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.
Malawi
Coinbase taps Yellow Card as on- and off-ramp partner for African expansion
Starting in February, Coinbase users in 20 African countries can buy USDC directly from the Coinbase Wallet App.
Nigeria received nearly $60 billion in crypto value in a year
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.
Inflation in Africa: Latest data shows worsening figures across the board
Figures show 50% of countries with available data experienced an increase in consumer prices in March.
Inflation in Africa: Many countries continue to witness historically high consumer prices
While some countries recorded improved inflation figures, the cost of living across the continent remains prohibitively high.
60% of African countries recorded lower consumer prices in December
Further contractions in consumer prices suggest that central banks’ tactics to curb inflation are productive.
BIS survey finds differing motivations in African CBDC adoption
More than half of the surveyed central banks said the ability to provide cash in a digital form was the leading consideration for exploring CBDC.