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Bitcoin Ban In Africa: List Of African Countries That Cryptocurrencies Are Restricted Or illegal

 

Ethiopia is the latest African country to ban/ restricted the use of cryptocurrencies.The central bank of Ethiopia issued a warning that cryptocurrencies are being designed to carry out unofficial financial transactions and schemes involving money laundering.

Bitcoin has been controversial since its beginning in 2009, as have the subsequent cryptocurrencies that followed in its wake.

Due to its extreme volatility, its use in nefarious transactions and the exorbitant use of electricity to mine it, the legal status of the digital currency varies substantially from country to country. But as more Africans turn to cryptos, the criticisms have continued to manifest in an array of restrictions on their usage.

Some countries have banned the use of Bitcoin and cryptocurrencies, while others have placed limitations on how Bitcoin can be used. This article uncovers the full list of African countries that have implemented a ban on Bitcoin and cryptocurrency.

Read Also: Cryptocurrency: India government announces bill to ban cryptocurrency 

Note: Implicit bans refer to those which prohibit banks or other financial institutions from dealing in cryptocurrencies or offering services to people or businesses that involve crypto.

  • Algeria — Absolute ban
  • Benin — Implicit ban
  • Burkina Faso — Implicit ban
  • Burundi — Implicit ban
  • Cameroom — Implicit ban
  • Central African Republic — Implicit ban
  • Chad — Implicit ban
  • Cote d`Ivoire — Implicit ban
  • Ethiopia — Implicit ban
  • Democratic Republic of Congo — Implicit ban
  • Egypt — Absolute ban
  • Gabon — Implicit ban
  • Lesotho — Implicit ban
  • Libya — Implicit ban
  • Mali — Implicit ban
  • Morocco — Absolute ban
  • Namibia — Implicit ban
  • Niger — Implicit ban
  • Nigeria — Implicit ban
  • Senegal — Implicit ban
  • Tanzania — Implicit ban
  • Togo — Implicit ban
  • Tunisia — Absolute ban
  • Uganda — Implicit ban
  • Zambia — Implicit ban
  • Zimbabwe — Implicit ban

Source: Business Compiler

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