Crypto offers Africans a ‘lifeline’ from inflation and corruption, say execs
While many investors in the West may look to crypto to speculate the next biggest trend, blockchain technology is actually solving “real-world problems” in Africa such as hyperinflation and "corruption," executives told Cointelegraph.
Speaking to Cointelegraph, Chris Maurice, founder and CEO of Yellow Card — Africa’s largest cryptocurrency exchange — said crypto in Africa “is growing at the speed of light” because it allows many Africans to escape from the traditional financial system’s failures and transact more freely.
Maurice said the most common use cases in Africa are to make international payments, to send money to friends and family and to “save money against inflation.”
“Crypto in Africa lives closer than any other part of the world to the original mission of the technology,” 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
Kevin Imani, the founder and CEO of Sankore 2.0 — an affiliate of layer-1 Near Protocol — believes blockchain-based payments can act as a human rights technology:
“Cryptocurrencies offer a lifeline to these individuals, providing greater financial inclusion and control over their money,” he added.
According to Statistica, inflation rates in Sub-Saharan Africa reached an estimated 14.5% in 2022 — which marks the region’s largest annual change since the 2008 recession.
Imani said the “ability to counter weak national currencies and corruption” and increase financial inclusion makes peer-to-peer crypto transactions a no-brainer for many Africans.
From Lagos to Nairobi, Accra to Cape Town, Africa is emerging as a powerhouse of tech innovation.Watch this space!
Read more on cointelegraph.com
