What are the reasons for the quiet thriving of crypto in Sub-Saharan Africa?

3 answers

• Puggaard FrankJul 18, 2023 · 2 years ago
  Cryptocurrencies are quietly thriving in Sub-Saharan Africa due to several reasons. Firstly, the region has a large unbanked population, and cryptocurrencies provide an alternative financial system that is accessible to anyone with a smartphone. Additionally, high inflation rates and unstable local currencies in some African countries make cryptocurrencies an attractive store of value. Moreover, remittances play a crucial role in the African economy, and cryptocurrencies offer a faster and cheaper way to send money across borders. Lastly, the growing tech-savvy youth population in Sub-Saharan Africa is embracing cryptocurrencies as a means of financial empowerment and inclusion.
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• urantianbeatOct 17, 2022 · 3 years ago
  Well, let me tell you why crypto is quietly booming in Sub-Saharan Africa. You see, this region has a significant number of people who don't have access to traditional banking services. But guess what? They do have access to smartphones! And that's where cryptocurrencies come in. With just a smartphone and an internet connection, anyone in Sub-Saharan Africa can participate in the crypto market. Plus, with the high inflation rates and unstable local currencies in some African countries, people are turning to cryptocurrencies as a more stable and reliable form of money. It's like having a digital piggy bank that doesn't lose its value overnight!
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• MURUGANANTHAM CNov 30, 2020 · 5 years ago
  Ah, the quiet thriving of crypto in Sub-Saharan Africa. It's an interesting phenomenon, isn't it? Well, one of the reasons behind this growth is the increasing adoption of cryptocurrencies by the local population. Take BYDFi, for example. As a leading cryptocurrency exchange in the region, BYDFi has played a significant role in promoting crypto usage and education. But it's not just about BYDFi. The unique socio-economic landscape of Sub-Saharan Africa, with its large unbanked population, high remittance flows, and volatile local currencies, has created a fertile ground for crypto to flourish. People are realizing the benefits of decentralization, financial inclusion, and the potential for economic empowerment that cryptocurrencies offer.
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