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bitcoins are popular in Africa

release:2018-01-03 17:18:07 publisher:ZERO ONE EXCHANGE

The East African Community of six East African nations had planned to issue a common currency as the economy slumped and its currency depreciated. But as Bitcoin and other digital currencies became more popular. It'seems to have hampered the East African Community Central Bank's plan to establish a unified EAC currency.

The founders and goals of Bitcoin are completely different from those of the East African Community member States.

Since October last year, the Bank of Tanzania has been increasingly concerned about East African people's investment and use of Bitcoin, and its president, Benno Ndulu, has noted the rise of Bitcoin. And said the central bank is working on whether to allow Bitcoin to be issued in Tanzania and hopes to further regulate (or ban) bitcoin, which is currently in six countries in the East African Community: Burundi and Rwanda. Tanzania, Kenya, Uganda and South Sudan.

Bernard Dadi is the head of Tanzania bank payment system. He has revealed that the East African community has considered issuing a unified currency, but now it has been challenged by bitcoin..Bernard Dadi said:

"the goal of the founder of Bitcoin is completely different from that of the East African Community member states that have established a single currency, although, as we say, Bitcoin presents a number of challenges. But the process of issuing the East African Community single currency is still under way.

Before deciding to regulate the digital currency , the East African Community wanted to study the digital currency first

According to Dadi, the Bank of Tanzania is working with UK cryptographic digital currency experts to do research before deciding to approve, regulate or ban digital currency.

"Not only in Kenya, South Africa, Swaziland, Namibia, Uganda and other African countries have also issued to the public bitcoin risk warning"

On the other hand , Patrick Njoroge , governor of the central bank of Kenya , also said that the economic situation of the member countries of the East African Community had improved considerably as a result of the partnership between the six intergovernmental organizations .

But at the same time, according to Google trend data analysis, the use of Bitcoin in six countries within the East African Community is increasing, especially in Uganda. Interest in decentralized currencies is rising in Kenya and Tanzania, where the most popular Bitcoin exchange includes Localbitcoin Remitano. Bitpesa and Xapo, among others. And in the past few months, the East African Community (EAC) region has seen record Bitcoin transactions.


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