As with any new innovation, cryptocurrency was met with much speculation and skepticism in the African continent initially. After the concept began to gain popularity in the rest of the world, a few early adopters from the continent helped evangelize the idea of decentralized currencies.
In recent times, awareness about Bitcoin, Blockchain and other cryptocurrencies has skyrocketed. With big names like Virgin Atlantic owner, Sir Richard Branson and Investment tycoon, Warren Buffett publicly endorsing the concept, many people are paying attention to what can be termed the “Future of Finance.”
RECEPTION & TRENDS
Crypto reception in Africa has been “sluggish”, although it holds the key to solving so many issues that the continent faces, in terms of financial security, volume of trade, hedging against inflation, social empowerment and poverty alleviation.
South Africa is one country whose citizens are become more involved with cryptocurrencies, as many people are already building portfolios. Nigeria with its large population of over 170 million is also following suit, as more savvy entrepreneurs and businesspeople are purchasing various cryptocurrencies.
OPPORTUNITY & SCALE
With over 1.2 Billion people living in 54 nations and a combined GDP of US$1.515 trillion as at 2017, the continent contains some of the brightest entrepreneurs and hardworking business people eager to expand their capital portfolios and fend off inflation. Cryptocurrency is the solution to most financial woes of the nascent banking institutions and Avesta is at the forefront of the inclusive campaign of implementing the best digital currency platforms.
THE AVESTA SOLUTION
One of the greatest advantages of cryptocurrencies like Avesta is the decentralized nature. However, Avesta will also partner with governments of African countries to encourage adoption of digital currency to boost and stabilize key sectors of their economies and drive technological development.
Inflation is a major impediment to economic growth of the African continent, with its most populated country reporting 2-digit inflation figures. Avesta Digital coin can hedge against this, because it is not susceptible to wild value variations like physical money.
This is especially advantageous for Africa, where there are inconsistencies in economic and societal dividends. An individual then can become his or her own “Bank” and carry out personal financial transactions without undue interference. Avesta is also implementing smart payment options similar to regular credit/debit cards for easier individual and business transactions in the continent using advanced Blockchain technology.
OUTLOOK FOR THE FUTURE
One major impediment to adoption of cryptocurrencies in Africa is the information gap.
With the right information strategy from Avesta, we should see more investments from Africans in coming years.