Africa is the next frontier in cryptocurrency. This groundbreaking technology opens up new opportunities and transparency, making it possible to create a new Africa.
It is already happening in large ways. African countries are regularly in the top 10 searches for "cryptocurrency" on Google Trends.
The 2020 Global Crypto Adoption Index, compiled by blockchain analytics firm Chainalysis shows that Nigeria, South Africa, and Kenya are among the top three countries in peer-to-peer cryptocurrency trading. According to the index, Nigeria had weekly peer-to-peer volumes of between $5 million $10 million. South Africa and Kenya followed closely with an average of $1 million to $2 million per week.
The UN says that cryptocurrency projects in Africa include the South Africa-based Luno Exchange. It was founded in 2013 and has 1.5 million customers in more than 40 countries.
A variety of cryptocurrency-based remittance service providers are available on the continent, including GeoPay in South Africa and GeoPay in Malawi, BitMari and Kobocoin throughout Africa.
The shift to crypto is being fueled by the fact that Africa has 226 million young people aged between 15 and 24. It's growing. By 2045, the number of African youth is expected to increase by a third. The African workforce will also be the largest in the entire world by that point.
Many Africans are not able to access the global financial system. It's crucial that Africans have the opportunity to influence their financial future.
I am currently in charge of the construction and operation of Akon City, which is a futuristic city located in Senegal that incorporates emerging technologies such as cryptocurrency and blockchains. I founded the cryptocurrency Akoin. This has allowed me to have a financial stake in the article's writing.
Crypto gives people power back by creating an environment that encourages trust and transparency.
This statement was made by the Global Partnership for Financial Inclusion (GPFI), in its G20 paper about digital identity.
This technology is being tested for financial sector applications such as funds transfers, settlements, and regulatory oversight. It is also being used more frequently in identity management due to its transparent and decentralized nature. Because the ledger is immutable, dispute resolution can be embedded in and enforced through computer protocol. The shared ledger's transparency, resilience, and replication at each node is an invaluable tool for tracking and maintaining integrity of the information."
Africa is the only place in the world where you can start over and implement any new technology or invention without having to demolish existing infrastructure. The U.S., Europe, and China are the only major countries and regions that can deploy the most recent technologies without having to tear down and rebuild everything that has been built. Africa is the leader in crypto and blockchain.
Africa's youth is what's known as a "leapfrog populace". They eschew computers and landlines and instead use mobile phones and mobile payment services. M-Pesa allows users to transfer and store money via their mobile phones. Many people run entire businesses using their mobile phones.
Africans are extremely creative and the younger generation is full of potential entrepreneurs. However, many people don't know how entrepreneurial because they are forced to work in a society that provides enough food for their families. They need space to pursue their dreams.
They have big ideas. They have big ideas. And crypto is the foundation that allows them to realize their amazing ideas. Blockchain and decentralization will create a new financial environment on the continent that empowers entrepreneurs to run their businesses digitally, regardless of where they are located.
It is time to think about what is best for all Africans and how technology can benefit everyone. For a second, we need to forget about our greed.
You will be seriously behind if you fail to see the changes in how the world works. Africa has an opportunity to lead the evolution of the global financial system.
What does a crypto-fueled Africa look like? It looks utopian to me. It is transparent, people first and everyone can bring their best ideas into reality.
It's obvious that Africa is at an amazing moment when you take into account the immense power of Africa's most precious resource, its people, and add it to its natural resources.
Akon is an artist and founder of Akoin, a cryptocurrency designed to empower entrepreneurship.