Africa coins crypto

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While transferring money through cryptocurrencies does incur a fee, the authors suggest its lower fee structure and the easy, universal access to cryptocurrency networks via mobile phones make these digital assets more convenient than rigid traditional-banking and money-wiring services. Chainalysis speculates the simplification and cost-competitiveness of sending and receiving money with cryptocurrency will fuel continued growth of digital currency utilization in the region.

Alongside the use of cryptocurrencies as a medium of exchange, stablecoins , a cryptocurrency variant whose value remains stable by pegging its price with the U. Based on the multitude of advantages over traditional financial systems, the authors suggest that the relatively small cryptocurrency market in Africa is generating significant value for the early adopters who utilize the novel tool.

Related Books. Report A policy framework for bridging the gender divide in digital technology courses and careers in Kenya Anthony Luvanda.

Given the constantly changing nature of the cryptocurrency world, one of the biggest risks is lack of proper regulation in some African countries. This could put companies out of business overnight through no fault of their own, yet regulation is exactly what the industry needs most. Okoro says. Tied to the need for regulation is the need for trust. Wanjiru has seen her friends go from mild curiosity to a strong desire to get involved. Wanjiru believes that achieving mainstream adoption, especially when there are so many conflicting views on the subject, requires more consistency from the industry.

If people do not buy into your platform, or download your app, or sign up to be part of your community, you must still be present in terms of being an authority by engaging with them and answering any questions they may have, says Ms. Skip to main content. Welcome to the United Nations. Toggle navigation Language:.

Africa Renewal. Crypto-currency adoption in Africa: The ups and downs Get monthly e-newsletter. Economic Development. Crypto-currency adoption in Africa: The ups and downs. Challenges include lack of reliable internet and lack of financial literacy. From Africa Renewal:. June Eugene Yiga.

Africa is booming in terms of cryptocurrency adoption, according to the Geography of Cryptocurrency Report by Chainalysis.

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