While U.S. regulators build out their rigid legal framework, and China practically bans the digital currency, South Africa has shown no signs of restricting or regulating Bitcoin. Combine that with an estimated 43 million unbanked, or under-banked, and you have a country that’s ripe for a cryptocurrency explosion.
Graham Busby, Founder at Elix-IRR, believes the entire continent is fertile ground.
"Africa provides a fertile market for all firms operating in the digital currency space. Africa’s lack of regulation and openness to innovation presents firms with a huge opportunity to experiment with new and existing business models."
Busby also wrote that digital currencies could eventually replace the US Dollar in the remittance markets.
"The potential for digital currencies to replace the US Dollar as the common currency for intra-African payments would also drastically cut the high transaction costs that all cross border transfers in the region currently suffer as a result of the current settlement process involving global banks"
Prominent South African businessman and investor, Jason Swart agrees. He has hit the ground running in South Africa with the country’s first major cryptocurrency conference, Bitcoin and the New GoldCoin for SA, to be held November 29th, in Port Elizabeth.
Cellular phones are abundant in South Africa, with an estimated 80% of the population having access to a mobile device. Therefore companies willing to enter the market early and experiment might find that South Africa presents a golden opportunity for digital currencies.
Full Story: http://altcoinpress.com/2014/11/south-africa-ripe-for-cryptocurrency-explosion-bitcoin-and-the-new-digital-gold/
