28 May VIDEO: State of Crypto Across Africa - a high level on the report by Arcane Research with input from Luno

Posted at 10:58h

 

NOTES FOR VIDEO: most promising region for the adoption of cryptocurrencies. 

combination of economic and demographic trends. 

adoption is relatively low, the potential is enormous, rapid, 

development is likely to become defining for the cryptocurrency industry going forward.

A young population, failing currencies and costly payments

diverse region, some key similarities and trends. 

Economic problems - high inflation rates and volatile currencies

financial issues - capital controls and a lack of banking infrastructure

Cryptocurrencies are positioned to become the ideal antidote to these challenges

Bitcoin and some other crypto assets combine 

wealth preservation properties of hard assets such as gold with

 the portability of digital currencies, 

unparalleled degree of censorship resistance.

A real use case - remittances 

important source of income to many families

source of foreign currency to many countries. 

$48 billion back to families in Sub- Saharan Africa. 

very high fees, with an average of 9%

high costs and low speed.

Bitpesa, Paxful - innovative ways to move money faster. 

use of stablecoins and decentralized finance (DeFi) can help underbanked and those excluded from international finance. 

 

State of Crypto Across Africa - a high level on the report by Arcane Research with input from Luno: