One of cryptocurrency’s key charms is its invulnerability to inflation, which has been advertised as a hedge against inflation in central bank currencies.
Cryptocurrencies and stocks fall under different asset classes despite them having similar characteristics. On the one hand, cryptos are digital assets that can be distributed securely from one person to another. They store value and can also serve as a medium of exchange.
The four million Kenyans who have been affected by the crash are mainly young and small and medium traders. The youth have, in recent years, stormed into cryptocurrencies hoping to get quick returns, despite warnings from the Central Bank of Kenya about the emerging digital markets.
Through varied financial services, open transactions, and accessibility via a permissionless network, DeFi appears to reverse inequality and effectively increase financial inclusion across the board.
We are purely basing our research in Africa. To do that, we will conduct a survey with 10,000 Africans. They will tell us what they want from blockchain, their expectations, what utilities and tools they want, what they want to do, what they don't want to do, and what they are concerned about concerning blockchain
The historic AfCFTA agreement has created the world's largest free trade zone by the number of nations that have signed on. Across 55 nations, it links 1.3 billion people and generates US $3.4 trillion in the total gross domestic product (GDP).
Throughout 2021, a total of $127 million was raised, accounting for 0.5 per cent of total worldwide blockchain fundraising. The majority of the venture money (96 per cent) went to South Africa, Nigeria, Seychelles, and Kenya. Fintech companies received $67 million (53 percent) of total blockchain financing, while exchanges received $34 million (26 per cent).
The adoption of blockchain technology in Africa will result in the movement of commerce away from paper-based transaction systems, laden with countless problems including corruption, time-consuming verification, and higher costs for traders, to safer, efficient, automated, digital systems of engagement.
The potential of blockchain to produce and transfer value in society through cryptocurrencies will result in a generational transition in the Internet's growth, from an Internet of Information to a new generation an Internet of Value.
Among the key agendas that the next government has no option but to offer a solution to is the talk around economic recovery. Kenyans have experienced challenging economic situations as food prices continue to stir
According to a working group study, daily crypto asset trading prices in South Africa "exceeded $145 million for the first time" in January 2021. The new restrictions are intended to increase transparency and reduce cryptocurrency usage for illegal purposes.
Kenya Electricity Generating Company PLC, KenGen, is ready to offer its surplus geothermal power to bitcoin mining companies to help them meet their high energy demands.
In terms of finance, cryptocurrency has helped Africans catch up with other countries on a continent with emerging states. Crypto is a competitive marketplace for everybody, and access is not restricted to a select few.