Cryptocurrency is a big deal globally, but certainly not in Africa. This unfortunate reality is mainly due to the mediocre internet and the low level of digital literacy on the continent.
An Untapped Virgin Land
Africa is a big market for internet-based business and the crypto world, but the business is not yet booming, because of the sorry state of the internet facility in the continent.
The continent is home to over 1.1 billion people, this is quite a large number and if well harnessed can be the next big blockchain hub in the world. But this might be a little bit difficult, as various governments in Africa are not interested in investing in broad brand connectivity and the general requirement to boost the business on the continent.
Most internet users in Africa pay exorbitant fees to access the internet, the internet providers suck the continent dry, and most regulatory agencies on the continent are handicapped because they are practically left with no option, but to dance along to the tune of internet providers.
Another reason why cryptocurrency and related technology seems to be struggling in the continent is the literacy level in Africa. Most people in the rural communities don’t have access to education, and the few who got some education are half-baked. The urban settlers are also not spared, quality education on the continent is tied to a few who can afford it.
Though there have been lots of talks on how cryptocurrencies will gain ground on the continent, this seems to be a tough task as the continent itself battles so many other challenges which include a constant power supply.
Hope For A Better Tomorrow
Though the condition on the continent is not so rosy, however, some countries are trying hard to block the loopholes and create a conducive environment for crypto firms and blockchain oriented companies to set up businesses in their respective countries.
Countries in East Africa, especially Kenya and Tanzania are making lots of efforts in this direction, not forgetting South Africa and Nigeria, who are trying their best to make the continent great, and also to achieve its true potentials.