Crypto Solves Real-World Problems For Africans Than The West – Executives
According to startup executives, cryptocurrency in Africa helps solve real-life problems, unlike in the West, where investors seek to speculate on digital assets to drive their value. The experts noted that economic and social issues in Africa, like hyperinflation and corruption, can be mitigated using blockchain technology.
Solving Africa’s Real-Life Problems Using Crypto
While speaking during a recent interview, the founder and CEO of Yellow Card, Chris Maurice, noted that the crypto landscape in Africa is expanding at an unprecedented rate. He highlighted how this digital revolution offers countless Africans an opportunity to free themselves from the shackles of an outdated financial system, granting them the freedom to engage in unrestricted transactions.
According to him, cryptocurrency in Africa does not have the same Casino-like perception seen in the West. He added that virtual assets act like banks in solving real-world problems that have continued to overwhelm the continent.
The crypto executive added that Africa showcases several predominant use cases for digital assets. The most common are international payments, seamless transfers to loved ones, and preserving wealth amidst inflationary pressures.
He further emphasized that the continent, more than any other region, illustrates the essence and spirit of the original vision behind crypto technology. Digital assets’ adoption and utilization in the continent align closely with the fundamental principles that underpin this innovative financial system.
Two months ago, a Forbes report stated that Africa is the leading continent in cryptocurrency adoption. Hence, the region should be the one to suggest how it will be regulated.
The founder and CEO of Sankore 2.0, Kevin Imani, echoes Maurice’s sentiment, stating that blockchain-powered payment solutions can serve as a human rights technology for Africans. Maurice further said that cryptocurrency has emerged as a crucial lifeline for countless African individuals, providing them with the invaluable gifts of enhanced financial inclusion and autonomy while enabling greater control over their money.
Furthermore, recent data from Statistica revealed that Sub-Saharan Africa struggled with an inflation rate of approximately 14.5% last year. This significant surge in inflation highlights the region’s continued economic decline since the 2008 global recession, painting a concerning picture.
Yellow Card Team Up With Jack Dorsey’s Block
Meanwhile, the Jack Dorsey-led Block has joined forces with Yellow Card to revolutionize cross-border transactions within Africa. Leveraging Block’s robust infrastructure, this partnership aims to streamline and accelerate payment processes throughout the region, marking a significant milestone in advancing digital finance.
The remarkable surge in crypto users in Africa, with a 2,500% increase in 2021 alone, caused a profound transformation in the region’s crypto venture capital landscape. In 2022, the region experienced an eleven-fold surge in venture capital funding, reflecting the growing interest and investment in cryptocurrency.
Maurice also highlighted Nigeria’s rising crypto adoption rate, stating that the residents have embraced this digital asset like no other country in the region. Last month, a local publication reported that 47% of Nigerians engage in daily cryptocurrency transactions, highlighting the nation’s deep integration with the evolving virtual currency industry.
Meanwhile, experts believe that Africa, like Latin America, is fast becoming a booming crypto hub thanks to weaker national currencies and political instability.
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