Jack Dorsey, Twitter, and Square CEO was quoted to have said that the crypto future will be defined in Africa, especially Bitcoin. Since the tech mogul said crypto future would be defined in Africa last year, the continent has not let him down, however proving in many ways, they are to define the future of crypto.
Popular crypto exchange form, Luno, alongside Arcane research, published The State of Crypto in Africa report. The report was to checkmate crypto future and see where Africa features. The report also highlights catalysts for crypto adoption in Africa, obstacles to be overcome, and the latest trends.
Africa shows enormous potentials for crypto adoption
Globally, the use case of crypto has been for investment, trading, and speculation; however, this is not the case. The report explains that Africa remains one of the most promising region for the adoption of cryptocurrencies. With adoption in the continent currently low, the report explains it has enormous potentials and rapid growth and such that its development would be a defining reference for the crypto community.
Major factors set to ensure adoption in the continent are financial infrastructure, expensive remittance and cross border payment, digital, mobile trends, mobile payments, and many more. Many African are underserved by traditional service providers, with many more even financially excluded. Also, the high cost of cross border remittance, coupled with inefficient, uncompetitive banking markets, are payment issues faced in Africa. Cryptos and DeFis are primarily created to solve these issues offering safe options to store money and send money across bounds.
Defining crypto future in Africa amidst potential
Amidst all the potentials crypto has in Africa, seeing the digital asset as a means of global payment and not investment, the continent will undoubtedly be left with no choice than to embrace the digital asset as a solution to many of the persistent issues the continent faces.
Mass adoption problems would hence be addressed with investment in infrastructure alongside the creation of assets that address issues unique to the African continent.