Even though the digital asset market seems to be witnessing a bit of a lull at the moment, the adoption of crypto-centric tech has continued to move forward with a full head of steam globally. Africa, in particular, is a continent where a growing list of mainstream financial entities have continued to make their presence felt, as they have begun to realize that the economic opportunities presented by the region are immense.
To put things into perspective, a recent report released by Singapore-based crypto data provider Triple A shows that the North African country of Morocco currently boasts one of the largest crypto populations in the region at nearly 2.5%. The kingdom currently leading many prominent countries in terms of daily Bitcoin (BTC) trades, trailing only behind Saudi Arabia across the entirety of the Middle East and North Africa (MENA) region, an impressive feat, to say the least.
What’s even more interesting is that Morocco’s existing legislative framework is largely anti-crypto, with the country’s Foreign Exchange Office giving no indication of softening its stance anytime in the near future. Despite these stringent regulations, people across the region have continued to find means such as peer-to-peer (P2P) and over-the-counter trading through which to make inroads into this rapidly-evolving ecosystem.
Crypto firms entering Africa at unprecedented rate
Emmanuel Babalola, the Africa director for cryptocurrency exchange Binance, told Cointelegraph that with each passing month, the number of cross-collaborations taking place between local blockchain/crypto firms and various mainstream entities has continued to grow. Babalola said that most forward-looking tech companies are vying to gain exposure within the region, all while trying to help people across the continent embrace and realize the true utility of blockchain.
He further pointed out that Binance has recently partnered with the Confederation of African Football (AFCON) to sponsor the TotalEnergies African Cup of Nations tournament, a move which he sees as a small step toward a grander scheme, adding:
“The AFCON sponsorship was a very exciting one. Football is the most popular sport in Africa, one that unites the entire continent and so, sponsoring the biggest football tournament in Africa was honestly a no-brainer. It corroborates our mission to take crypto mainstream across the continent.”
Staying in line with his company’s ideal of widespread crypto adoption across the African landscape, he also pointed out that Binance recently collaborated with some of the stars participating in this year’s iteration of Big Brother Naija (Nigeria) — the biggest reality show on the continent — to help bring crypto education to a wider mainstream audience. “We are [even] sponsoring Nigerian Idol — the Nigerian version of a popular singing contest,” he added.
Lastly, Babalola noted that in recent months, many unprecedented happenings have taken place across the global crypto ecosystem such as countries like El Salvador adopting Bitcoin as legal tender — something he believes was totally unfathomable just a few years ago — and thus it would not be surprising to see African nations follow suit:
“I think this is only the beginning of things to come. In general, as institutional interest in cryptocurrencies continues to rise, more mainstream entities making their way into the region is inevitable.”
Crypto can help redefine business across Africa
When asked about the continued growth of crypto across Africa, especially within the northern part of the continent, Adedayo Adebajo, Africa director for Jelurida, a blockchain software company that develops and maintains the Nxt and Ardor blockchains, told Cointelegraph that a vast majority of African countries like to consider themselves as one bloc, rather than being divided into regional categories.
In this regard, he noted that one aspect that has united most people living in Africa is their lack of tangible business opportunities, as well as a clear lack of access to high-quality banking alternatives that they can use to send and receive funds from across the globe. Adebajo added:
“African nations believed they were left out of the first three industrial revolutions. The 4IR (fourth industrial revolution) technology including blockchain and cryptocurrency has, for the first time in history, provided them with an opportunity to participate in making history. Most governments in the continent are now open to capacity building and localizing solution developments, among others. To do so, their doors remain wide open to foreign offers that will get them closer to their aim.”
When asked about the challenges that may arise as a result of most nations in the continent (especially those located across North Africa) adhering to an Islamic way of life, Adebajo noted that the key issue preventing crypto-based banking services from reaching the masses is not religion but a clear lack of…
cointelegraph.com