Can digital currencies jump-start Africa’s economies?
Much has been made about the risks and rewards of digital currencies. For the emerging economies of Africa, though, the question is whether digital currencies can create new economic opportunities, especially in harnessing the potential of the African Continental Free Trade Zone. The use of stablecoins, tokens and other payment cryptocurrencies have been explored across Africa as well as the Middle East as means to combatting liquidity challenges, currency devaluation, asset value erosion, and fraudulent remittances. They are, after all, systemic challenges in most emerging markets.
Viola Llewellyn is President and Co-Founder of Ovamba Solutions.
Mohamed Taysir is CEO of Singularity Finance.
The Asia Program promotes policy debate and intellectual discussions on U.S. interests in the Asia-Pacific as well as political, economic, security, and social issues relating to the world’s most populous and economically dynamic region. Read more