> For the complete documentation index, see [llms.txt](https://cryptobankafrica.gitbook.io/cryptobank-africa/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://cryptobankafrica.gitbook.io/cryptobank-africa/problems.md).
# Problems
**Numerous African nations continue to struggle with the adoption of cryptocurrencies. This is because cryptocurrencies are unregulated in African jurisdictions, which is further being hampered because of the pessimistic sentiments expressed by the regulators towards the application of digital currencies. Consequently, the habitants residing in African countries are unable to purchase or advertise goods and services using cryptocurrencies liberally. The following diagram highlights the severity of this obstacle:**
**Secondly, digital literacy continues to hinder cryptocurrency adoption in Africa. According to a survey carried out by Statista in 2020, the internet penetration rate in Africa was 39.3% whilst the global rate was double that, standing at around 63%. This implies that many of the current cryptocurrency decentralized applications are not being recognized or utilized by Africans.**
**Thirdly, current marketplaces tend to have prolonged processing of dispute issues and non-transparent terms and conditions for the merchants. This is made worse by the burdensome reconciliation, settlement, and clearing processes. Also, cross-border transactions tend to be slow, inefficient, and time-consuming. What is more, these marketplaces are prone to critical security and privacy troubles such as fraud.**
**In conclusion, there is robust evidence indicating that merchants and consumers have no preferences, no right to price-setting and no freedom of speech in African nations due to regulatory uncertainty, a low digital literacy rate, and bureaucratic processes.**
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