Interest in cryptocurrency, a form of digital currency, is growing steadily in Africa. Some economists say it is a disruptive innovation that will blossom on the continent. Cryptocurrency is not bound by geography because it is internet based; its transactions are stored in a database called blockchain, which is a group of connected computers that record transactions in a ledger in real time. The difference between cryptocurrency and, say, Visa or Mastercard, is that a cryptocurrency is not regulated by governments and doesn’t need middlemen. Transactions rely on the internet, which means they can happen anywhere in the world. Among the cryptocurrency global brands, bitcoin leads the pack in Africa. Investors hope that bitcoin will become the new mode of financial transaction in the digital age. "Africa is rarely mentioned among the largest markets for cryptocurrency. However, it may be set to steal a march over other markets," says Rakesh Sharma, a business and technology journalis...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Sunday Times Daily.

Already subscribed? Simply sign in below.

Questions or problems? Email or call 0860 52 52 00. Got a subscription voucher? Redeem it now