Africa has become a frequently heard word in the blockchain sector. Why? Every year, Africa keeps growing by adopting blockchain and cryptocurrencies in its daily financial activities. One African country that uses cryptocurrencies the most is Nigeria.
In October 2020, data showed that Nigerians traded over $32 million worth of bitcoin. On Paxful, there are more than a million registered accounts from Nigeria accounting for about 25% of its entire customer base.
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With a youthful population interested in the finance and crypto sector, there are still some issues that hinder the progress of blockchain and cryptocurrencies in the country and Africa at large.
In an exclusive interview with Destiny Adedoyin, a blockchain consultant and business development manager, he talked about the current issues surrounding blockchain technology in Nigeria and Africa as a whole and his thoughts on what the future holds for blockchain in Africa.
Edited excerpts follow:
- What Are The Current Issues You Have Noticed In The Blockchain Space In Nigeria And Africa At Large?
One of the major issues plaguing the blockchain space in Nigeria centers around the lack of collaboration between major players. A united front is needed now with the increased scrutiny of crypto by several governments around the world.
A united crypto community would have had a better response to the govt crypto pushback back in February. Several entities in the crypto space have access to the government. For example, using that connection for the greater crypto community, however, is yet to be seen.
- How Do You See The Future Of Blockchain In Africa?
I believe stable coins will continue to be used in Africa to greater capacities for payment of goods and services. We are already seeing the usefulness of crypto in remittance and protection against inflation.
I think the next step for stable coins will be the adoption in the purchase of goods and services.
- Where Do You Think Nigeria Will Be In The Next Five Years In Terms Of The Massive Adoption Of Blockchain And Cryptocurrencies?
Nigerians unfortunately aren’t big on trading. Few set of Nigerians carry the entire industry right now
If wealth creation can be achieved through crypto, then I see Nigeria and Nigerians becoming a critical part of the crypto space worldwide.
We would have blockchain developers from Nigeria working in world-changing projects, designers from Nigeria building critical blockchain projects, and exchanges from Nigeria providing for a worldwide audience.
- What’s Your Advice To The Crypto Newbies in the Crypto Space This Year?
My advice for any crypto newbie is to use your newfound wealth to help others up. Only by helping one another can we build a crypto community that makes everyone richer.