Hi Africa readers!
It’s been quite a week for cryptocurrencies, starting with Tesla’s announcement that it had invested $1.5 billion in bitcoin, and would start accepting it as a form of payment. The news sent the crypto asset soaring; bitcoin is now up more than 800% from a low in March 2020.
But two recent stories out of Nigeria and South Africa highlight some of the persistent issues facing the widespread adoption of digital currencies, even in fast-growing markets. Earlier this week, Nigeria’s central bank announced a crackdown on cryptocurrency that appeared to make dealing on any exchanges illegal, citing issues with its volatility and opaqueness. South Africa’s tax agency SARS has also reportedly set its sights on bitcoin traders, in the form of audits asking taxpayers to disclose any income derived from the crypto asset.
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