Crypto Boom in Africa: Digital Money Can Ease Transactions on Continent, Expert Says
Crypto Boom in Africa: Digital Money Can Ease Transactions on Continent, Expert Says
Cryptocurrencies could сoexist with multiple national currencies in Africa, Cameroonian economist Yamb Ntimba told Sputnik Africa. He commented on the more than 50% growth in cryptocurrency transactions in sub-Saharan Africa during the 2024 fiscal year.
The technological breakthrough of cryptocurrencies is the most interesting development in the digital realm for Africa today, he highlighted.
This crypto ecosystem will boost intra-African trade, making commerce between countries like Algeria and Angola, South Africa and Tunisia, Senegal and Kenya easier, according to Ntimba.
Beyond money, the speaker added, tokenization could allow to:
🟠 better manage land tenure related issues,
🟠 secure transparent elections,
🟠 protect public records like diplomas.
"Either we choose technology, but a well-designed, balanced technology controlled by ethical values, or we decide to remain in the Middle Ages. We must move forward. The challenges we face are challenges we will overcome,” he noted.
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