AFRICA: UN Trade Body Cautions Developing Countries Against Cryptocurrencies, Here is Why!

According to the UN, there should be a need to regulate cryptocurrencies in Africa, exchanges, digital wallets, and decentralized finance. Countries should also prevent regulated financial institutions from holding cryptocurrencies which include stablecoins or offering related products to clients.  Cryptocurrencies in Africa are growing at an exponential rate. As this signifies the dawn of new financial technology on the Continent, the United Nations think otherwise. According to the UN Conference on Trade and Development (UNCTAD), if cryptocurrencies become a widespread means of payment and even go as far as replacing…

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