The outbreak of COVID-19 pandemic triggered the growth of various kinds of fraudulent activity, including that involving cryptocurrency. Despite such activity harming people from all over the world, the citizens of developing countries seem to be more vulnerable.
Making a digital payment, e.g. using cryptocurrency is still, for many Italians, an operation that could potentially be a security risk. To highlight it is a study conducted by Luno, a company specialized in cryptocurrencies, through the Dalia Research platform on a sample of a thousand people for each of the countries taken into consideration are Italy, France, Indonesia, the United Kingdom, Malaysia, Nigeria and South Africa.
In Kenya, IBM is working to create a blockchain-based microfinance system aimed at food vendors. By tracking sales operations using mobile phone devices and using artificial intelligence to create a credit scoring system, the platform allows microfinance for minute commerce.
For people that have been closely following the blockchain and cryptocurrency industry, they will tell you that Africa is the place to start any kind of commercial business including Bitcoin (BTC) trade and is growing fast without facing any severe competition. Actually, the digital currency and distributed ledger technology (DLT) adoption on the second largest continent is rapidly gaining momentum than any other continent.