With cryptos already used as a hedge against inflation and currency devaluation in most African countries, there is now growing shift in demand towards using Bitcoin and other cryptos as a means of exchange during international trades, thereby bypassing international exchange fees.
The Central Bank of Nigeria (CBN) has informed all deposit money banks in the country that they are now prohibited from facilitating crypto exchange transactions of any kind.
Globally-recognised crypto platform, Luno, today announced the expansion of their offering with the addition of arguably the most secure stablecoin on the market, USDC.
South Africa’s largest cryptocurrency Luno, predicts further progress on regulations and continued interest from institutional investors amid ongoing volatility in 2021.
Bitcoin is gaining a lot of buzz around Africa and the world. The digital currency has gained a lot of value over the years as 1 bitcoin (BTC) is currently worth US$41,447.60, that’s 15,799,825.12 Nigerian Naira and 632,809.52 South African Rand.
