Several African countries have banned cryptocurrency use and transactions within their borders. In 2021, the Central Bank of Nigeria (CBN) mandated that all banks close customer accounts engaged in cryptocurrency transactions, but the ban was lifted in December 2023.
However, here is a list of African countries legal to trade cryptocurrency:
Egypt
Egypt’s Central Bank (CBE) cited Banking Sector Law No. 194 of 2020, which prohibits “issuing, trading, or promoting cryptocurrency,” as well as creating or operating “trading platforms” and “carrying out any related activities.” In 2018, Egypt’s Dar al-Ifta issued a religious decree classifying commercial transactions in bitcoin as haram (prohibited under Islamic law).
Burundi
Under the administration of then-President Pierre Nkurunziza, the Burundian government prohibited cryptocurrency trading with the Bank of the Republic of Burundi after several citizens lost money dealing in cryptocurrencies.
Ghana
Ghana’s central bank placed a blanket ban on cryptocurrency transactions and other unregulated investment schemes. Dr. Mohammed Amin Adam, Minister of State in the Finance Ministry, reaffirmed that financial institutions have been ordered not to conduct cryptocurrency transactions until the central bank has built a thorough regulatory framework.
Morocco
Despite the news of the attempts made by the Moroccan government to regulate cryptocurrency in the nation, the digital currency still remains illegal on all forms of crypto transactions since 2017, but the people continues to use it underground.
The Republic of Congo
According to the International Monetary Fund, the Congolese government expressly prohibits the use of cryptocurrency. Furthermore, according to a 2018 Ecobank analysis, the Congolese government and central bank have not publicly indicated their views on the use and legitimacy of cryptocurrency.
