Crypto in Cameroon: a ticket to freedom or a fast track to ruin? 💰

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What was once jargon reserved for Wall Street and Western investors has quietly become part of everyday life in Cameroon. In cybercafés, university campuses, and even bars, conversations now revolve around Bitcoin, Ethereum—and especially USDT.

A 2023 study ranked Cameroon second in Central Africa and 11th on the continent for crypto adoption. Around 900,000 people are estimated to use digital currencies, even as regulation remains nearly nonexistent. Behind this wave lies both the dream of financial independence and the risk of devastating losses. Cameroonians have already lived through the collapse of platforms like Mida or LiyepLimal Global Investment Trading, now reduced to shadows of their former hype. Meanwhile, the Bank of Central African States (BEAC) continues to resist regulating crypto, warning it could destabilize the CFA franc.

When young people take the lead 🚀

In Yaoundé and Douala, young people gather in “trading clubs” where they learn how to buy and sell digital currencies—sometimes in official training centers, often in informal ones. For them, crypto is more than a tool; it’s a lifeline and a ticket to financial freedom.

“With crypto, people can escape unemployment. I don’t sit around waiting for a job that may never come—I create my own chance. The risk is that you never really know what the algorithms will do,” says Lionel (not his real name), an economics student.

According to a Ministry of Finance study presented in August 2023, about 7% of Cameroon’s active population uses cryptocurrencies. In a country where more than half of young people are unemployed, crypto feels like a lifeboat.

The flip side: scams and financial ruin ⚠️

But for every success story, there are countless tales of loss. Even five years ago, Cameroonian users were reporting that they had lost their entire savings on virtual investments.

Roland (name changed), 30, says he lost 500,000 CFA francs—money set aside for a family emergency—after joining what was pitched as a “guaranteed investment” platform recommended by a friend.

“They told us we’d make 30% a month. At first, it worked. But the more you earn, the more tempted you are to put in. Then one day, without warning, the platform disappeared. The admins? Gone without a trace,” he recalls.

These scams flourish by exploiting users’ lack of technical and financial literacy. Some training centers now teach “crypto trading,” while promises of quick wealth spread virally across WhatsApp, Instagram, Facebook, and Telegram.

“Most scams feed off people’s hunger for fast money,” says cybersecurity expert Aye Money. “The issue isn’t the technology—it’s the lack of financial education. If we avoided shortcuts and focused on patience and discipline, we’d avoid a lot of these traps.”

A gray zone tolerated by authorities 🏛️

Officially, the BEAC bans cryptocurrencies as legal tender. But on the ground, enforcement is practically nonexistent. Transactions in Bitcoin or USDT are quietly used to pay for imports, fund travel, or dodge banking restrictions.

“It’s an open secret: crypto lets you bypass banks and the CFA. Ironically, the biggest launderers are often the same bank managers offering ‘digital services’ to boost your savings. Everyone uses it—even those who criticize it,” says an executive at a Yaoundé-based commercial bank.

More than just profit or loss, crypto reflects a deeper breakdown of trust between Cameroonians and their financial institutions. Frustration with the CFA franc and sluggish banking systems is driving people toward risky digital alternatives.

“Our parents trusted banks. We trust apps. Maybe we’re wrong, but at least we’re trying and learning from mistakes. As we say on the street: ‘Djambo (the game) doesn’t like panic,’” laughs Audrey, a young entrepreneur.

Tomorrow: miracle or mirage ? 🔮

Crypto in Cameroon stands at a crossroads. It could become a tool of empowerment, especially for a generation locked out of traditional finance. Or it could fuel false hopes and leave thousands ruined.

The truth is, crypto is neither savior nor villain. It mirrors the contradictions of a society seeking financial freedom while remaining vulnerable to too-good-to-be-true promises.

Across Cameroonian neighborhoods, some still dream of a “trade” that will change their destiny, while others quietly nurse the wounds of their losses. Between the lure of fortune and the fear of collapse, one thing is certain: the story of crypto in Cameroon is only just beginning.

What do you think?
👉🏾Is cryptocurrency a genuine opportunity for Cameroon’s youth—or a trap that promises more than it can deliver?