While many investors in the West look to crypto to speculate on 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.
“Crypto solves real-world problems with banking and currencies on the continent, and it isn’t the casino that it can feel like sometimes in the West.”
Maurice said the most common use cases in Africa are international payments, sending money to friends and family, and “saving 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
— Chris Maurice⚜️ (@chrismaurice) April 24, 2023
Kevin Imani, the founder and CEO of Sankore 2.0 — an affiliate of the layer 1 Near Protocol — believes blockchain-based payments can act as a human rights technology:
“It’s important to recognize the human rights protections that it provides to people in underdeveloped nations. In many developing countries, hyperinflationary pressure and corruption have left citizens with few options.”
“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…