Page 15 - CBI Magazine_August 2020

Blockchain and Cryptocurrency
in Africa
Cryptocurrencies have the potential to revolutionise the financial systems in Africa. Following the announcement by Facebook in 2019, that it would be launching its own crypto coin, cryptocurrencies are beginning to be taken a lot more seriously, after a rocky start. Blockchain adoption in Africa is on the rise. From transportation, to the gaming and lottery industries, reports of companies utilising
-A local Perspective
Decentralised Ledger Technology (DLT) across the continent are emerging. Several stakeholders in the African blockchain scene say DLT is the key to solving the developmental issues plaguing the continent as a whole.
They also believe the technology provides a platform for Africa to elevate itself to a position of greater relevance in global affairs.
While the general attention of governments still appears minimal, some countries are reportedly taking steps to promote increased blockchain adoption. Proponents for Blockchain and crypto are adamant that there are many issues beyond currency volatility where crypto and blockchain could make a difference. In some ways, Africa is better prepared for a move to crypto than other continents. Mobile money has
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CBI MAGAZINE | August 2020