Chris Maurice, CEO of crypto exchange Yellow Card, remarked that in Africa, crypto is not the “casino” it can feel like in the West.
Executives reported that blockchain technology solves “real-world problems” in Africa, such as hyperinflation and “corruption.” While many investors in the West may conjecture that cryptocurrencies will be the next big thing, blockchain technology is actually solving “real-world problems” in Africa, such as hyperinflation and corruption.
Chris Maurice, founder, and CEO of Yellow Card, Africa’s largest cryptocurrency exchange, stated that crypto in Africa is “growing at the speed of light” because it enables many Africans to flee the shortcomings of the traditional financial system and transact more freely.
“Crypto solves real-world problems with banking and currencies on the continent, and it isn’t the casino that it can feel like sometimes in the West.”
“Crypto in Africa is closer to the original purpose of the technology than anywhere else in the world,” he added.
Africa has more crypto users than North America or Europe.
6 of the top 20 countries in the world for crypto are in Africa.
Africa is the crypto continent. https://t.co/NzodcOkMYn
— Chris Maurice⚜️ (@chrismaurice) April 24, 2023Kevin Imani, founder and chief executive officer of Sankore 2.0, a layer-1 Near Protocol affiliate, believes blockchain-based payments can be a human rights technology, he stated that:
“It’s important to recognize the human rights protections that it provides to people in underdeveloped nations. In many developing countries, hyperinflationary pressure and corruption have left citizens with few options.”
“Cryptocurrencies offer a lifeline to these individuals, providing greater financial inclusion and control over their money,” he added.
According to Statistica, Sub-Saharan Africa’s inflation rates reached an estimated 14.5% in 2022, representing the region’s most significant annual change since the 2008 recession.
Imani stated that peer-to-peer crypto transactions are a no-brainer for many Africans due to their “ability to counteract weak national currencies and corruption” and increase financial inclusion.
From Lagos to Nairobi, Accra to Cape Town, Africa is emerging as a powerhouse of tech innovation.
Watch this space! #BlockchaininAfrica pic.twitter.com/LYGZCQ0u9Z
— NEAR Kenya | NEAR is Now (@NearKenya) June 19, 2023“I personally see Crypto as Africa’s next shot at life, another opportunity to be part of something great, as opposed to the internet revolution of the 2000s, when most Africans weren’t as exposed as today,” said Okoye Kevin Chibuoyim, the founder and CEO of crypto education platform GIDA, based in Nigeria. During the internet revolution of the 2000s, most Africans were less exposed than they are today.
“Africans are used to bad governments that aren’t accountable and transparent, but here, the blockchain flashes its transparent nature here and makes everyone trust the system
-Okoye Kevin Chibuoyim
Block, a digital payments company founded by Jack Dorsey in the United States, partnered with Yellow Card in April to facilitate cross-border payments in Africa using Block’s infrastructure. After the number of cryptocurrency consumers increased by 2,500% in 2021, venture capital funding in the region increased 11 times in 2022.
According to Maurice, Nigerians have embraced cryptocurrency “unlike anyone else” in the region, with one local publication reporting in May that 47% of Nigerians own or regularly transact with cryptocurrencies.
Investopedia says cryptocurrencies are now illegal in Cameroon, the Central African Republic, Gabon, Guyana, Lesotho, Libya, and Zimbabwe. Maurice says Botswana has the “most legal and regulatory clarity.”
