Africa’s cryptocurrency market has been on a meteoric rise, buoyed by a tech-savvy young generation keen on alternative investments and by public and private institutions interested in using the emerging technology to find lasting solutions to local problems.
Africa is one of the fastest-growing crypto markets in the world according to a report by Chainalysis, a blockchain data firm
Primarily, cryptocurrency has been embraced as a digital finance tool that is connecting people and businesses through modern transactions while opening up new frontiers to the continent’s population without access to banking systems.
But beyond the democratisation of finance, the digital currency has pointed users to opportunities ranging from economic participation, enhancing cross-border trade, bolstering financial resilience and bridging the digital divide. It has been pivotal in instilling trust and accountability in governance and highlighting human rights abuses where traditionally it would be difficult to do so.
For example, in South Africa, a country…