Africa, that sleeping crypto giant – AT johannesburgin South Africa, was held last week the Blockchain Africa 2023, one of the unmissable events on the continental crypto scene. At the end of the conferences, meetings and presentations, many of the journalists present had the feeling of witnessing the awakening of this sleepy crypto giant. There was talk of projects around stablecoinsof Bitcoin of course, ofage average of the population in Africa which does not cease decreasing and of a future which therefore looks promising for the sector. Pieces chosen from a necessarily enthusiastic crowd in this kind of meeting.
Bitcoin and stablecoins in the spotlight at this international summit
Marius Reitzmanaging director for Africa of the Luno crypto exchange, sees a accelerating adoption of Bitcoin in several countries over the next ten years. He easily imagines neighboring countries of the Central African Republic deciding to also adopt Bitcoin to simplify cross-border exchanges and even envisages the first market capitalization becoming a regional currency. Until thinking that Bitcoin is downright the common currency of the continent ? He thinks it could happen.
In another style, let’s now give the floor to jonathan ovadia, CEO and co-founder of South African crypto exchange Ovex. For him, it is rather the stablecoins which will have the wind in their sails in the years to come. For what ? Here is his response:
“Things like Bitcoin are awesome. They’re permissionless, they’re free to transfer, but you can’t really store all your net worth in them if you’re a minimum wage earner in Africa. I think in general, stablecoins are probably one of the biggest innovations in the whole crypto ecosystem. »
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Africa’s Peculiar Demographics in Favor of Cryptos
It should also be noted that stablecoins have been the subject of numerous panels and conferences. Several presentations imagined that from here 2050 we could see proliferating different stablecoins indexed on different national currencies. Some even consider a system hybrid with central bank digital currencies (MNBC) that would sit alongside the stablecoins in question. But beyond the more or less realistic projections, a figure has indeed been unanimous.
It comes from the International Monetary Fund (IMF) and indicates that by 2050the population of the continent will have increased from 1.3 to 2.6 billion inhabitants. Until then, one in three young people in the world will be African. But closer to us, in just two years, one in six internet users will be on this same continent. So many reasons that push crypto companies to conquer Africae. Finally, it was noted during the conference that the proliferation of national payment systems, such as mobile money, would gain in efficiency if it were coupled with a cross-border crypto payment system.
Bitcoin, stablecoins, youth and promises of bright future punctuated these two days of conference by South Africa. The continent definitely attracts all eyes, but also a large part of the funding. Investment funds have even specialized in this geographical sector, with hopes of financial gains, but also with the desire to simplify the daily life of millions of people entangled in national currencies which sometimes pose more problems than they solve.
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