Crypto in Africa: Opportunities and Challenges, Explained

Many African consumers are fed up with the status quo of local currencies and existing payment platforms — and believe crypto could be the answer.
How can I find information on what’s next for Africa?Specialist publications, such as Cointelegraph, can help, as well as conferences focused on digital currencies and blockchain.The Crypto Finance Conference is one such event, which is taking place in St. Moritz, Switzerland, from Jan. 15 to 17, 2020. Organizers say that speakers are going to offer compelling insights into what lies ahead, as well as offer the time to answer questions from attendees.Already, the program is full of sessions that will be of deep interest to anyone who is following Africa’s exciting journey. There will be tales from the regulatory frontline, an insight into how central banks are approaching the creation of national digital currencies, and a deep-dive into the challenges of banking in the world of blockchain and crypto.The Crypto Finance Conference says its emphasis lies in ensuring that those attending the invite-only event in Switzerland have every opportunity to establish meaningful interactions through extensive networking sessions. The plush surroundings of a luxury ski resort in the Alps can only be described as a bonus.Learn more about Crypto Finance ConferenceDisclaimer. Cointelegraph does not endorse any content or product on this page. While we aim at providing you all important information that we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor this article can be considered as an investment advice. What other hurdles lie ahead?Aside from the regulatory headaches, crypto businesses may find it hard to gain traction on the continent.Why will adoption be a challenge? Mainly because of the fact that it could be hard to get the word out about crypto’s potential, and some consumers may be put off for fear that it’s simply too technical to use on a daily basis. It’s also fair to say that BTC might not be the best currency to use for daily purchases for Africans who are moving away from their local fiat because it’s too volatile.There is also a real risk that reliable access to the internet across the entire continent might be overestimated, especially considering that connectivity lags far behind other parts of the world. Plus, compelling crypto and blockchain projects that are tailored to the African market will depend on developers and entrepreneurs who can deliver it, which means training new talent and enticing expertise from around the world will be crucial in enhancing levels of mainstream adoption.How are things looking in terms of regulation?Many African countries aren’t happy about crypto’s arrival.A handful of African countries have banned crypto altogether, including Morocco, Algeria, Libya, Zambia and Namibia. Others have created substantial amounts of uncertainty by failing to offer a clear stance, leaving consumers in a gray area.South Africa has been somewhat of a bright spot on the continent, where regulators have expressed enthusiasm about crypto’s potential.

Post written by our friend Connor Blenkinsop and Syndicated from Cointelegraph
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