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Africa’s Blockchain and Cryptocurrency Adoption its Path to Better Finance

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Cryptocurrency and blockchain adoption across the globe is constantly rising and it is also being normalized, and legitimized, by the different sectors from finance, to technology, supply chain and economics. However, most of the growth and adoption is in places where the disruption is a lot harder to enact. 

Many systems in the first world have a need for disruption, but not to a point where the system is broken or unable to operate efficiently without the disruption. However, there is one place on earth that is in desperate needs of disruption — Africa. 

The potential for blockchain and cryptocurrency to fix many of the broken systems in Africa is well postulated, however, there needs to be a big change for this to happen. At least, however, there is interest from the continent, and this is growing. 

Fixing financial infrastructure

A recent report suggests that there is a real lack of traditional financial infrastructure in Africa and this positions it as a place where cryptocurrency adoption is possible and probable.

The report states that the financial landscape seen on the continent plays a role in forming an appetite for crypto in Africa:

“Although it is a diverse region, African nations share some key similarities and trends. Economic problems, from high inflation rates and volatile currencies to financial issues such as capital controls and a lack of banking infrastructure, create a fertile ground for an alternative to germinate.”

Africa on the rise

Marcus Swanepoel, the CEO of crypto exchange Luno based in South Africa, told Cointelegraph that he believes the adoption of cryptocurrencies in the region will continue to increase. He explained:

“Crypto use in Africa will continue to rise, and it is only a matter of time until digital currencies will become ubiquitous. Given how readily they’ve adopted crypto, I would expect countries in Africa to be the first to make the full transition from their traditional financial systems towards crypto.”

“Africa is one of, if not the biggest early adopter of cryptocurrencies, and a very important market to us, being home to approximately three fourths of our customer base. We’ve seen high rates of adoption in the likes of Kenya and Ghana specifically, but we’re always looking to expand our reach and welcome more customers across the continent. A priority for us has always been education, not just buying and selling cryptocurrencies, and that’s something we’ll continue to do, especially in the territories in Africa that we know have been ravaged by broken financial systems.”

Darryn Pollock
Darryn has been interested in the blockchain and cryptocurrency space since he heard about Bitcoin in 2015. He then decided to use his journalism degree to report on this fascinating fintech space in 2016, and has not looked back since.

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