Blockchain can contribute to a robust economy in Africa

Africa has one of the highest penetration rates for cryptocurrencies, and experts believe blockchain could lead to further economic growth in the continent.

Allen Wei, CEO of crypto exchange LBank, believes that blockchain technology can create a robust economy in Africa. He mentioned this during a recent interview with Cointelegraph.

Wei believes that blockchain could have a significant economic impact on the continent. He added that the technology presents an opportunity to solve Africa’s economic problems.

With blockchain technology, Africa could have an inclusive society. Wei added that;

“With the help of blockchain, Africa can create an inclusive society with a robust economy and the highest standards of living. A larger economic system might be built where more people will be employed and have access to greater wealth than ever before.”

Nigeria, South Africa, and Kenya are some of the leading cryptocurrency innovation hubs in the continent. Wei said Africa could have a huge impact on the broader cryptocurrency ecosystem thanks to its large population. 

Massive adoption of cryptocurrencies and blockchain technology in Africa could prompt similar moves in other continents, the LBank CEO added. He said;

“With such a large number of people using cryptocurrency, it will become easier for others around the world to accept it too, which will cause a positive turnaround in the crypto economy.”

Wei added that by helping Africa reach massive cryptocurrency adoption, it would become easier to reach more people in the world. He added that;

“If we can help Africa become one of the most crypto-friendly continents on the planet, then we will be able to reach a larger audience than ever before.”

African countries like Nigeria and Ghana are suffering from high inflation levels, and this has pushed the citizens to store their wealth in cryptocurrencies and similar assets.

Nigeria continues to lead the way in terms of cryptocurrency adoption in the continent despite the central bank banning banks from processing crypto-related transactions.

Nigerians have turned to peer-to-peer platforms like Binance, Paxful and LocalBitcoins to buy and sell cryptocurrencies.