Executives told Cointelegraph that while many investors in the West may look to cryptocurrencies to speculate about the next biggest trend, blockchain technology is actually solving “real-world problems” in Africa, such as hyperinflation and “corruption.”
In an interview with Cointelegraph, Chris Maurice, founder and CEO of Yellow Card, Africa’s largest cryptocurrency exchange, said that cryptocurrencies in Africa are “growing at the speed of light” because it allows many Africans to escape the failure of the traditional financial system, and trade more freely.
“Cryptocurrency solves the realities of banking and currency on the continent, it’s not the casino it sometimes feels in the West.”
Morris said the most common use cases in Africa are making international payments, sending money to friends and family and “saving money against inflation”.
“Cryptocurrency in Africa is closer to the original mission of the technology than anywhere else in the world,” he added.
Africa has more cryptocurrency users than North America or Europe.
Six of the top 20 countries in the global cryptocurrency rankings are in Africa.
Africa is the crypto continent. https://t.co/NzodcOkMYn
— Chris Morris ⚜️ (@chrismaurice) April 24, 2023
Kevin Imani, founder and CEO of Sankore 2.0 (an affiliate of Layer-1 Near Protocol), sees blockchain-based payments as a technology for human rights:
“It’s important to recognize the human rights protections it offers people in underdeveloped countries. In many developing countries, hyperinflationary pressures and corruption leave citizens with little choice.”
“Cryptocurrencies provide a lifeline to these individuals, providing greater financial inclusion and control over their money,” he added.
Inflation in sub-Saharan Africa is expected to hit 14.5% in 2022, the largest annual change in the region since the 2008 recession, according to Statistica.
“The ability to combat national currency weakness and corruption” and increased financial inclusion has made peer-to-peer crypto transactions a matter of course for many Africans, Imani said.
From Lagos to Nairobi, from Accra to Cape Town, Africa is becoming a technological innovation powerhouse.
Follow this space! #African Blockchain pic.twitter.com/LYGZCQ0u9Z
— NEAR KENYA | NEAR IS NOW (@NearKenya) June 19, 2023
Founder Okoye Kevin Chibuoyim added: “I personally see cryptocurrency as the next opportunity in African life, another opportunity to be involved in something great, unlike the internet revolution of the 2000s when most Africans were not Access to the Internet.” CEO of GIDA, a Nigerian cryptocurrency education platform.
“Africans are used to bad governments that are irresponsible, opaque, but here blockchain shows its transparency and makes everyone trust the system,” he said.
related: Africa: The Next Hub for Bitcoin, Cryptocurrency Adoption, and Venture Capital?
In April, Block, an American digital payments company led by Jack Dorsey — Partnership With Yellow Card, cross-border payments in Africa can be facilitated based on Block’s infrastructure.
After a 2,500% increase in the number of cryptocurrency users in 2021, venture capital funding in the region will experience an explosion of 11 times in 2022.
Nigerians Adopt Cryptocurrency ‘Uniquely’ in Region, Says Morris – Local Publication Report In May, 47% of Nigerians owned or used cryptocurrencies to transact on a daily basis.
While Morris said Botswana has “the clearest laws and regulations,” cryptocurrencies are now reportedly illegal in Cameroon, Central African Republic, Gabon, Guyana, Lesotho, Libya, and Zimbabwe. according to Go to Investment Encyclopedia.
Magazine: Bitcoin in Senegal: Why is this African country using Bitcoin?
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