The Future Coin

Bitcoin

$32,642.68

BTC 2.29%

Ethereum

$1,429.77

ETH 15.38%

XRP

$0.28

XRP 1.88%

Litecoin

$144.41

LTC 5.35%

EOS

$2.75

EOS 0.50%

  • News
    • Bitcoin News
    • Ethereum News
    • Ripple News
    • Litecoin News
    • Altcoin News
    • Blockchain News
    • Business News
    • Technology News
    • Policy & Regulations
  • Markets
    • Market News
    • Market Analysis
    • Price Indexes
    • Top Cryptocurrencies
    • Heatmap
  • Opinion
  • Cryptopedia
    • Explained
    • Bitcoin101
    • Ethereum101
    • Bitcoin Cash101
    • ICO101
    • Ripple101
  • Press Releases
No Result
View All Result
The Future Coin
No Result
View All Result
Home Opinion

Economic, demographic trends will drive Africa towards cryptocurrencies – Luno Report

by The Future Coin
May 21, 2020
in Opinion
0
Economic, demographic trends will drive Africa towards cryptocurrencies – Luno Report
152
SHARES
1.9k
VIEWS
Share on FacebookShare on Twitter

High inflation rates, volatile currencies, and lack of banking infrastructure, combined with a growing, young, and mobile-native population make Africa ideal for the rapid adoption of cryptocurrencies, a recent study by global cryptocurrency platform Luno says.

Titled The State of Crypto: Africa, the report was made in collaboration with Arcane Research, part of the Oslo-based Arcane Crypto. It explores the opportunity presented by cryptocurrencies in Africa and highlights the potential for cryptocurrencies to thrive as a result of the economic landscape and demographic trends of the continent.

“Africa is one of, if not the most promising region for the adoption of cryptocurrencies due to its unique combination of economic and demographic trends,” the report reads. Although diverse, African nations share key similarities and trends – economic problems, from high inflation rates and volatile currencies to financial issues such as capital controls and a lack of banking infrastructure.

All of these challenges create “a fertile ground for an alternative to germinate” with cryptocurrencies positioned to become the ideal antidote to many of the financial challenges in Africa, Luno’s General Manager for Africa Marius Reitz said, adding that Africa has a need for the utility of cryptocurrencies more than any other continent.

But to realize the potential of cryptocurrency in the region, there are some major challenges that are still to be overcome, the report adds. These include a “significant lack of the typical infrastructure” seen elsewhere such as nodes, mining operations, supporting merchants, ATMs, and exchanges.

“There is clearly a lot of work to be done, especially with crypto-specific infrastructure, but this also presents a huge opportunity to deliver the much-needed transformation of financial systems across many countries on the continent,” Reitz added.

There’s also inadequate internet coverage, competition from mobile money services, and hostility from national governments – the legality of crypto assets varies significantly across the region with over 60 percent of African governments yet to clarify their position. This uncertainty, while not an absolute barrier, is a drag on the speed of adoption.

“While the overall adoption (of cryptocurrencies in Africa) is relatively low, the potential is enormous, the growth is rapid, and the development is likely to become defining for the cryptocurrency industry going forward,” the report says.

Along with the report, Luno is also set to unveil a new documentary – Banking on Africa: The Bitcoin Revolution – that follows the journey of some of Africa’s Bitcoin pioneers. The documentary, which will be available on Amazon Prime on Friday, May 22 , is a 45-minute video featuring key crypto personalities based in Southern Africa.

Source link

EDITOR’S CHOICE

Stocks will fall at least 30% in a drawn-out bear market: David Tice

Cryptocurrency Mining Software Market 2020: Potential growth, attractive valuation make it is a long-term investment | Know the COVID19 Impact | Top Players: Genesis Mining, NiceHash, Awesome Miner, MinerGate, WinMiner, etc.

Fintech blockchain Market Growth, Global Survey, Analysis, Share, Company Profiles and Forecast by 2027 – Murphy’s Hockey Law

Romney: Impeachment trial needed ‘for accountability, truth, and justice’

Bitcoin falls back below $32,000 as prices struggle to find steady support | Currency News | Financial and Business News

Altcoin Price Action Analysis – Coins That Are At Key Technical Trade Locations, Volatility Expansions Imminent (ETH, LINK, DOT, LTC & XRP)

Best Pick For You

News

  • Altcoin News
  • Bitcoin News
  • Blockchain News
  • Business News
  • Ethereum News
  • Litecoin News
  • Ripple News

Features

  • Market Analysis
  • Opinion
  • Explained
  • Policy & Regulations
  • Top Cryptocurrencies
  • Technology News

Market Tools

  • Market News
  • Price Indexes
  • Bitcoin Price Index
  • Ethereum Price Index
  • Bitcoin Cash Price Index
  • Litecoin Price Index
  • Monero Price Index
  • HeatmapPartner

Cryptopedia

  • Explained
  • Bitcoin101
  • Bitcoin Cash101
  • Ethereum101
  • ICO101
  • Ripple101

© 2020 Coingraph

No Result
View All Result
  • News
    • Bitcoin News
    • Ethereum News
    • Ripple News
    • Litecoin News
    • Altcoin News
    • Blockchain News
    • Business News
    • Technology News
    • Policy & Regulations
  • Markets
    • Market News
    • Market Analysis
    • Price Indexes
    • Top Cryptocurrencies
    • Heatmap
  • Opinion
  • Cryptopedia
    • Explained
    • Bitcoin101
    • Ethereum101
    • Bitcoin Cash101
    • ICO101
    • Ripple101
  • Press Releases

© 2020 Coingraph

Login to your account below

Forgotten Password?

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
bitcoin
Bitcoin (BTC) $ 32,429.00
ethereum
Ethereum (ETH) $ 1,434.51
tether
Tether (USDT) $ 0.996050
polkadot
Polkadot (DOT) $ 18.05
ripple
XRP (XRP) $ 0.276922
cardano
Cardano (ADA) $ 0.355358
chainlink
Chainlink (LINK) $ 24.81
litecoin
Litecoin (LTC) $ 144.63
bitcoin-cash
Bitcoin Cash (BCH) $ 447.41
binancecoin
Binance Coin (BNB) $ 42.23
stellar
Stellar (XLM) $ 0.273135
usd-coin
USD Coin (USDC) $ 0.997444
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 32,594.00
uniswap
Uniswap (UNI) $ 12.04
bitcoin-cash-sv
Bitcoin SV (BSV) $ 174.96
aave
Aave (AAVE) $ 260.83
eos
EOS (EOS) $ 2.72
havven
Synthetix Network Token (SNX) $ 17.79
monero
Monero (XMR) $ 138.87
tezos
Tezos (XTZ) $ 3.11
tron
TRON (TRX) $ 0.029821
celsius-degree-token
Celsius Network (CEL) $ 5.38
vechain
VeChain (VET) $ 0.031016
cosmos
Cosmos (ATOM) $ 8.22
nem
NEM (XEM) $ 0.216790
theta-token
Theta Network (THETA) $ 1.94
neo
NEO (NEO) $ 24.80
crypto-com-chain
Crypto.com Coin (CRO) $ 0.073161
compound-ether
cETH (CETH) $ 28.86
okb
OKB (OKB) $ 5.90
dai
Dai (DAI) $ 0.998766
maker
Maker (MKR) $ 1,498.05
cdai
cDAI (CDAI) $ 0.021012
leo-token
LEO Token (LEO) $ 1.33
iota
IOTA (MIOTA) $ 0.455161
binance-usd
Binance USD (BUSD) $ 0.999997
huobi-token
Huobi Token (HT) $ 5.77
dogecoin
Dogecoin (DOGE) $ 0.008655
sushi
Sushi (SUSHI) $ 8.56
dash
Dash (DASH) $ 107.44
compound-governance-token
Compound (COMP) $ 246.26
compound-usd-coin
cUSDC (CUSDC) $ 0.021491
filecoin
Filecoin (FIL) $ 22.66
yearn-finance
yearn.finance (YFI) $ 32,606.00
zcash
Zcash (ZEC) $ 89.75
avalanche-2
Avalanche (AVAX) $ 12.43
solana
Solana (SOL) $ 3.63
ftx-token
FTX Token (FTT) $ 10.49
kusama
Kusama (KSM) $ 104.72
ethereum-classic
Ethereum Classic (ETC) $ 7.86