Present Scenario of Cryptocurrency and Blockchain in the Region of Africa

Present Scenario of Cryptocurrency and Blockchain in the Region of Africa

When it comes to digital currency, Africa is still the biggest region to conquer. Even if there is a great deal of uncertainty around cryptocurrency and its technology, the area still has a financial imbalance. Though the task is far from done, Jelurida Africa has laid the groundwork for a more positive story to emerge from the continent.

The Beginning

It may seem simple on paper for cryptocurrencies to explode in popularity throughout Africa. It’s a game-changer because it prevents inflation, sidesteps regulations, and gives people unprecedented authority over their own financial futures. Things aren’t quite as basic as you make them out to be. To introduce cryptocurrency to the people of Africa, substantial effort must be done, beginning with addressing the regulatory element.

In 2019, Jelurida Africa was established as a bridge between the government and private sector in Nigeria. The goal of this organization is to disseminate information and provide advice on blockchain-based solutions. Bitcoin’s popularity in Nigeria has made the nation an intriguing market for cryptocurrencies. That’s why it made sense to launch a continent-wide educational initiative from that part of Africa.

Now that it’s been around for a while, the project has gained traction and spread to other nations, and blockchain technology has become more popular. There are a variety of potential uses for the technology behind bitcoin and other cryptocurrencies, from government officials to fintech developers. This involves putting an emphasis on education to provide practical experience with this cutting-edge technology via hackathons, media-coordinated events, and other activities.

The Significance of East Africa

East Africa is a key region for Jelurida Africa as blockchain and cryptocurrency education continues to grow in popularity. They may try to expand further in Africa, but for the time being, West Africa has just Nigeria as a “stronghold.” Jelurida has also been introduced to Rwanda, Ghana, Kenya, and Tanzania as a result of the company’s growth into East Africa. Establishing strong communities and aiding in regulatory frameworks is a continuing task, and all of these nations play a crucial part in the development of crypto and blockchain on the African continent.

The East Africa Blockchain Expedition in October 2021 helped solidify the company’s foothold in the region. The group spread awareness of blockchain technology and the advantages of crypto among local authorities and lawmakers. Ethiopia, Tanzania, Kenya, Rwanda, Uganda, Zambia, Malawi, Mozambique, and Zimbabwe were all covered during the 2021 Expedition.

Adebayo Adebajo, the Managing Director of Jelurida Africa, stated:

“Some countries operate a closed system such as Ethiopia, and some are xenophobic such as South Africa. Some countries are also fully against Cryptocurrency and all related activities, such as Zimbabwe among others. The challenges are related to acceptance from the government and also ease of entry into most of these countries even as a fellow African.”

It may seem that Jelurida Africa is the sole big player exploring humanity’s birthplace, but that’s not really the case. Emurgo Africa is an ongoing investment initiative established by Emurgo. Given that Africa is now home to a slew of successful fintech innovators and cutting-edge financial innovations, it only seems sensible to showcase the potential of distributed ledgers.

Keeping Going With the Critical Mission

Bringing blockchain and cryptocurrencies to Africa still requires a lot of prep work. There is surprisingly a shortage of developers throughout the continent, but that might be fixed by bringing in professionals from outside. The major focus is on achieving the project’s objectives and milestones, and the success of these endeavors will definitely encourage more people to start developing and using these tools.

The Central African Republic’s recent decision to recognize bitcoin as legal cash is still quite fascinating. It sets an example that other nations may follow, and Mr. Adebajo is certain that other governments are already contemplating this course of action. This doesn’t rule out the possibility of them issuing their own cryptocurrency similar to the Sango Coin in the Central African Republic, but it’s more probable that they’ll focus on Bitcoin at first.

Before the end of 2022, Jelurida Africa will participate in a Pan African Hackathon and introduce prototype solutions designed specifically for the continent’s residents.

A devoted content writer having 3 years of crypto trading experience. Loves cooking and swimming. Stays up to date with the latest developments on blockchain technology.