Don’t invest unless prepared to lose all the money you invest. This is a high-risk investment, you shouldn’t expect to be protected if something goes wrong. The now thriving economy of Africa makes it the right place for many cryptocurrency projects to prosper. Getting access to tokens is easy since crypto has a major role in running multiple foundations in the region. With that in mind, we review in this guide the 10 best African cryptocurrency projects with huge upsides and ever-increasing market awareness. We also shed light on why these cryptocurrencies have much potential to thrive in Africa. Best African Cryptocurrency Projects to Invest in – Overview Through our deep and intense research, we could create a list of the best African cryptocurrency projects with the maximum potential to thrive in the region and beyond. Smog – Best Solana-Based Memecoin to Buy in Africa Bitcoin Minetrix – Best African Crypto to Buy for Mining Bitcoin Sponge V2 – Best African Crypto in the Memecoin Niche Scotty the AI – African Memecoin with an AI Perk Meme Kombat – Emerging Gamefi Project with Massive Potential eTukTuk – Eco-Friendly Project Offering EV Solutions Wall Street Memes – Trending Presale Project Popular in Africa Cardano – A Cryptocurrency Project Aiding Multiple Organizations in Africa Bitcoin – Legal Tender Applicable in Central African Republic Stellar – Helping the Unbanked in the Region Ripple – Offering Next-Gen Payments Technology in Africa Monero – Favorite Crypto of Privacy-Seeking Africans Akoin – Popular Crypto from RnB Artist Akon Uniswap – A Decentralized Exchange Enabling Africans to Crypto Trade Worldwide Read to know how these listed cryptocurrencies are gaining more traction in Africa and can prove profitable for Africa-based cryptocurrency traders in the upcoming years. A Thorough Look at the Best African Cryptocurrency Projects to Invest In Africa has slowly become a breeding ground for multiple cryptocurrency projects. However, the ones that are truly worth your time and investments are those with major upsides across the globe. Therefore, do thorough research by digging deep into the whitepaper of each project. Try to discern its future potential and have a realistic view of its roadmap. Taking care of these three things is a must before choosing a cryptocurrency to invest in. We emphasize them because that’s what we have gone through to bring you the best African cryptocurrency projects to invest in – and here is a brief review of them. Smog – Best Solana-Based Memecoin to Buy in Africa SMOG stands out as the most notable African meme coin of the year thanks to its unique aesthetics and gamified mechanics. Upon its launch on Jupiter DEX, the token experienced a remarkable surge of over 1500% within the first three hours. Drawing inspiration from the dragon character “Smog” in the Lord of the Rings series, SMOG weaves a mystical narrative within the Solana ecosystem. It states that its goal is to breathe fiery life into the meme coin realm, turning it into a valuable asset class and bringing another meme mania. The fundamental aspect of this token’s narrative makes it a suitable token to invest in 2024 for African investors. SMOG distinguishes itself by introducing what has been hailed as the greatest SOL airdrop in history. Purchasers of SMOG automatically qualify for the $SMOG airdrop, which will have a gamified mode of distribution. It will be rewarded to holders who must accumulate airdrop points for completing tasks on a daily, weekly, and monthly basis. The project’s roadmap reflects its meme-centric essence, featuring multiple planned airdrops that infuse a gamified atmosphere into SMOG. Those who want to buy this token can head over to Jupiter DEX today. However, users can also go to the official website to buy this token. It has become possible since the arrival of ETH-bridge for the SMOG ecosystem. Furthermore, buying and holding SMOG tokens will also deliver staking rewards. Visit Smog Bitcoin Minetrix – Best African Crypto to Buy for Mining Bitcoin Bitcoin Minetrix stands out as one of the most discussed crypto projects emerging from Africa at present. This crypto, accessible to African investors, has garnered attention for its innovative approach to mining. This sector was previously dominated by a significant monopoly, making it inaccessible to retail investors. In essence, Bitcoin Minetrix functions as a tokenized cloud mining platform, democratizing the process of mining Bitcoin (BTC) for everyday individuals in a decentralized manner. The project addresses a critical issue by tokenizing cloud mining, ensuring a secure and transparent experience. This, in turn, mitigates the risk of third-party cloud mining scams, empowering token holders with control. Through the simple act of staking $BTCMTX, the project’s native token, users can accumulate credits to mine Bitcoin. With its distinctive concept, Bitcoin Minetrix has already garnered attention from prominent YouTubers and received coverage on leading crypto reporting platforms. Recently Nigeria based Nairametrics reported on BTCMTX, as did TechCabal and Disrupt Africa. This surge in interest is reflected in the project’s current presale, which is well on its way to achieving its $3.08 million target. Overall, for those seeking potential gains in the coming months, Bitcoin Minetrix emerges as a compelling crypto option to consider. Visit Bitcoin Minetrix Sponge V2 – Best African Crypto in the Memecoin Niche Sponge V2 is a crypto poised to do well in Africa and surrounding regions thanks to the unique mechanics it has. It is the evolution of Sponge V1, a memecoin that came out in memecoin mania and went through a massive pump before correcting. However, unlike other memecoins that back-peddled and were lost in obscurity, Sponge persisted. It created a robust community on Twitter, Telegram, and Discord while working on a bridge in the background. Sponge V2 is the result of that bridge. With this new version, Sponge devs aim to introduce a new staking mechanic and a new P2E ecosystem. The staking mechanic comes into play in the way Sponge V2 is accessible. Existing Sponge V1 holders can stake their tokens to earn an equivalent amount of Sponge V2. Late buyers can buy and stake Sponge tokens simultaneously and get the same rewards. Long-term holders will also get access to bonus perks. The P2E ecosystem will give the Sponge V2 token a unique use case where it will be given out as a reward for playing the game. Sponge V2 has multiple perks thanks to the popularity of the Sponge V1 token. It has all it takes to hit the ground running and become a hit after launch. Those interested in this project can visit the Sponge website today. Visit Sponge V2 Scotty the AI – African Memecoin with an AI Perk Scotty the AI presents a unique use case to the African memecoin community by delivering them an AI-enabled ecosystem. The token’s main motif is a Scottish Terrier with techno abilities that allow it to watch over the blockchain, recall every transaction, enable fast transactions, and recognize complex patterns in the market. This mascot exists to highlight the key elements of Scotty the AI’s ecosystem. There are many to be introduced, but two exist for now. The first element is the Scotty Swap. It is an AI-powered decentralized exchange making transaction speeds faster and more secure. Artificial intelligence is also going to be leveraged in this DEX to ensure that every trade is profitable. The second AI-driven element that highlights Scotty the AI’s ecosystem is ScottyChat. A chatbot inspired by ChatGPT, ScottyChat’s goal is to make it possible for investors to receive market insights through prompts. Another good reason this African crypto has been generating a lot of interest is its staking model. Developers have merged buying and staking together during the ongoing presale, with participation allowing users to earn as much as 299% APY. Visit Scotty the AI Meme Kombat – Emerging Gamefi Project with Massive Potential In the realm of gamefi, the Meme Kombat project, hailing from Africa, has emerged as a contender poised to rival several top gaming crypto projects. Meme Kombat features meme avatars inspired by renowned meme coins like Pepe and Shiba Inu, engaged in spirited competition. In the inaugural season, a total of 11 such mascots have been chosen. Players have the opportunity to place bets on the victorious avatar within the AI-driven battle arena, reaping rewards through the possession and staking of $MK, the project’s native currency. Presently, the platform allows users not only to partake in gameplay and betting but also to accrue rewards surpassing an impressive 112% Annual Percentage Yield (APY) through staking. The outcomes of these battles are entirely governed by AI, ensuring a level playing field for all participants. As part of the ongoing presale, the platform offers pre-sale access to 50% of its $MK tokens in anticipation of its official launch. Priced at $1.667, investors are optimistic about this African token’s potential for substantial value appreciation in the forthcoming days post-launch. Visit Meme Kombat eTukTuk – Eco-Friendly Project Offering EV Solutions Introduced recently, the eTukTuk project has been revolutionizing the charging infrastructure for electric vehicles (EVs) globally. Launched just a couple of weeks ago, it has swiftly dominated the industry with its eco-friendly approach. The mission of eTukTuks is primarily focused on reducing pollution by providing an electric TukTuk variant that is easily accessible to all income levels, accompanied by an electric charging infrastructure powered by blockchain technology. As the electric vehicle market grows at a phenomenal speed, it is likely that the demand for EVs will also rise. However, the requirement for charging stations may also increase, a challenge that the eTukTuk platform aims to address. It plans to establish charging stations powered by its native token, TUK. This token can be utilized by investors as payment when charging their EVs, allowing them to receive a discount. While the project initially focuses on the Asia-Pacific region, it is also expected to have a significant impact in Africa by contributing to the development of the country’s transport infrastructure. Additionally, the project has decided to introduce a play-to-earn (P2E) game related to driving, which will be powered by the TUK token as well. Despite being introduced only recently, the project has already started gaining popularity on multiple social media platforms. This surge in popularity has propelled the project towards its presale goal at a tremendous pace. Considering the planned developments, upgrades, and exciting utility of the project, this African cryptocurrency can indeed be an investment option worth considering. Visit eTukTuk Wall Street Memes – Trending Presale Project Popular in Africa One of the most promising contenders to becoming the best African cryptocurrency project in 2023 is Wall Street Memes. The project Wall Street Memes is the best thing for someone who’s purely into memes. It is a new meme coin to hit the markets and has been able to make its presence felt by everyone. Investors are optimistic about Wall Street Memes because it has developers behind the famous Wall St Bulls NFT collection, which took the market by storm in 2021 and sold within minutes. Wall Street Memes has already went live with its presale and has raised a massive amount within a few days of its $1,000,000 goal. It has planned to sell over 50% of its token supply in the first round, with a presale hard cap of $30.577 million. At the time of writing, the project is live on the OKX exchange. Visit Wall Street Memes Cardano – A Cryptocurrency Project Aiding Multiple Organizations in Africa Cardano became one of the most successful Ethereum-based blockchains after it climbed up the crypto charts to reach the 11th position in the 2021 bull market. While the token has since gone through many ups and downs since then – because of the double-crashes of 2022 – it remains one of the best cryptocurrencies for African investors. Cardano is one of the most prominent “Ethereum Killers” that was poised to deal with the scalability issues of the Ethereum blockchain. As a result, this platform is much more efficient in terms of fees and speed than Ethereum – so much so that even the post-merge Ethereum has barely matched this platform’s level of efficiency. Designed by a Hong Kong-based blockchain firm, Output Hong Kong, Cardano exists to deal with the long-standing issues plaguing the current blockchains. As such, this platform’s primary function is to identify the traceability and management of a cryptocurrency transaction. And its ability to manage the streamline and simplify processes that need multi-source data have made Cardano one of the top 20 cryptocurrencies to invest in right now. Furthermore, Cardano has launched a Crypto Charity foundation in Africa with the help of its Rwanda-based NGO partners. With this project, ADA donations can reach directly to NGOs based in Africa without the need for intermediaries. That helps with the ethical dissemination of donated amounts – without any third party stealing the money midway – and ensures that the NGO goals are met quickly. Additionally, Cardano is investing in African blockchain to eradicate land fraud in the region. Charles Hoskinson, Chief of the firm responsible for the creation of Cardano, has also come out and said that it would establish community-led Cardano training that aims to train 5000 people in 25 African countries. However, because of the expanding Cardano ecosystem in Africa, ADA is one of the best tokens to trade in the region. The established foundations are continually creating crypto-ready Africans who have dived into the crypto space and generated a hefty profit from it. Buy ADA Your Capital Is At Risk Bitcoin – Legal Tender Applicable in Central African Republic Bitcoin – the oldest cryptocurrency in the world, is also one of the most popular crypto assets in Africa, and the reasons are many. Governments in the region think of Bitcoin as a way to hedge against traditional markets – leading to countries like El Salvador and the Central African Republic using Bitcoin as a legal tender. That decision to make Bitcoin – a volatile asset class – one of the main currencies in the region – was met with apprehension by the International Monetary Fund. That said, the native currencies of El Salvador and many African countries have been in the hyper-inflationary stage for decades, leading them to invest in a crypto asset that lets them be financially independent. That is the reason why Bitcoin is also one of the most traded cryptocurrencies in the region. Furthermore, Bitcoin is also used as a remittance tool allowing people to send and receive money to and from across borders. Additional issues with this cryptocurrency also need to be addressed since the proof-of-work consensus mechanism it relies on is anything but eco-friendly. That has led many countries and certain states in the US to put a ban on mining Bitcoin. But that hasn’t stopped South Africans from considering buying Bitcoin a great way to sustain themselves in the current socio-economic conditions. Buy Bitcoin Your Capital Is At Risk Stellar – Helping the Unbanked in the Region Stellar is a 2014-formed cryptocurrency project that was designed to “bank the unbanked”. For that reason alone, Stellar is considered one of the best African cryptocurrency projects. This DeFi crypto makes handling and transferring money easier for Africans who don’t yet have good core banking and financial services. Stellar is aiming to build a good infrastructure throughout Africa to connect people to a blockchain-based financial system that is transparent, secure, and enables fast and scalable transactions. It takes Stellar transactions take 4 to 5 seconds to confirm – making it one of the fastest cryptocurrencies in the market. Stellar has also gone ahead and has placed a closer to no-fee approach for micro-transactions that are done in terms of its native token – Lumen. Despite the less-than-optimal performance, Stellar’s contribution to Africa’s financial ecosystem makes it one of the best African cryptocurrency projects to invest in. It is leveraging its great fundamentals and combining them with people’s interest in crypto to move forward. And the recent charts are showing easy signs of uptrend – which may mean that this crypto will grow further in 2024. Buy Stellar Your Capital Is At Risk Ripple – Offering Next-Gen Payments technology in Africa Next up is Ripple. It is a DeFi Crypto created in 2012 to help investors gain access to global monetary systems. And that’s one of the reasons behind this cryptocurrency’s importance for African banks and financial institutions. Ripple offers them a way to access a good level of liquidity when trading outside the country. Unlike traditional banks, where overseas transactions first must go through a central bank, be approved, and then complete, Stellar leverages its distributed ledger network to do the job. Through this approach, all banks – including the ones situated in Africa – can transfer any currency across the globe by paying only a small amount of transfer fee. And “small” is the operative word here, as Ripple only charges a fraction of a cent to do the job. That minuscule transaction fee is achieved using XRP – the native crypto of Ripple. XRP forms a bridge and allows all transactions going through Ripple to be validated within seconds. Ripple is a scalable blockchain – capable of executing close to 1500 transactions in a second. That scalability has resulted in more than 200 financial institutions partnering up with Ripple, including Bank of America, PNC Bank, Standard Chartered Bank, Santander Bank, and more. In Q4 2022, Ripple expanded into Africa as it partnered with MFS Africa to facilitate crypto-enabled payments in the region. Buy XRP Your Capital Is At Risk Monero – Favorite crypto of Privacy-Seeking Africans As we near ending the list, next in our catalog of the best African cryptocurrency project to invest in is Monero. It is a favorite cryptocurrency for African investors that covet privacy above all else. Monero allows faceless transactions, allowing people to send and receive funds without having to divulge any personal details – like it is common in the case of sending and receiving other altcoins, like Bitcoin and Ethereum through CEXs. Monero is one of the few cryptocurrencies in the ecosystem that facility anonymous transactions – a big factor in a space that has started to become even more restrictive by the day. In Monero, a person’s identity is tied to their transactions – which includes the wallet address and the amount of money transferred. Monero also prohibited users from viewing the transaction histories of other wallets. Monero peaked in 2021 and reached upwards of $450 before a retrace. It then continued to trade in volatile zones before dropping massively because of the two crashes in 2022. As a result, this token has been able to stay above the $100 mark – just barely. And the latest chart for the year 2024 shows massive signs of recovery – but how long that will persist is something we must watch and see. Buy Monero Your Capital Is At Risk Akoin – Popular Crypto from RnB Artist Akon Akon is one of the most altruistic stars to date who, in a bid to make things better in his home country, left the music industry. Aiming to bring technological advances and create better economics in Africa, Akon created Akoin, an African cryptocurrency project. The project aims to develop a single currency that supports the entire continent. It is a step mandatory, according to Akon, as there are over 40 fiat currencies in the region and all of them suffer from hyperinflation. Also, accessing liquidity from the global economy is difficult for this currency. Akoin is being planned to work along with the futuristic city that Akon has been building in the nation – which many have said is akin to real-world Wakanda. Akoin is envisioned as the native cryptocurrency of this city. However, the current performance of this cryptocurrency is not great. The token got listed on CoinMarketcap in late 2020 and peaked at its all-time high of $0.50 soon after. The token then continued to retrace and CoinMarketCap has now delisted Akoin. Intra-day charts show that the token is hardly being traded on cryptocurrency exchanges. However, for those who still believe in the vision of a technologically-advanced African city, Akoin remains a suitable crypto to invest in. Uniswap – A Decentralized Exchange Enabling Africans to Crypto Trade Worldwide The final crypto on our list is a well-known cryptocurrency project, the world’s biggest decentralized exchange that, while not based in Africa, allows them to trade on the platform without any hassles. It is Uniswap. Uniswap is a leading decentralized cryptocurrency exchange that allows crypto swapping without the need for the KYC requirement. There is no need to log in or register an account as well – which makes Uniswap the best crypto trading platform for veteran traders who don’t want to divulge their identities. This cryptocurrency exchange works amazingly for countries like Africa since there is a severe lack of KYC documents in the region. The socio-economic conditions of African countries have led many that live in rural (and sometimes urban) areas not to have access to traditional government-issued IDs or other conventional forms. For that reason alone, Africans would find Uniswap a suitable exchange for trading their cryptos. Created on the top of the Ethereum blockchain, Uniswap plays host to most Ethereum-based cryptocurrencies – ERC 20 tokens – like MANA, USD Coin, AAVE, Shiba Inu, and more. Uniswap is also one of the best passive income generation platforms for African traders. Since it is a decentralized exchange, it relies on its traders to top up its liquidity pools. And in return, these traders earn staking rewards. Uniswap is also a great platform for DeFi developers who want to create apps – the platform provides everything they need to help them get started. Buy UNI Your Capital Is At Risk History of Crypto in Africa Africa has always been about finding another way to become financially independent. Since the country has always been on the receiving end of bad economic conditions because of fiat currencies that often hyper-inflate with low liquidity, African people have been quite bullish about accepting cryptocurrencies. Chainalysis reports that Africa has one of the fastest-growing cryptocurrency markets in the world, that in mid-2021, rose to $20 billion per month. However, things aren’t on the same page when it comes to the government side of things. On one end, there are countries like the Central African Republic, which became the second nation to accept Bitcoin as a legal tender. It was the first move by an African nation to put crypto into the mainstream. That allows people to buy and sell goods using BTC and pay taxes using the same. However, other nations of the continent aren’t fully accepting of this fact and are actively bullying against it. And after the FTX crash, many Sub-Saharan countries – 20% of them – have banned crypto assets. Furthermore, the Central African Republic’s decision to recognize Bitcoin as a legal tender has led many organizations, such as the Bank of Central African States and the Economic and Monetary Community of Central Africa, to go against it. Rising Calls for Regulation in African Crypto FTX crash has led many cryptocurrency enthusiasts to increase the demand for regulating the cryptocurrency space. And that voice has become louder after SBF posted a bail of $250 million. African traders, too, have started to ask for more regulations since this volatile asset class doesn’t provide a safety net for most traders. Is it good to Invest in African Cryptocurrency Projects? Cryptocurrencies are a volatile asset class, capable of giving users parabolic gains while also causing them massive losses at the same time. Therefore, the crypto space is one that needs to be tread inside lightly. However, as long as you are aware of the market risks and understand and make decisions based on analyzing the market conditions before investing, there are many benefits to investing in African cryptocurrency. It is a way to Hedge against Traditional Currency Zimbabwe and certain other countries have had to struggle with the hyperinflation policies of their governments. It is primarily due to civil unrest in most African countries. As a result, civilians and certain government bodies look towards bitcoin and other cryptocurrencies as a way to hedge against their fiat’s failing economics. One example of that is the Nigerian Naira. The value of this fiat currency has dropped continuously since it started and is currently at its all-time low. At the time of writing, the Nigerian Naira is worth 0.0022 USD. African Cryptocurrency Can Protect Against Inflation The inflation issues in Africa have always been in peak conditions. It has led to many common people to lose their savings as they are devalued after some time. That has led African people to turn to crypto assets like Bitcoin. While the token in itself is volatile, it is still more valuable than the country’s native fiat currency. Providing Money Saving Options for the Unbanked World Bank says that more than 350 million adults in the Sub-Saharan African regions are unbanked. It reflects the lack of core financial services in the region. That takes African people to look at the best African cryptocurrency projects since there are some in the market – like Stellar – that are capable of solving this issue using blockchain technology. To this day, Stellar is continually supporting Africa to build blockchain facilities in the region. With Stellar, cross-border payments are possible in a matter of seconds. There is no heavy fee involved – as most transactions are done for less than a cent. Furthermore, a private crypto wallet offers a much better and private option for Africans to store their crypto assets. Cross Border Remittance at low fees Remittances to Sub-Saharan Africa have increased by 5.2% and now stand at $53 billion. Global headwinds and inflation has had little to no impact when it comes to remittance. However, that presents more issues since the cost of remitting – sending currencies – to sub-Saharan countries can be too much for some. The average cost of sending money, say $200, to an African country is 8.2%. Comparatively, using something like Stellar reduces those costs to closer to nothing. An additional perk of using African cryptocurrencies for remittance is that the transfer speeds are high. No longer will African traders need to wait for days for their money to come to them. An Additional Source of Wealth for African People The socioeconomic and job conditions of the African nations are not better. People do everything they can to make ends meet – which is why growing wealth is something difficult for them. Cryptocurrency provides an outlet. Whether it is trading cryptos on the open market through a decentralized exchange, staking cryptos, or participating in M2E and P2E ecosystems, the options to generate wealth in the cryptocurrency space are many. Readers may also be interested in our guide to Dubai crypto projects. How to Buy African Crypto The projects that African people can invest in right now are on presale. They give early mover opportunities and a chance to make massive wealth for all traders. And considering the types of projects we have covered, money-making opportunities like purchase bonuses and giveaways are also available to all. Step 1 – Create a Crypto Wallet For those wanting to invest in WSM – the native crypto of Wall Street Memes – setting up a crypto wallet is a must. The options of wallets to choose from are many, but the best ones that our experts suggest include Metamask or Trust Wallet. To download the Metamask wallet, go to its official website and download it on the phone or your browser extension. Then proceed to follow the instructions that you see on the platform and complete the process. Note down your password and the 12-word seed phrase when the options come to you. Step 2 – Buy USDT or ETH You can buy WSM tokens using USDT or ETH. Therefore, your wallet should first have one of these cryptos before you go to the official website. Go to a cryptocurrency exchange that offers crypto assets at a low fee, like Binance, and buy USDT or ETH. Your bought tokens will be added to your Binance portfolio, so transfer them to your Metamask wallet. Buy ETH Your Capital Is At Risk Step 3 – Link the Wallet to Smog Once you have transferred your ETH holdings to your wallet, link it to the official Smog token website. You do that by going to the official website and clicking the “connect wallet” button. If you have a browser-based wallet, the website will automatically detect it and begin the connection process. Otherwise, you need to scan the barcode or choose among the options available to you. Step 4 – Buy Smog tokens Once your wallet is connected, select the number of ETH you want to swap for SMOG tokens and click on the “Buy Now” button. Step 5 – Claim SMOG tokens You will be able to claim your tokens during the Token Generation Event, which will happen as the presale concludes. Visit Smog Conclusion You now have checked out the top 10 African cryptocurrency projects that you can invest in. These projects offer another way for African people to generate wealth. Even governments of certain regions in the nation have come forward and turned Bitcoin into a legal tender as a way to hedge against inflation. The rising popularity of cryptocurrencies in Africa means that the days of waiting for money to transfer from outside the county into the region and the high transfer fee will be over soon. Also, considering that crypto is removing the traditional financial barriers that Africans face, we predict that crypto’s reach within the country will grow further. And those who are looking for the next best African cryptocurrency projects to invest in should look at projects like Smog. Smog (SMOG) - Newest Crypto Launch Rating Fair Launch on Jupiter Free Airdrop Rewards High APY Staking - smogtoken.com Solana Based Meme Coin with ETH Bridge Trending on DEXTools Upcoming CEX Listings Learn More FAQs on Africa Crypto Projects Is there an African cryptocurrency? Yes, Africa has multiple cryptocurrencies that have originated from African soil. The perfect example of that is Akoin. Founded by Akon, the popular singer, this cryptocurrency aims to fund a futuristic city in Africa. What is the best cryptocurrency in Africa? The best African cryptocurrency at the time of writing is Smog. This memecoin has understandable fundamentals and good perks. How many cryptocurrencies are there in Africa? While Africa is home to multiple crypto assets, only some - like Akoin and Bitcoin - have been embraced by the wider populace. What is the first African cryptocurrency? The first cryptocurrency adopted by the African people at a large scale is Bitcoin. The Central African Republic accepts the token as legal tender. Investors can use it to buy goods, pay taxes, etc., using Bitcoin.