The Unbanked Banking is one of the use cases of Bitcoin as projected via the cryptocurrency network. The cryptocurrency has been a success to a quantity in that task. The lack of access to mainstream banking is frequent in lots of growing nations in the world, which includes the African continent. Bitpesa and different cryptocurrency-sponsored services were providing financial offerings in these countries for some time now.
The increasing utilization of Bitcoin and offerings based on blockchain technology for remittance as well as ordinary transactions has made governments within the area consider cryptocurrency policies. Even as some African countries have decided to attend and watch how the situation will develop in the near future, countries like Uganda and Kenya are taking a proactive technique by considering official policies and rules.
After the African Institute for the Prevention of Crime and remedy of Offenders roundtable convention that focused on crptocurrency in Uganda, the country can also become the first African country to implement policies. The rules, if applied by Uganda whenever soon, will set a precedent for other African countries in the continent to come up with comparable laws.
Any cryptocurrency regulations introduced in this part of the world needs to be accomplished just after cautious deliberations. The variety of people and businesses are more and more depending on systems based on blockchain technology like Bitcoin and services. Something that hampers such adoption may not just rob the countries of any chance for rapid monetary development, but also make it hard for startups and businesses to function in the country.
Bitpesa, one of the distinguished company in Africa introduced a B2B provider that allows business owners in Nigeria and few different countries to pay immediately into the bank accounts of Chinese counterparts with whom they do business. The new provider is expected to reduce the transaction fees for these companies by a least 60 % even as reducing the time taken for the transfer. This is trying to strengthen exchange among China and African countries.