In recent years, developments in crypto currency and block chain technology have attracted the attention of many investors in the world. One of the places where this interest has increased in recent years is the African continent. Crypto currencies have become very popular, especially in the region known as sub -Sahara Africa. Crypto currencies are not only used as an investment tool in Africa. According to experts, Bitcoin and similar crypto currencies provide a solution to hyper inflation in most countries in Africa.In addition, thanks to Bitcoin mining, new power plants are built in rural areas.
SOLUTION TO ECONOMIC PROBLEMS
Chris Maurice, the founder and CEO of Yellow Card, one of Africa’s largest crypto currency exchanges, says that the crypto currency in Africa has grown at the speed of light. Maurice says that many Africans are starting to financially transactions with crypto currencies instead of valuable local currencies of Africa engaged in hyper inflation. “Crypto solves the problems in the real world with the banking and currencies on the continent, Ma says Maurice.
Maurice stated that there are more crypto users on North America and Europe on the African continent. He says that the most common use is to send money to the family and save money against inflation.
Nigeria is one of the African countries where crypto currencies are mostly used.Nolyne Sumba, who is the African correspondent of The Bitcoin Layer, confirms Maurice’s words, saying that Bitcoin has changed the economic view in Africa, especially in Africa. Less reliable financial infrastructure and higher inflation rates than Western countries are among the factors that make Africa a home for the use of crypto currencies. Sub -Sahara African countries have been experiencing the highest estimated inflation rate since the stagnation in 2022.
Kevin Imani, the founder and CEO of a block chain community Sankore 2.0, describes block chain -based payments as a human rights technology. Imani states that digital currencies offer a lifeguard rope to individuals in less developed countries and provide them with more financial participation and the right to control their money.
“Africans are accustomed to non -transparent bad governments, but the transparent nature of the block chain allows everyone to trust in the system, Ok
Electricity thanks to crypto mining
“There was no incentive to provide electricity to the African countryside before Bitcoin, Swan’s Marketing President Brandon Quittem, a Bitcoin exchange, underlines how the use of crypto currency encourages energy investment in Africa. Quittem shows the Democratic Republic of Congo as an example. Digital money miners have established a partnership with the Virunga region managers in the countryside of the country. Accordingly, a hydroelectric power plant would be established in the region to provide the necessary energy to the miners.
“Electricity allows life to continue after the air darkening. It also means online education, increasing economic opportunity and much more for children, Qu’TTEM says. With the help of Bitcoin venture company Stillmark and Twitter’s former CEO Jack Dorsey’s company Block, Bitcoin mining companies working to create an energy infrastructure in Africa and energy power plants installation projects are continuing. Quittem is optimistic that crypto currency miners will encourage reliable energy to the African continent.
According to the IMF, Africa is one of the fastest growing crypto markets in the world. According to a report prepared by Blockchain data company Chainalysis, 6 percent of all crypto transactions take place in Africa. The report states that these currencies have been adopted in Nigeria and Kenya. Chris Maurice says that 47 percent of Nigerians perform crypto money at least once.
Sources: Forbes, Cotelegraph, Coindesk