And though a laggard in the adoption of crypto in Africa, Ethiopia is fast catching up with dominant players such as Nigeria, Kenya, South Africa, and Egypt. With 1.8 million Bitcoin traders, Ethiopia ranks seventh in Africa in crypto holding capacity. Crypto challenges in AfricaDespite rising interest, crypto trade remains banned by most African governments save for the Central African Republic. In May, Uganda conducted a countrywide crackdown on payment providers facilitating crypto transactions, after 5,000 victims lost approximately $2.7 million though Ponzi schemes. However, Ethiopian crypto traders keep exploring the business, and nine crypto exchanges have been selling them digital coins.

Source: Ethiopian News August 29, 2022 18:43 UTC