The Bank of Ghana plans to introduce a comprehensive regulatory framework for cryptocurrencies and other virtual assets by December. Meanwhile in Nigeria, the Director-General of the Securities and Exchange Commission disclosed that Nigeria recorded cryptocurrency transactions worth 50 billion dollars between July 2023 and June 2024. Chuta Chimezie, Founder and Coordinator of the Blockchain Nigeria User Group, joins CNBC Africa to unpack the road ahead for crypto adoption and regulation across Africa.
The Bank of Ghana plans to implement a crypto regulation framework by December.
Nigeria reports 50 billion in crypto transactions from July 2023 to June 2024, though experts believe the true number may be higher.
Crypto activities in Nigeria developed in response to rampant inflation and currency devaluation.
Only 4 of Nigerian adults participate in traditional capital markets, contrasting with widespread crypto engagement.
The informal financial sector in Nigeria is vast and underreported, partially due to lack of trust in traditional institutions.
There's a call for Ghana to develop fast-paced regulatory paths that foster innovation, rather than mirror Nigeria's gradual approach.