Crypto Provides Africans with a “Lifeline” Against Inflation and Corruption, Executives Affirm

Executives in the crypto industry have highlighted the significant impact of blockchain technology in addressing real-world challenges in Africa, such as hyperinflation and corruption. According to Chris Maurice, the CEO of Yellow Card, the largest cryptocurrency exchange in Africa, the growth of crypto on the continent is remarkable as it enables Africans to bypass the limitations of the traditional financial system and engage in more liberated transactions.

Maurice emphasized that crypto is actively resolving tangible problems related to banking, currencies, and inflation in Africa, rather than merely serving as a speculative tool as it may appear in the West. He highlighted common use cases, including international payments, remittances to friends and family, and protection against inflation. He stated that crypto in Africa embodies the original mission of the technology more closely than any other region.

Kevin Imani, the CEO of Sankore 2.0, an affiliate of Near Protocol, emphasized that blockchain-based payments can be seen as a technology safeguarding human rights. In underdeveloped nations plagued by hyperinflation and corruption, cryptocurrencies provide a lifeline by offering greater financial inclusion and control over one’s money.

With inflation rates in Sub-Saharan Africa reaching an estimated 14.5% in 2022, Imani highlighted the ability of cryptocurrencies to counter weak national currencies and corruption, providing Africans with viable alternatives. Okoye Kevin Chibuoyim, the CEO of GIDA, a crypto education platform in Nigeria, expressed the transformative potential of crypto for Africans, comparing it to an opportunity to be part of something significant, unlike the limited exposure to the internet revolution of the 2000s.

Notable partnerships have already emerged in the region, such as the collaboration between Block, a U.S.-based digital payments firm led by Jack Dorsey, and Yellow Card to facilitate cross-border payments in Africa. The increasing adoption of cryptocurrencies in Africa is evident, with a 2,500% surge in crypto users in 2021 and an eleven-fold rise in venture capital funding in 2022.

While Nigeria leads the way in crypto adoption, Maurice acknowledged Botswana for its legal and regulatory clarity. However, it’s worth noting that certain countries, such as Cameroon, Central African Republic, Gabon, Guyana, Lesotho, Libya, and Zimbabwe, have reportedly banned cryptocurrencies, according to Investopedia.

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