Facebook has stated its plans for Libra, a digital currency backed by a reserve of real currencies and assets, which it hopes will grow to become globally accepted and adopted. Put another way, Facebook wants to create a global financial network based on a digital currency it’s about to unveil. As Quartz Africa has reported, Africa is mostly a blank canvas when it comes to regulation, with governments playing a waiting game. However, the tendency for tight currency controls suggests governments are unlikely to be welcoming of an all-powerful digital currency which bypasses their systems. Timi Ajiboye, co-founder of BuyCoins Africa, a Lagos-based cryptocurrency exchange, has first-hand experience of how Nigerians have adapted to digital currency technologies.

Source: The North Africa Journal June 20, 2019 05:37 UTC