Crypto enthusiasts in Africa are increasingly turning to the versatile world of digital assets, considered a saving grace in the face of inflation and corruption. Enterprise chiefs have recognized the potential of cryptocurrencies, mainly BTC, in transforming the financial landscape by addressing and remedying real-world problems.
The founder and CEO of Africa’s prominent crypto exchange, Yellow Card, Chris Maurice, notes that the continent is experiencing a crypto boom, arguably, at a pace faster than the rest of the world. Reportedly, the most common use of digital currencies is towards international payments, sending money to family and friends, and as a hedge against the debilitating impact of hyperinflation. Maurice posits that compared to its rather speculative nature in the West, crypto in Africa adheres more to the primary mission of blockchain technology.
But it’s not all rosy. The picture of crypto as a lifeline stands at odds with some of the regions within Africa where cryptocurrencies have been made illegal, such as Cameroon, Central African Republic, Gabon, Guyana, Lesotho, Libya, and Zimbabwe.
Yet, the potential of crypto to uplift financial inclusion is undeniable. Kevin Imani, founder, and CEO of Sankore 2.0, asserts that it’s crucial to acknowledge the human rights advantage that blockchain-based payments provide for people residing in underdeveloped nations. Where rampant corruption, mismanagement, and hyperinflation have left citizens desperate for financial alternatives, cryptocurrency offers a fresh lifeline, granting them greater financial inclusion and control over their money.
And it’s evident that Africa’s common man is embracing this alternative. According to Kevin Chibuoyim, the founder and CEO of a crypto education platform based in Nigeria, GIDA, the blockchain’s transparent nature counterbalances the infamous reputation of governments that lack accountability and transparency.
However, there are inherent risks associated with embracing such alternatives. As of now, one can’t discount the volatility of digital currencies and the operational hazards accompanying unregulated markets. As Africa moves towards a crypto future, cautionary steps are necessary to ensure its wide adoption and ultimate success.
Source: Cointelegraph
