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The head of the Kenyan bank holding Equity Group Holdings Limited (EGHL), James Mwangi, said that the use of cryptocurrency assets can increase the efficiency of operations with electronic money in Africa. Mwangi’s statement stated that the money turnover on transactions through mobile payment systems exceeded the circulation of cash in Kenya.
The banker also added:
“The progress of the fourth industrial revolution can bring more opportunities for the development of Africa’s domestic economy in all respects. Cryptocurrency assets are able to diversify the spectrum of electronic financial resources, but Africans have a difficult way to regulate digital activities at the level of state legislation. “
According to social and analytical platforms, the technical equipment of the African population is at a critically low level. The share of users with free access to the Internet, according to information at the end of 2021, was 43%, while similar figures in Europe and the United States were recorded at 83% and 77%, respectively.
In a third of the continent, only one in five Africans has the opportunity to use the World Wide Web. One of the most technologically advanced countries were Kenya (85.2% of the population) and Nigeria (73% of the population). In this regard, the leadership of both countries is actively making attempts to regulate cryptocurrency transactions.
Experts noted that the way of legislative activity of the Nigerian government turned out to be unique. High inflation has led Nigerians to decide to hold capital in digital assets.
The country’s leadership did not interfere with such initiatives. At the moment, Nigeria is on the highest place in the world in terms of the number of adopted bills related to crypto activity.
Earlier, the editors of the Crypto.ru reported that the Central African Republic decided to use Bitcoin as an official means of payment.
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