Why is cryptocurrency so controversial?

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Three African countries feature in the global top 10 list for crypto-ownership – despite warnings from governments

Fans say it’s the future of virtual money; experts say it’s tamper-proof; billionaires have been made.

But cryptocurrency has also led millionaires to lose everything – while Kenya’s ICT minister says last year Kenyans lost more than $120 million to crypto scams.

When Bitcoin was first launched in 2009, one bitcoin was worth 0. By mid-April last year, the value of one bitcoin peaked at $60,000 US. But In the last seven months, the highly volatile online currency has lost more than 60% of its value, leaving the value of a coin at less than $25,000.

So are African governments right in warning people off? Or should they just regulate the trade better?

For Africa Daily, Alan Kasujja takes a breath and deep dives into the murky and often confusing world of crypto with the help of Kabenda Belete, a cryptocurrency consultant and trader based in Tanzania.

Presenter: Alan Kasujja (@kasujja)
Guest: Kabenda Belete (@lukaskabenda)