Cryptocurrencies in Sub-Saharan Africa: A Growing Force
Blockchain Adoption on the Rise
Bitange Ndemo, a professor at the University of Nairobi, highlights the surge in blockchain technology adoption in sub-Saharan Africa, reflecting a broader global trend.
Africa's Cryptocurrency Revolution
Ndemo emphasizes the increasing role of cryptocurrencies, such as Bitcoin and Ethereum, in sub-Saharan Africa. These digital assets are facilitating cross-border transactions, reducing dependency on traditional banking systems.
Kenya's Blockchain Initiatives
Kenya, as a regional leader in technology, has embraced blockchain technology. Both the private and public sectors are exploring its potential applications, ranging from healthcare to land registration.
Government and Academia Collaborate
Ndemo, a former Permanent Secretary for ICT in Kenya, stresses the importance of collaboration between government and academia to foster innovation in blockchain and cryptocurrency adoption.
Eight African Countries Launch Digital Currencies
Ndemo notes that since 2018, eight African countries have launched their national digital currencies. This adoption further underscores the continent's commitment to exploring digital finance.
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