African Regulators Taking ‘Wait-and-See’ Approach on Cryptocurrency: Ecobank

African countries want to regulate cryptocurrency, but hardly any one wants to take the lead in responding to the meteoric rise of this technology and asset class.

That’s according to a new report from the Togo-based Ecobank, the leading independent regional banking group that serves nearly 40 countries in West and Central Africa.

The report, which examined the regulatory response to cryptocurrencies in the 39 sub-Saharan countries, found that regulators in most jurisdictions are taking a “wait-and-see” approach, hoping that they can learn from the mistakes of their neighbors before they take action themselves.

“African countries appear to be looking to their neighbours to regulate and innovate first, and learn from their mistakes, rather than being the first mover,” the bank said. “African governments worry that if its citizens become overexposed to cryptocurrency investments, the repercussions of a future crash could be felt in the broader economy, hence their…