Bitcoin, as well as other digital currencies, struggled to find their place in rich countries. It is not hard to understand why the cryptocurrency market is developing so slowly in many countries of the world.
One of the biggest potential markets for various cryptocurrencies is Africa. Jack Dorsey, who is a CEO and co-founder of the social network Twitter plans to enter the local market. It is important to mention that Dorsey is also the CEO of payments company Square. His payment company launched a crypto division in 2019.
Recently, Twitter’s CEO visited several African countries to learn more about the local cryptocurrency market. Moreover, he promised that next year he would spend several months in Africa. As part of the tour, he visited Ethiopia, Ghana, Nigeria, etc.
In Nigeria, Dorsey attended a Bitcoin meetup. During his visit to Ghana, he met with Bitcoin business owners.
Africa is home to more than 1.2 billion people. According to Twitter’s CEO, Africa will play an important role in the future, especially when it comes to Bitcoin.
Moreover, Dorsey is not alone as major Bitcoin and cryptocurrency companies such as Binance, Belfrics, and Paxful are planning to enter the local crypto markets. Also, over the last two years, citizens of several African countries are actively searching Google to learn more about Bitcoin.
German Banks and cryptocurrency market
Last week, the German parliament passed an amendment to the fourth EU Money Laundering Directive. Starting from January 2020, German banks will be able to sell and safe-keep cryptocurrencies.
It is worth mentioning that the previous version of the bill required banks to store digital currencies with third-party custodians. However, the final version of the law, banks can store the cryptocurrencies after obtaining proper licenses. Also, banks will have more time to apply for such licenses as the deadline is also extended.