Cryptocurrency : Electronic money in Cameroon
-
Loading... - Marie Sadou
- 18 Mar 2022
- 394 Views
- 0 Like
- 0 Comment
Enterprises , shops and even telecommunication giants like MTN mobile money and Orange money are gradually introducing transactions with Bitcoin . A channel used by Cameroon’s gouvernement to normalise the use of cryptocurrency amongst its citizens of which some still ignore the value and use of this currency.
There are currently about 6,000 cryptocurrencies among some of the most widely used currencies: Bitcoin, Cardano, Etherium , Solana, Binance coin and many others.
The currency which is 100% virtual is the fruit of digital technology. Cryptocurrency can be stored in a digital wallet, and protected by a secret code, which belongs to the owner.
According to Minister Libom Li Likeng, “cryptocurrencies are decentralised digital currencies, using cryptographic algorithms and a protocol called blockchain, to ensure the reliability and traceability of transactions”.
Since cryptocurrency went into use in 2009, they have continued to be popular because of the absence of control of central banks.
The cryptocurrency age is seen by many people as the most convenient era of exchange. As far as cryptocurrency is concerned, coins in gold, or silver or even bank notes are completely inexistent.
It is also a system of transfer of digital assets. Buying and selling using cryptocurrency is done through online exchange platforms.
A host of countries around the world have been using cryptocurrency for online financial transactions for over a decade now. Some African countries like Botswana, Ghana, South Africa, Zimbabwe, Kenya and Nigeria have developed their own digital currencies.
Regardless of how many countries have embraced Cryptocurrency for online transactions, but many worry about the volatile nature of the currency.
“There are scamming risks. Someone says he is selling cryptocurrency, do you know how it looks like ? Do you know where it comes from ? Who regulates it ? Once you take that risk, you have you have no insurance no one to blame, and nobody to go to”. A worry which remains pertinent amongst cameroonians. Read More...
