Cryptocurrency is becoming increasingly popular as an investment model. Bitcoin became the first crypto token to enter the global market. The primary purpose of this token was to Bitcoin Circuit trading platform peer-to-peer transactions.
But with due course of time, these tokens became an investment model. Many new and experienced investors tried their luck with this investment model. Also, investors have been able to generate reasonable profits through this model. You can invest in cryptos on Bitcoin smart the best trading platform.
Increasing adoption of cryptos in various countries
Initially, investment experts had varying opinions about this investment model. The use of blockchain technology and decentralized finance was added to the list. Most countries considered a crypto investment a threat to the economy.
Despite these apprehensions, the investment model continued to grow. Today there are more than 14k+ crypto tokens. The market volume of these tokens has increased beyond $3 trillion.
Many countries have started looking at this investment model closely. It is working towards setting up a steering committee and regulatory policies. While countries have still not provided legal status. Many countries have come up with regulatory policies to govern this investment model.
The most recent to take a position on the list is India. In the recent budget announcement, India has announced a 30% tax on cryptos. The government has also made it clear that it will connect with exchanges. This will allow the country to effectively monitor crypto investments in the country.
Crypto growth in Africa
Crypto became an instant hit in Africa. The country lacks a proper banking system. And this is one reason attributed to crypto adoption. Following El Salvador’s path, Africa became the next to legalize cryptos.
Looking at investments, Africa is trying to take a position within the first five. Yes, adoption and investment in Africa are happening at a faster pace.
The country has always been looking at opportunities to legalize cryptos. It had earlier announced a tax regimen on cryptos. South African Revenue Service had earlier confirmed that normal tax regulations will apply. Every taxpayer in the country needs to include crypto declarations. Whatever the capital gains or losses on cryptos have to be declared appropriately.
Crypto regulation in Africa
The Central African Republic is the first state in Africa to adopt cryptos. The country is also focusing on a slow and steady increase in the industry. Speaking about various states within the country, Uganda takes a second position. The Uganda National Director for the banking system has clarified the same. It is understood that the country is looking at options to regulate crypto payments.
Nigeria is the third on the list to join the crypto investment. The state has developed and circulated its digital currency. Local banks in the country are not allowed to operate using cryptos. Theend to end transactions is managed and undertaken by the central banking system.
Post-launch of e-Naira the country clarified that digital currency is the way forward. In another 10 years, we could see global adoption of crypto technology.
Africa is all set to embrace cryptocurrencies
The growth of cryptos in the industry indeed took place in the past two years. Global lockdown coupled with work from home did prove to be a savior. Yes, people were confined to their residences. It allowed the opportunity for investors to understand the crypto investment model. As per records, the market capitalization of cryptocurrency has increased by $800 million. As mentioned, the Central African Republic is all set to embrace cryptos. It will become an official medium of exchange within African countries. The president also clarified that the country is looking to set up a hub in Sango. This hub will become a haven to develop a pool of talent. The country is also looking at investing in decentralized finance and blockchain technology. The country is also looking at positioning itself in the global market as a pioneer in the industry.
With countries and governments looking at adopting cryptos as legal currency. Many other countries are also looking at developing options to regulate this investment. Connects have been established with crypto exchanges to gain details of crypto investors. Efforts are underway to ensure that the interests of investors are taken care of to avoid losses.
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