than traditional banks during the pandemic and lockdowns. This further drove their use and growth across Africa.What does a high number of people holding cryptos imply?
The system also facilitates transparency. All cryptocurrency transactions take place on the publicly distributed blockchain ledger. There are tools that allow anyone to look up transaction data – including where, when, and how much of a cryptocurrency someone sent from a wallet address.First, cryptocurrencies are very complex. They require a bit of technological astuteness to embrace. A significant proportion of the adult population inand may not be able to grasp it.
Another issue of profound concern to African states is the potential threat to monetary sovereignty. Should crypto ever be more widely used than domestic fiat currency, national monetary agencies such as central banks may not be able to steer their economies to a path of growth using monetary policy. Such policy is, after all, primarily administered through domestic currencies.