Despite Accounting for 2% of Global Activity, Sub-Saharan Africa Has ‘Some of...
According to a recent Chainalysis report, although Sub-Saharan Africa is believed to account for as little as 2% of global transaction activity, the area “contains some of the most well-developed cryptocurrency markets of any region.” Additionally, Sub-Saharan Africa’s “retail market and outsized usage of P2P platforms make it unique compared to other regions.” Sub-Saharan Africa’s ‘Outsized Usage of P2P Platforms’ According to a new report by blockchain intelligence firm Chainalysis, Sub-Saharan Africa’s total crypto....
Related News
Stablecoins and continentwide regulations are key to breaking down barriers to Africa's economic growth. As global interest in stablecoins explodes, a number of key players are pushing especially hard for more adoption in Sub-Saharan Africa.On Thursday, the Center for Strategic and International Studies' Africa Program published new analysis advocating more options for crypto users in sub-Saharan Africa. CSIS is a well-known Washington, DC-based think tank. The authors of the analysis, Judd Devermont and Topaz Mukulu, are extremely optimistic about the future role of crypto, specifically....
International remittance is ostensibly one of the most compelling use cases for bitcoin and digital currencies. Recorded remittances to Africa grew four-fold between 1990 and 2010 and have increased steadily since. The World Bank projects $39bn in remittances to sub-Saharan Africa this year. Yet with the continent's fast-growing middle class and tech-savvy youth population, the high cost of remitting to sub-Saharan Africa, particularly from within Africa, has brought the subject of financial inclusion under new light. Africa has some serious market potential for bitcoin companies;....
Despite facing hot-and-cold rules, growing crypto usage in sub-Saharan Africa is forcing regulators to reconsider the industry. Sub-Saharan Africa has no doubt suffered many regulatory setbacks in adopting cryptocurrencies. With most countries in the region struggling not to buckle under economic uncertainties and pressures looming over them even as the ripple effects of COVID-19 set in, it would appear that many Africans, especially millennials, aren’t waiting for the government anymore.The main issue inhibiting regulation seems to be a combination of resistance and indecision both from....
Bitcoin adoption around the world is a patient process, as one of the factors involved in the currency’s success relies on internet connectivity. The Western world has gotten accustomed to having the internet at their disposal wherever they go, but things are vastly different in areas such as Africa, South America and parts of Asia. Facebook wants to....
The continent of Africa, in particularly Ghana, is set to open doors of opportunity to a land perceived as hopeless in the eyes of many. The internet has provided decentralized information that allows some of these marginalized populations to educate themselves, and the development of the blockchain represents decentralized wealth controllable by the people. Africa will be getting Dreamcoins. Dreamcoin is a community cryptocurrency being designed for merchants and consumers in sub-Saharan Africa. DreamCoin creator Phillip Agyei Asare explains it:"Dreamcoin is a purely African initiative,....