The Regulation of Blockchain in Africa

Abstract

Blockchain and blockchain technology have captured the imagination of the world. It is being used increasingly more in business and has found its way into the legal profession as well. Blockchain as such has immense potential and can certainly be extremely beneficial. However, since it is such a dynamic, innovative, and recent development, there is a need for regulation of this phenomenon. Regulation will bring more clarity, protection, and assurance. One of the main objectives of a blockchain, however, is to move away from centralised control, so the issue of regulation is a sensitive and complex one. Regulators and policymakers find it difficult to maintain the balance between effective regulation and allowing blockchain to fulfil its potential.