Crypto can Save Africa from Corruption and Inflation Says the CEO of Africa’s Largest Crypto Exchange

The Founder and CEO of Africa’s largest cryptocurrency exchange, Chris Maurice, said in a recent report by famous Crypto news reporting agency Coinography that released last Thursday, that crypto is growing “at the speed of light” in the African continent. Digital money gives many African citizens the ray of hope to escape the dreadful and stagnating inefficiencies of the traditional financial structure, as it allows them to conduct daily transactions conveniently and easily, without facing any hassle or administrative problems, added Maurice.

In the above mentioned report, Maurice claimed that International payments, family expenses, and savings against inflation are the most common uses of BTC amongst African people. Citizens of many developing countries across the world are left with lesser financial alternatives due to the prevailing hyperinflation and corruption in their economies. Therefore, Chris concluded that providing recognition to the human rights protections provided by Blockchain currencies is of utmost importance for the growth of not only BTC and other digital currencies, but also for the development of global citizens from all nations as independent and aware financial beings. With digital technology spreading fast like a forest fire all across the world, this recognition does not seem too far fetched.

Block, the developer of popular transactions app Cash, which is also an American digital payments firm led by Twitter co-founder Jack Dorsey, had recently partnered with Yellow Card to facilitate cross-border payments in the African region. As per data presented by The WorldBank Group, Africa has the highest fees in the world for sending out remittances. This beneficial project was brought to reality by combining Yellow Card’s popularity and reach with Block’s technologically advanced digital interface. This system purchases stablecoins and Bitcoin to reduce the amount of the fee needed to transfer money across borders, as reported by Block’s TBD, a developer platform committed to making the decentralised digital financial world accessible to everyone across the globe.

After the number of cryptocurrency users in Africa had increased by 2,500% in 2021, their venture capital funding also expanded 11 times in the year of 2022. As stated in a new report by blockchain investment firm Crypto Valley Venture Capita and Standard Bank. The report displayed that blockchain startups were able to make up to $91 million by the first quarter of last year. The year 2022 also saw a 1,668% year-on-year increase in cash inflow, which is much greater than the growth that took place in 2021, which was only 149%. The value of 2022 is a rise of more than 11 times the previous year, CVVC added in their report.

While the African region has not yet experienced or witnessed a “blockchain mega-deal,” CVVC’s report from the 23rd of May predicts that unicorns may appear from the crypto and blockchain scene of Africa, within the time span of another two to three years. This is because with time, more and more venture capitalists have displayed interest to work in this region.

Maurice felt that the Nigerian people had adopted the benefits of cryptocurrency “the best in the region”. A local publication, Businesspost, also recently reported a few months back in May 2023, that 47% of Nigerians buy or pay with crypto currencies on an almost daily basis. One one hand Maurice claimed that Botswana has the maximum legal and regulatory clarity. On the other hand, the use of crypto currencies is still illegal in African countries like Cameroon, Central African Republic, Gabon, Guyana, Lesotho, Libya, and Zimbabwe, stated financial media website Investopedia.

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