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IMF For More Crypto Regulation For Africa’s Crypto Market

IMF For More Crypto Regulation For Africa’s Crypto Market

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International Monetary Fund (IMF) calls for more regulation of Africa’s crypto market, one of the fastest-growing in the world, according to the global institute’s blog on November 22.

The International Monetary Fund said that in the fall FTX and how it affected the value of other cryptocurrencies was one of the reasons why governments in the region should regulate. this is “may raise new requirements to improve consumer protection and regulate crypto business”, The IMF said.

Furthermore, the authors argue that “The risks of cryptocurrency are obvious” and that “it’s time to regulate” to achieve a balance between risk avoidance and innovation promotion. According to the October 2022 Sub-Saharan Africa Regional Economic Outlook “The risks are much higher if crypto is used as legal cash.” This means that if governments accept crypto as a means of payment, it could hurt their economy.

According to IMF statistics, 25% of Sub-Saharan African countries have explicitly regulated cryptocurrencies, with the remaining two-thirds imposing some restrictions. Cameroon, Ethiopia, Lesotho, Sierra Leone, Tanzaniaand Republic of the Congo, on the other hand, have already banned crypto-wealth, which is 20 percent of sub-Saharan African countries. The most active users of the area are Kenya, Nigeriaand South Africa.

Africa’s crypto market grew in value by more than 1,200% between July 2020 and June 2021, according to data from analytics firm Chainalysis. Kenya, South Africa, Nigeria and Tanzania all used cryptocurrencies heavily during this period.

Ghana is exploring a central bank digital currency (CBDC). According to Bank of Ghana official Kwame Oppong, the country’s strategy aims to promote financial inclusion. Ghana has the potential to reach a level of crypto adoption comparable to Kenya and Nigeria, which ranked 11th and 19th respectively in Chainalysis’ Global Crypto Adoption Index.

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