The use of the Bitcoin Lightning Network seems to be on the rise. The latest report reveals that the technology will be used to transfer money between Europe and Africa where money transfers between Europe and the Americas are typically done through banks such as Western Union.
Users can now transfer money to each other via the Bitcoin Lightning Network, crossing the continent between the UK, Europe and some African countries. Users can transfer Euros to the destination country, which will be converted into the currency of the destination country such as Nigeria (NGN), Kenya (KES) and Ghana (GHS).
Fiat money will be converted to BTC and then automatically converted to the local currency, deposited into the recipient’s bank account or mobile wallet.
The adoption of BTC greatly reduces the cost of international money transfers. And can make transfers very quickly almost instantly. which normally takes several weeks
Africa is a crypto-intensive continent. North Africa, in particular, is where the crypto industry continues to grow. Additionally, a report from Chainalysis reveals that the Middle East and North Africa are the fastest growing economies in the world.
Earlier, the Nigerian government had a meeting with Binance regarding a special economic zone to support crypto and blockchain ventures in the country.
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