One of the biggest opportunities for cryptocurrency to attain widespread adoption is its use and adoption in Africa.
The continent’s growing generation of adaptable young professionals, digital entrepreneurs, and high unemployment in many countries has caused many young people to divert from traditional sectors and explore new ways of making money.
The cryptocurrency revolution has already begun, with digital currency transactions in Africa growing rapidly year on year. According to the 2020 Global Crypto Adoption Index from blockchain analytics firm Chainalysis, South Africa, Kenya, and Nigeria are among the world leaders in peer-to-peer cryptocurrency trading. Per the index, Nigeria recorded weekly peer-to-peer volumes between $5 million and $10 million. Kenya and South Africa followed with an average of between $1 million and $2 million per week.
Today we spoke to Lorien Gamaroff CEO and Co-Founder of Centbee, a Bitcoin payment company based in South Africa, about the growth of cryptocurrency in Africa and why the technology’s deployment plays such a critical role in shaping the future African economy.
Highlights
🌍 Crypto can be used to optimize international payments in and out of Africa
⚖️ Crypto can be used to enhance financial regulation, it doesn’t need to be at odds with the government
🛍️ Retail payments are being optimized through apps like Centbee
📈 Embracing cryptocurrency will enhance digital commerce and shake up online advertising
🏦 Adoption in Africa is enhanced because of a lack of legacy infrastructure and systems
💼 There are a wealth of opportunities in Africa for blockchain to optimize efficiency and value, particularly in data-heavy sectors
Keep up to date with innovations, tech trends, and entrepreneurs in Africa by subscribing to Digital Africa.