What is behind Africa’s crypto-phobia?

As the use of cryptocurrencies gains momentum, African central banks, gripped by crypto-phobia, are pressing panic buttons, with some taking the easy way out by banning the use and trading in cryptocurrencies in their territories. What are they afraid of? By Allen Choruma.

Cryptocurrencies, also known as virtual currencies, are a digital medium of exchange, which is unlike our normal fiat currency that exists in the form of physical bank notes or coins, or commodity money, backed by gold or other precious stones. The blockchain digital technology is as vital to cryptocurrencies as the central nervous system is to humans. Blockchain uses cryptography to create (mine) and store units, secure transactions, transfer tokens and effect payments. These processes metamorphose a crypto from…

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