Nigeria's New Stance on Crypto Bodes Well for Africa
After a challenging first half of the year, the crypto and blockchain industry in Africa is set to start 2024 with renewed optimism, especially in Nigeria. Following the removal of the former governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, the new CBN boss, Olayemi Cardoso, has adopted a more conciliatory approach and reversed some of the controversial policies. The lifting of the February 2021 crypto asset-related restrictions is seen as a significant decision by the CBN, not just for Nigeria but for the entire continent. This move has been praised by Nigerian crypto influencers, as it opens up opportunities for innovation and positions Nigeria as a leader in emerging technologies like cryptocurrency and blockchain.
Southern African Countries Seize the Initiative in 2023
In Kenya, the crackdown on Worldcoin was seen as a low point for the crypto industry in East Africa. However, by mid-December, the government indicated a change in its stance, and Worldcoin is expected to resume its activities in early 2024. In South Africa, authorities have taken steps to establish a regulatory framework for virtual asset service providers (VASPs), and over 90 entities have applied for licenses to operate a VASP. Angola's passage of crypto law and Zimbabwe's launch of Africa's first gold-backed digital currency are also important milestones for the region.
Bitcoin Halving and the ETF Mania
While these developments are significant for the African crypto industry, the anticipated approval of spot Bitcoin exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC) is seen as a key moment that could trigger another bull run and attract capital inflows. However, some experts believe that the benefits of ETF approval may be short-lived, with high-level institutions seeking to control the narrative or the top crypto asset itself. The Bitcoin halving event, expected in April 2024, is also expected to play a pivotal role in shaping the trajectory of the top crypto asset in 2024.
Shaheer Karrim, co-founder of Mzansi Web3 ICP Hub, believes that the adoption of crypto by more countries, driven by the approval of spot Bitcoin ETFs, will create more interest in the underlying technology among African users. Ivaibi Festo, founder of Mitroplus Labs, shares this sentiment and expects the upcoming bull run to be bigger and better than any previous ones, impacting incomes and value distributions worldwide. Nathaniel Luz, founder of Flincap, sees the approval of Bitcoin ETFs as a way to restore trust in the crypto industry and bring legitimacy to the market.
In conclusion, the expected approval of Bitcoin ETFs and Nigeria's new stance on crypto are set to drive the revival of the African crypto industry. These developments will create opportunities for innovation, restore users' trust, and position Africa as a leader in emerging technologies. The Bitcoin halving event and the subsequent bull run are also anticipated to shape the trajectory of the top crypto asset in 2024. Overall, the future looks promising for the African crypto and blockchain industry.
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By: Terence Zimwara
Title: Bitcoin ETF Approval and Nigeria's Crypto Stance to Drive African Industry Revival
Sourced From: news.bitcoin.com/bitcoin-etf-mania-and-nigerias-new-stance-on-crypto-to-drive-the-industrys-revival-in-africa-experts/
Published Date: Sat, 30 Dec 2023 12:30:51 +0000