The growth of crypto and digital currencies in Africa has been stunning. Both private providers and central banks are embracing crypto, and all possible attempts are being made to create virtual money and own it within safe and secure ecosystems. Some countries are planning to launch their very own virtual currencies, which are set to be backed by their respective central banks.
Nigeria is one of the most prominent examples of African countries in terms of digital currency adoption. While it’s still not clear as to when the country will launch the digital naira, speculation suggests that a pilot scheme will come into effect before 2021’s end. The other African nations that are following in the footsteps of Nigeria include the likes of Kenya, Ghana, Tunisia, Morocco, and Madagascar.
E-Cedi, the name of Ghana’s digital currency project, will give preference to blockchain-powered projects. The pilot project is set to be launched in early 2022. The Moroccan Central Bank is also discussing the possibilities of a regulated virtual currency ecosystem. Tunisia is also exploring possibilities that would allow it to enhance its e-dinar. The country’s e-dinar is a digital, blockchain-based version of the dinar.
Madagascar’s central bank has also kicked off a project that consists of two phases. The purpose of the project is to study the effects of the launch of the e-Ariary digital currency. All these efforts are a response to the growing number of companies that are participating in private crypto trading on the continent. Private companies participating in the crypto trade have emerged in the continent as crypto offers a way for people to access banking facilities.