Pan-African insurance company Old Mutual has opted out of insuring cryptocurrency mining equipment due to the absence of regulation in the industry.
Africa is the second largest continent in the world in terms of both territory and population. There are 55 states located on the continent. Economies in Africa differs from country to country. In Africa, cryptocurrency tends to be sold with a large trade margin which can even reach 100% due to several reasons. Firstly, Bitcoin in Africa is very difficult to mine because of the climate and lack of infrastructure. Also, cryptocurrency is in big demand in Africa as national currencies are vulnerable to hyperinflation. Besides that, since there are only a small number of virtual currency retailers they are able to set high prices. The relative financial stability of digital money and the opportunities for profit make cryptocurrencies very popular in Africa.
- 5 South Korean Crypto Exchanges Take On New Responsibility for User Losses
- Japan Data Initiative Brings Blockchain Security to 100 Major Businesses
- Samsung to Seek Collaboration With Platform Firms on Blockchain Innovation and 6G
- Report: Record-Breaking Coincheck Hack Perpetrated by Virus Tied to Russian Hackers
- Bitcoin Markets Now Show Greater Influence From Institutional Investors: JPMorgan