Blockchain Driving Change In Africa

cryptowarrior88 (59)in #cryptocurrency • 5 years ago

Many believe that blockchain technology could hold the key in solving the developmental issues plaguing the continent and may provide finality a platform for Africa to elevate itself to a position of greater relevance in global affairs.

Knowing this some forward-looking African nations are now trying to leverage this emerging technology and plan to pursue regulations and greater cooperation with the private sector, such as Nigeria and Kenya.

According to Nigerian member of the House, Solomon Adaelu, the failure to move quickly on creating an environment conducive to digital technology will see that country fall even further behind in terms of technological advancement.

Kenya, on the other hand, has been looking to enact regulations for cryptocurrency and blockchain technology in the country since mid-2018, which includes the creation of its own sovereign digital currency and its central bank’s positive disposition to favor drafting laws to govern initial coin offerings.

While it can be said that Africa has not been part of the first, second and third industrial revolution a group of African lawmakers believes that the fourth industrial, driven by digital transformation should not pass them by.