Cryptocurrency Is Liberating Africa: CEO Of Yellow Card Crypto Exchange
The CEO of Yellow Card, Chris Maurice, Claimed that cryptocurrency technology is immensely liberating African nations from the inefficiencies of the local banking system. Also, reports showed six of the top 20 nations leading crypto innovation are Africans.
According to the report, the potential that blockchain tech offers in solving real-time financial issues such as corruption and hyperinflation has significantly impacted the development of the financial sector in African nations that adopted crypto.
Furthermore, Chris Maurice, the chief executive officer of Yellow Card (the biggest crypto exchange in Africa), recently pointed out the numerous ways in which adopting the crypto tech has helped Africans escape the inefficiencies of the local banking system and to execute cheaper and more secure transactions.
During his interview with a new agency, Maurice emphasized that crypto assets are very helpful in resolving real-world issues concerning currencies, inflation, and banking in Africa.
He added that the use cases of crypto assets in Africa are far beyond the gambling perception rampant in the West. Furthermore, reports showed that the adoption rate of crypto tech is significant and remarkable in Africa as the region has a higher rate of cryptocurrency investors than Europe or North America.
According to the report, African countries made up six out of the top 20 countries leading the crypto technology adoption globally. This depicts that Africa is rapidly rising to become a cryptocurrency continent, according to Maurice.
Crypto Solve Real-Time Financial Issues In Africa Banking System
In addition, Kevin Imani, the chief executive officer of Sankore 2.0 (an affiliate of Near Protocol), stated that a blockchain-supported remittance system is a human rights tech that offers financial inclusion and self-custody to investors in underdeveloped countries that are plaque with corruption and high rate of inflation.
A recent study revealed that the inflation rates in the Sub-Saharan part of Africa rose to about 14.5% last year. This is the highest annual rate recorded since 2008, when the recession was at its peak, according to the study.
Furthermore, CEO Imani pointed out that digital assets can potentially negate the effect of corruption and the weakness of national fiat currencies. Hence, this makes blockchain-backed peer-to-peer transactions an enticing option for investors in many African countries.
The CEO also highlighted that from Lagos to Accra, Nairobi to Cape Town, Africa is gradually becoming a reckoning force in the technology sector as many tech firms and initiatives are contributing to the continent’s rapid digital development and transformation.
Additionally, The Chief executive officer of GIDA, Okoye Kevin, believed that cryptocurrencies provide Africa with an excellent opportunity for empowerment. GIDA is a Nigeria-based educational forum.
Okoye also stated that the decentralized and transparent nature of blockchain technology helps to foster financial trust and credibility among Africans who are long-exposed to governments that are opaque and show less concern for accountability to the people.
Crypto Adoption Rapidly Grows In Africa
Similarly, the opportunities that crypto offers Africa have also stimulated foreign partnerships in the region. For instance, Yellow Card recently partnered with Block, a United States-based digital payments platform, to build an international payment system in Africa.
According to reports, Africa experienced a massive rate of crypto adoption in 2021, recording about a 2,500% increment. Consequently, there was a massive venture capital funding explosion in the following year.
Chris Maurice highlighted a significant adoption of digital assets among Nigerians. He claimed that about 47% of the country’s citizens hold or trade digital assets daily.
Nonetheless, some African countries still consider it illegal to operate crypto-related services within their walls. Some of the countries included Libya, Gabon, Cameroon, Lesotho, Zimbabwe, and Guyana.
Ultimately, crypto and blockchain technology are immensely helping to solve real-time issues in Africa, creation g financial inclusion and self-custody for investors, shielding them from inefficiencies that plague the local financial sector.
Furthermore, the rate of crypto adoption in the region is high and alarming. More so, the continent is rapidly becoming a force to reckon with, building global hubs for crypto space and other technologies.
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