Africa has recently caught the eye of prominent cryptocurrencies such as Bitcoin and Ethereum. Cryptocurrency projects have risen in the past few years, and...
Since transactions are worldwide, crypto must have international coordination and holistic regulation. This way, crypto will live up to its potential on the African continent and beyond. Although significant progress exists in this area, the current fragmented approach to crypto regulation throughout the globe is not optimal.
Individual African countries cannot devise a worldwide plan to foresee the growth of private transnational digital currencies amidst crypto regulation needs because of their small economies.
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.
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).