Overall, Sub-Saharan Africa received $117.1 billion in crypto value between July 2022 and June 2023, according to data from blockchain analytics firm Chainalysis.
Yoseph Ayele believes that global blockchain communities need to collaborate with Africans to foster growth and development.
This is the bloc’s first expansion in 13 years.
The depreciation has contributed to rising inflation in the region. Notably, inflationary pressures do not decline when local currencies strengthen against the US dollar, IMF says.
Figures show 50% of countries with available data experienced an increase in consumer prices in March.
The three African countries are requesting loans to restore financial stability, worsened by the covid-19 pandemic and global supply chain crunch.
While some countries recorded improved inflation figures, the cost of living across the continent remains prohibitively high.