Executives Believe Bitcoin and Stablecoins Set to Stimulate Mass Adoption of Crypto in Africa

Executives addressing the Blockchain Africa Conference held recently in Johannesburg portrayed Africa as an untapped land of crypto opportunities.

Key speakers at the annual conference held in South Africa acknowledged the potential of Africa to become a global crypto giant. The continent’s potential permeated during the primary talks. Speakers in the constituent fireside chats highlighted the potential of stablecoins and bitcoin as the two-lever catalyst to awaken Africa towards crypto adoption.

Accelerated Bitcoin Adoption in Africa 

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In his address, the general manager at Luno crypto exchange Marius Reitz lauded the 2022 achievements of the Central African Republic (CAR) in making bitcoin a legal tender. Reitz considered that several countries would replicate the move, accelerating bitcoin adoption by 2030.

Reitz projected that several CAR neighbors would follow suit and include bitcoin among their legal tenders. He expressed optimism that Bitcoin would realize accelerated adoption into becoming a regional currency. The executive from the Digital Currency Group subsidiary considers it likely that bitcoin will become a common currency in Africa.

Bullish Stance on Stablecoins Viability in Africa

The chief executive at Ovex, Jonathan Ovadia, illustrated a more bullish stance on the stablecoins. The crypto exchange founder based in South Africa considers stablecoins likely to deliver crypto adoption in Africa. Ovadia added that stablecoins would quickly overcome the challenges where three crypto-friendly banks in the US imploded the previous week.

Ovadia dismissed the prospect of stablecoins potential diminishing despite Circle’s USDC stablecoin losing its peg as it scrambled for a new partner. The US regulators led by Federal Deposit Insurance Corporation (FDIC) would intervene and save billions of deposits.

Ovadia acknowledged that while bitcoin is permissionless and commands free transfer, average wage earners should refrain from storing their network in BTC. Instead, the Ovex official indicated that stablecoins offered a favorable impact as the leading innovation across the crypto ecosystem.

Stablecoins Viability Dominates Blockchain Conference in 2023

Stablecoins viability in Africa emerged as the predominant theme as most speakers exceeding 45 weighed their future. Hundreds of attendees drawn from Africa and beyond were optimistic that the conference was informative about crypto adoption across Africa.

The head of staff at the web3-based startup Nestcoin, Maya Caddell, cited the latest disclosure by the International Monetary Fund (IMF) that Africa has immense potential. He observed that the continent’s population would double to 2.6 billion in three decades. On the contrary, Western populations are suffering a steady decline.

Caddel revealed that Africa would have a sixth of the internet population by 2026. Additionally, a third of the youths aged between 15 and 35 will hail from the continent by 2050.

Experts addressing the conference projected that stablecoins pegged to various fiat currencies would proliferate globally. The speakers added that hybrid stablecoins were inevitable. Many speakers illustrated a bullish future for the central bank digital currencies (CBDCs).

Caddel emphasized that the crypto assets and governance protocols would retain background operations as most users would become aware of their presence.

Would Stablecoins Replicate Mobile Money in Becoming Digital Revolution?

The speakers lauded the continent for dictating the digital payments revolution through the mobile network. However, crypto mass adoption would replicate this trend. A notable speech highlighted the emergence of Mpesa in 2007 that would later revolutionize payments, savings and credit delivery beyond Kenya.

Crypto adoption could replicate the mobile money success that has left a third of the adults adopting the usage across sub-Saharan Africa.

Ovadia regretted that mobile money lacks the global interoperability that exists in cryptos, including bitcoin and stablecoins. Caddel echoed the remarks by revealing untapped potential within the African financial stack. Importantly, opportunities exist between Africa and the West alongside the continents’ markets.

Caddel and Ovadia agreed that stablecoins could ultimately dethrone the banking system, particularly in Nigeria, where residents predominantly prefer bank transfers.

It would take Kenya several decades, where Mpesa is supreme, and Ghana, dominated by MTN’s Momo – a mobile money product. The fragmented nature of mobile money presents viable opportunities for stablecoins and bitcoins.

Ovadia wrapped the prediction of stablecoins with bullish remarks that they could potentially replace the banking system.

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