Crypto in Africa: Opportunities and Challenges, Explained
Connor Blenkinsop's original article for cointelegraph.com reduced by 50%
Advocates say there are many issues beyond currency volatility where crypto and blockchain could make a difference. Aside from remittances and currency volatility, financial inclusion is another hot-button topic in Africa. Research from the World Bank suggests that many of the world’s 1.7 billion unbanked are on the continent, while 2 in 3 adults in sub-Saharan Africa do not have access to a bank account.
In some ways, Africa is better prepared for a move to crypto than other continents. Mobile money has already been a key driver in reducing the numbers of unbanked adults, and the World Bank says the continent is home to all eight countries where more than 1 in 5 adults solely rely on a mobile-only account. Nigerian politicians believe that blockchain will drive the world’s fourth industrial revolution, and, for the first time, Africa has the opportunity to have a seat at the table.
There is also hope that blockchain technology can help bring around dramatic improvement to the infrastructure in Africa.
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CN [too long; didn’t read]
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