Why Africans should embrace crypto to safeguard savings against inflation and currency devaluation

Crypto is helping Africans protect themselves from the harsh realities of inflation via saving in assets like stablecoins.
Adeolu is a reporter with Mariblock, covering blockchain development in Africa. He is also a data scientist and a decentralized finance enthusiast.

Crypto is helping Africans protect themselves from the harsh realities of inflation via saving in assets like stablecoins.

Crypto is driving global economic inclusion by connecting individuals in emerging markets to opportunities that were previously inaccessible.

The Mozambique-based startup integrates Hedera hashgraph to enable fiat payments by tenants across Africa.

During wars and protests, cryptocurrency offers people an escape route. It provides a means of financial freedom and independence from traditional financial systems.

Standard Bank Group’s Head of the Blockchain Centre of Excellence, Ian Putter says crypto will function alongside other payment rails in Africa rather than disrupt them.

Prop-tech startup My Shamba Digital partners with global real estate tokenization company BrickMark to solve land fraud and provide fractional investments.

The crypto exchange mainly based in emerging markets lost $2.7million in what is believed to be a well-coordinated attack and a potential loss of $1.4million was averted by Tether.

Yoseph Ayele believes that global blockchain communities need to collaborate with Africans to foster growth and development.

Customers of top South African retail store can easily make crypto payments through VALR and Luno.

According to USDC’s product lead, more fiat-pegged stablecoins are needed to enable easy access to FX.

“We’re really interested in Africa. We think that’s an untapped market, ... and we think that the tokenization industry can start building wealth and adding value to people’s lives”

Also, an eNaira-pegged stablecoin is in the works and will be publicly available soon, says Convexity founder.

Cheng Cheng, COO and co-founder of DeFi lending platform Jia, believes that support from big financial institutions will help scale DeFi loans in Africa.

Sheffield also believes that blockchain abstraction in mainstream products will lead to more adoption.

White also mentioned that several traditional global institutions that have explored blockchain research over the past few years have not shut down their investigation.

Glen Jordan, CEO of Empowa shared details about his company’s operational model with global industry experts.

Based on the report, revenue is down across all aspects of crypto crime except, ransomware, which is on an upward trajectory like 2021, the year it rose to prominence.

With the Kenyan shilling depreciating, Kenyans in Uganda are finding it more profitable to send money home.

BIS says a security breach in a CBDC system could erode public confidence and trust in the digital currency infrastructure and the central bank involved while leading to a ripple effect of damage.

Larry Fink, CEO of BlackRock and previous skeptic of cryptocurrencies says Bitcoin can revolutionize finance, weeks after proposing a controversial Bitcoin ETF.