is adopted as legal tender, saying if the government accepted the crypto assets as means of payment, it could put public finances at risk.



Despite being one of the fastest-growing crypto markets in the world, Africa&#8217;s crypto market is still the smallest in terms of crypto transactions reaching $20 billion per month in mid-2021, according to Chainalysis. Africa’s crypto market increased in value by more than 1,200% between July 2020 and June 2021.



The blog mentioned that South Africa, Nigeria, and Kenya top the African continent in terms of the number of crypto users. It is worth mentioning that the Central African Republic is the first country in Africa to designate Bitcoin as a legal tender.



According to IMF’s data, a quarter of countries in sub-Saharan Africa have formally regulated crypto, while two-thirds have implemented some restrictions. On the other hand, Cameroon, Ethiopia, Lesotho, Sierra Leone, Tanzania, and the Republic of Congo have already banned crypto assets, which represent 20% of the sub-Saharan African countries. Zimbabwe ordered all banks to stop processing transactions and Liberia directed a local crypto startup to stop operations.

Africa

IMF Calls for More Regulation for Crypto Industry in Africa

Nedbank Group, one of the large financial services groups in South Africa, became the first bank in Africa to enter the <a href="https://upyo.com/en/news/metaverse">metaverse</a> world. 



Partnered with Africarare, Nedbank acquired a 12&#215;12 village in Ubuntuland, making the African bank join leading financial groups like JP Morgan, DBS Bank, HSBC, and Fidelity Investments have entered the metaverse.&nbsp;



The South African bank&#8217;s move comes as a part of its strategy to discover new marketing platforms and create a beyond-banking experience.&nbsp;



In this regard, Group Executive for Marketing and Corporate Affairs at Nedbank Khensani Nobanda said the bank&#8217;s joining the metaverse is not only about having a presence in this space, but it also includes meeting its clients&#8217; needs on these platforms.



Meanwhile, Nedbank&#8217;s Chief Information Officer Fred Swanepoel noted that Nedbank wanted to be at the forefront of the technologies that would enable the next wave of digital business models, so the bank is investing in web 3.0 and the technologies on which the metaverse is built.



It is worth noting that Africarare is the creator of Ubuntuland, where anyone can buy, sell and rent a property and other digital assets.



Welcoming Nedbank&#8217;s acquisition in Ubuntuland, CEO of Africarare Mic Mann said the financial group, by entering the metaverse will pave the way for new solutions for Africa and play a role in the future of banking.&nbsp;



According to a Bloomberg report, Nedbank&#8217;s village will include numerous experiences that range from virtual gaming to a sports lounge and more.



A metaverse is a network of three-dimensional virtual environments focusing on social interaction. It may be characterized as a digitally simulated world. It utilizes blockchain, augmented reality, and virtual reality (VR), combined with social media principles, to develop venues for extensive user communication that imitate the real world.



Earlier this year, MTN Group, the largest mobile network operator in Africa, announced its entry into the metaverse by purchasing 144 plots of virtual land in Ubuntuland. This marked MTN as the first African company to invest in the metaverse.&nbsp;



<h2>Growing Crypto Owners in Africa&nbsp;</h2>



According to a study in August released by TripleA, a crypto payments gateway, Africa has 53 million cryptocurrency owners, about 16.5% of the estimated global total of 320 million.



Africa comes in second place, following Asia (130 million cryptocurrency owners), while North America comes in third place with 51 million owners.&nbsp;



Nigeria has 22 million cryptocurrency owners, topping the African continent, while South Africa accounts for 7.7 million cryptocurrency holders (about 12.5% of South Africa’s population).

Africa Crypto News

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