Browsing: cryptocurrencies in the African economy

If crypto specialists believe that most of the African population is proficient in cryptography, they are gravely mistaken. The majority of people’s daily lives are currently unaffected by cryptography.

The adoption of cryptocurrency will result in its global recognition as a trustworthy medium of exchange. Cryptocurrency is a decentralised asset that may be used to communicate and store value securely. Africa is falling behind schedule due to the continent’s lack of bitcoin and blockchain expertise.

Gemini’s 2022 Global State of Cryptography research shows that a lack of education is the primary global barrier to cryptocurrency ownership. 40% of African respondents in the study had never purchased cryptocurrency because they were unfamiliar with the process.

According to Kucoin, 2.8% of all cryptocurrency transactions worldwide occur in Africa, indicating that we have a long way to go in terms of acceptability.…

• The African continent receives only 2 per cent of the total global value of all cryptocurrencies.
• Chainalysis ranks Kenya, South Africa, and Nigeria as three of the top ten countries for cryptocurrency adoption globally
• Many African countries have overlooked this financial innovation, maintaining cryptocurrency exchanges while failing to provide a regulatory framework or allowing trading but not providing an exchange for their citizens.

The development in internet access in sub-Saharan Africa has brought with it new technologies such as cryptocurrencies and blockchain that have the potential to enhance and significantly revolutionise financial and economic sectors.

The African continent receives only 2 per cent of the total global value of all cryptocurrencies. In February 2022, CoinGecko estimated the crypto market to be worth US$2.04 trillion, translating to a US$40 billion African market worth.

The rapid growth of crypto in the continent will profoundly impact the financial sector in sub-Saharan Africa, which …