Cryptocurrency and Cameroon: The Adoption of Cryptocurrency in Cameroon
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Keywords:
Cameroon, Compliance, Cross-border Payments, FinTech, Regulatory Considerations, SecurityAbstract
Cryptocurrency and its underlying technology, Blockchain, has become a disruptive force in finance, offering potentially greater efficiency, transparency, and security in routine financial transactions. But in Cameroon, it is still a novelty in Cameroon, though many Cameroonians use it to pay for goods and services, it has not been embraced as a legal tender. This post explores the implications and possibilities of cryptocurrency and blockchain to change the transaction landscape in Cameroon through adoption theories, determinants of adoption and the likely effects of the potential of digital currencies on the financial and economic environment in the country. In Cameroon, this would be an extremely backward step, since blockchain technology already offers transformative potential; however, thorough regulatory considerations must be undertaken to guarantee its successful implementation in Cameroon.
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