TechInAfrica – Gavin Smith, Head of Africa at deVere Acuma, one of the world’s largest independent financial services organizations, affirmed that Africa should be leading the way in the global cryptocurrency market, cited from africabusiness.com.
Bitcoin is the world’s largest digital currency and recently has increased 40% higher just within a month followed by broader cryptocurrency market receiving a positive result. In addition to that, there’s a growing call for the regulation of cryptocurrency on the global scale. As a result, South Africa and the UK have reacted to this call.
Smith noted that it was feasible to implement digitized money in the future as our global society is moving to digital transformation.
“This is why governmental agencies and regulators are now closely looking into space and why a growing number of retail and institutional investors, including major financial institutions, around the world are piling into the crypto market,” Smith said.
Smith believed that the African continent can lead the global cryptocurrency sector. It offers opportunities to alleviate poverty, grow economies, and create jobs. The unbanked population in Africa is fairly high and through cryptocurrency, these people will be able to access financial services with small amounts of money. In other words, the digital money can drive financial inclusion on the continent.
In order to implement financial inclusion through cryptocurrency, it needs support from the government through regulations and financial aid to entrepreneurs and fintech institutions so that they can contribute to the country and the community.
“Governments can bolster their coffers, giving them greater spending power, by raising tax revenues through cryptocurrencies and by encouraging entrepreneurs and fintech firms to invest in their countries by setting job and wealth-creating firms.”
In other countries like Malta, Japan, and Switzerland, cryptocurrency is already legal and supported by the governments through related regulations and collaborations with the private sector.