The International Monetary Fund (IMF) has called for greater regulation of the African cryptocurrency market, which is currently one of the fastest growing in the world.
As a result of the FTX debacle and its knock-on effect on cryptocurrency prices, the IMF said it prompted renewed calls for stronger consumer protections and regulation of the crypto industry.
According to the International Monetary Fund, 25 percent of countries in sub-Saharan Africa have formally regulated cryptocurrencies, while two-thirds have implemented some restrictions. On the other hand, Cameroon, Ethiopia, Lesotho, Sierra Leone, Tanzania and the Republic of Congo have already banned cryptocurrencies, accounting for 20% of sub-Saharan African countries. Kenya, Nigeria, and South Africa have the most crypto users in the region.
