Bitcoin

Everyone is talking about cryptocurrencies to solve sub-Saharan Africa’s payment problems

Global interest in stablecoins continues to grow, and several key players are pushing for greater adoption in sub-Saharan Africa.

On Thursday, the Center for Strategic and International Studies’ Africa program released a new analysis advocating more options for cryptocurrency users in sub-Saharan Africa. CSIS is a well-known think tank based in Washington, DC.

The authors of the analysis, Judd Devermont and Topaz Mukulu, are Extremely optimistic about the future role of cryptocurrencies, particularly in predicting that “digital currencies will almost certainly become more common in general and in sub-Saharan Africa in particular”.. They conclude their analysis with a series of recommendations, including more education and standardization of regulation across the region’s many borders.

Everyone is talking about cryptocurrencies to solve sub-Saharan Africa’s payment problems
Everyone is talking about cryptocurrencies to solve sub-Saharan Africa’s payment problems

On the same day, the advisory group established by the G-20The Financial Stability Board held a meeting for its sub-Saharan Africa group. According to their announcement, the group also did discussed “the roadmap to improve cross-border payments, which includes addressing regulatory and supervisory issues related to” global stable coins “.

At the time of going to press, the FSB had not responded to Cointelegraph’s request for the minutes of the meeting.

In sub-Saharan Africa there are a number of countries with very different technological and economic developments. Without a common currency or trade laws, borders become barriers to trade and growth. It is also the most expensive region to send money;; According to the Brookings group of experts, transfers cost 8.9% of their value.

Nigeria, Africa’s largest economy, has consequently been the most assertive in regulating the use of blockchain and cryptocurrencies.

Cointelegraph has previously indicated the particular benefits that new technologies can offer in Africa.

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