Bitcoin has been growing exponentially in Africa. In the past year, bitcoin exchanges have dominated bitcoin infrastructure as a number of countries are set to benefit from the cryptocoin. From free transactions to instant withdrawals, bitcoin has provided a pathway for efficient remittances. Sadly, Tunisia may not feel the full benefits of the cryptocurrency as capital controls and restrictions of infrastructure development have lead to a significant 20% premium being applied to bitcoin prices in the country.
“Tunisia is a country that applies capital controls. We have an inflationary currency that is constantly trending down.Tunisians have no right to possess any kind of foreign currency (no dollar no euro, no yen…). So Tunisians cannot go on Amazon or eBay and shop online. Bitcoin is a huge opportunity for Tunisians to get back their financial freedom and be able to protect themselves from inflation.”
This has effectively prevented any bitcoin related business from opening in the country in fear of being persecuted by non existent laws. Considering the Fiat currency in the country has exploded in the past year with inflation causing devaluation at a unprecedented rate, Bitcoin has become the asset of choice for many looking to safeguard their financial interests. Currently there are no exchanges based out of the country, but NairaEX is one of the biggest African exchanges delivering Bitcoin at market competitive rates and within a matter of 4 hours !
To conclude Bitcoin in the North African country may not gain traction as fast as its neighbors. While The R3 consortium has been embraced by the likes of Saudi Arabia and other middle eastern countries, governmental views on the coin have forced users out of the market itself. Many have claimed that the country purposely intends to leave regulation on cryptocurrency ambiguous to allow it freedom to prosecute whenever it feels necessary.
Disclaimer: BTC.NG does not condone any breaking of international laws and advises individuals to check the laws in their juridriction regarding bitcoin before they decide to purchase bitcoin.