Cryptocurrencies enthusiasts believe that by the year 2030, these digital currencies will make up 25% of the national currencies. I am of the opinion, let us wait-and-see, especially after the publication we posted earlier.
Be that as it may, one can’t deny the obvious benefits the African continent stand to gain. For one, a decentralized currency (read money the corrupt governments can’t get their hands on) will go a long way towards curbing embezzlement of the public coffers by top public servants who channel the funds into their own pockets at the detriment of service delivery to the citizens.
Banking the unbanked in their masses
In most developing countries, including those in Africa, has a huge population that the conventional banking systems cannot reach out to; either out of luck of innovation and/or supporting infrastructure.
Cryptocurrencies have the potential of reaching this market segment faster without much investment into the supportive infrastructure. Well, internet access and internet-enabled devices shall be a must. The crypto might disrupt the finance market in unprecedented ways. Forcing banks to re-think their approach towards debit and credit.
Enthusiasts strongly believe that the cryptocurrency is …read more