The partnership between Ivorypay and Tether aims to enhance accessibility, stability, and efficiency in digital transactions across Africa.
Blockchain-based payments offer advantages such...
Tether's upcoming mobile app promises to be a game-changer in trade finance and cross-border transactions.
One of the app's standout features is its...
Mitsubishi UFJ Financial Group (MUFG), the largest bank in Japan, has announced the launch of its stablecoin issuance platform, Progmat Coin.
Progmat Coin...
The United States Congress House Financial Services Committee held its first hearing on stablecoins in 2023
The discussed bill aims at regulating stablecoins
...
Mastercard has partnered with the Australian platform Stables to launch a digital wallet for stablecoins which will ease transactions for traders
Stables will...
Overall, the growth of crypto in Sub-Saharan Africa will continue, provided inhabitants continue facing challenges that crypto has demonstrated it can solve. The solutions offered by crypto include preserving savings in periods of economic volatility and aiding cross-border remittances in places with strict capital controls.
The world has seen the creation of a new category of digital assets in recent years. The assets range from shitcoins to NFT, stablecoins to Central Bank Digital Currency (CBDC), and a new sort of legal personality (DAO) and Metaverse. Digital assets are establishing a new legal, financial, and social paradigm in Africa, with Cameroon playing a crucial role.
Decentralized exchanges (DEXs), borrowing and lending platforms, and yield farms are all protocols in the DeFi area. Users may participate in the DeFi ecosystem more efficiently since there are no centralized middlemen. However, there are also more significant dangers. These dangers include protocol codebase flaws, hacker attempts, and malicious protocols. Combined with the extreme volatility of the crypto market in general, these dangers may make it more difficult for DeFi to gain widespread acceptance among typical consumers. On the other hand, workarounds and improvements in the blockchain domain may solve these problems.
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.