02 Jun VIDEO: Catalysts for Adoption of Digital Currencies for Payment Across Africa - thanks to Arcane and Luno report on State of Crypto Africa
Notes for video: Catalysts for Adoption Exchanges building a network across the continent: Luno, Huobi, NariaEx, AltCoinTrader, Paxful, PayPlux, Quidax, AZA Group, Acoin, Ice3x, VALR, Binance, Coindirect, Remitano. HIGH INFLATION - Over the past 20 years, the majority of African nations have suffered from high inflation rates, robbing citizens of wealth and purchasing power. Zimbabwe for eg Bitcoin and other cryptocurrencies that have limited supplies, disinflationary monetary models, and decentralized governance, offer protection against such effects. Google Trend data shows that Uganda, Nigeria, South Africa, Kenya and Ghana are all ranked in the top 10 on the topic of cryptocurrency. Limited merchant adoption - the number of merchants accepting cryptocurrency, and crypto ATMs is seemingly lower in Africa than in any other region. Stablecoins - Stablecoins pegged to fiat currencies such as the US Dollar that have historically outperformed African currencies also present an effective solution. A Luno survey showed that 80% of the Nigerian users expressed an interest in buying a USD stablecoin. Inadequate banking services puts a limit on entrepreneurship, business growth, lending, and saving, all of which hinders economic development. Cryptocurrencies and decentralized finance (DeFi) can overcome these limitations and encourage development across the continent. With thanks for content and inspiration to Arcane and Luno - https://static1.squarespace.com/static/5df0fdb6a73a4b1d59c74702/t/5ec7ad559bcd1c641938615d/1590144351147/The+State+of+Crypto+-+Africa.pdf