Fonbnk’s Michael Kimani sorts out details on crypto adoption in Africa

Photography equipment continues to be tipped being an important marketplace for crypto adoption because of its youthful population, lousy economic management by governments and insufficient efficient financial infrastructure for connecting the continent internally and globally. 

Adoption has become so prevalent that celebrities don’t want to get overlooked, with several big names within the entertainment and media space dealing with crypto brands.

Within the first episode of Cointelegraph’s new podcast Hashing It, located by Cointelegraph social networking specialist Elisha Owusu Akyaw, Fonbnk co-founder Michael Kimani solutions questions regarding what crypto adoption really appears like when confronted with rising hype concerning the continent in media and reports.

Among the continent’s “OGs,” Kimani started dealing with among the first Bitcoin (BTC) startups in Kenya, BitPesa, in 2014. The growing crypto community within the East African country led to the establishment from the Blockchain Association of Kenya, that they oversaw in the earliest days.

Together with his experience, Kimani noticed that comprehending the scope of adoption is very difficult because there’s an information problem around the continent:

“I think, generally, in Africa, there’s an issue of information. We do not have enough data. We do not have data we are able to depend on. Which is not only true for that crypto ecosystem, it is a fact for the entire tech ecosystem.”

Whatever the data collection issues, Kimani is bullish about crypto adoption in Africa, not in the outlook during the reports but from traveling round the continent to witness the development themself.

The Fonbnk co-founder identified the chance to earn money, high inflation and also the devaluation of local currencies, and the opportunity to transact business globally as leading causes of the uptick in crypto usage.

Regarding the way forward for crypto around the continent, Kimani is positive that although economies can experience further downturns, crypto will gain in users. Among the greatest beneficiaries, based on Kimani, is going to be stablecoins:

“I am expecting stablecoins to feature conspicuously in Africa’s mix-border payments landscape. I’m sure there’s a large issue in delivering value across borders.”

Within the episode, Elisha and Kimani also cover:

  • An in-depth dive in to the reasons for crypto adoption in Africa.
  • The unfavorable regulatory atmosphere around the continent along with other blockades making adoption difficult.
  • Projections for that crypto landscape in Africa within the next 5 years.

The views, ideas and opinions expressed within this podcast would be the participants’ alone and don’t always reflect or represent the views and opinions of Cointelegraph.

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