Africa

Back in 2020, a famous rapper Akon launched his own cryptocurrency dubbed Akoin to boost its dream of improving the lives of the citizens of the African continent. But paradoxical is the fact that the token is listed on a platform that is unavailable to most Africans. Consequently, this could significantly slow down the adoption of the coin in the continent.

Akon is continuing to expand the planning of his futuristic cities across the African continent. Now, Akon wants to expand the project to Uganda, the Pearl of Africa. But how real are these plans for the African population?

On April 2, Senegalese-American rapper, philanthropist and crypto enthusiast, Akon visited Uganda and met with the President and various entities to discuss possible business opportunities in various sectors. Is this a dream come true for the “One Africa, One Koin” that Akon is preaching?

As the interest in cryptocurrency is seemingly increasing in Africa more than in some of the globe’s developed economies, the Central Bank of Nigeria (CBN) has come out to embrace this nascent fintech by saying that Bitcoin and cryptocurrency businesses in Nigeria are not banned at all.

The wave of cryptocurrency adoption in Africa seems to be gaining much traction. So far there are more than 725 million smartphone subscribers in Africa, as per the data by GSM Association, and this means more people in the continent have easy access to cryptocurrency if they so wish or if they develop interest in it.

It is more than 10 years since the first cryptocurrency appeared on earth. The emergence of crypto attracted varied reactions from the different countries of the world. Africa, the second-largest continent is especially lagging in crypto trading and mining. What challenges and opportunities lie on the way of crypto mining growth in Africa?

Due to Covid-19 pandemic we can see a growing interest in Bitcoin and cryptocurrency on the African continent in 2020.

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.

Cryptocurrency and blockchain technology is taking root in Africa’s financial realm. The continent’s youth remains the frontrunners of development.