Africa is one of the places with the largest potential for growth and development. The existence of natural resources, manpower, and extensive pieces of unused land are the factors pumping the continent to prosperity. One of the things that people, countries, and businesses can apply to help improve their financial situation is adopting and legalising cryptocurrency as one of the legal tenders applicable in Africa. A good example of how to adopt cryptocurrency as a legal tender is in Lugano, Switzerland. The city passed a law that made cryptocurrency the de-facto currency.
The city government partnered with the two main cryptocurrencies, Tether and Bitcoin, and their LVGA to help forge a community where citizens use crypto. According to the local government, city dwellers have been paying taxes and other transactions through cryptocurrency. Now cryptocurrency will be used in all transactions in Lugano with the city’s support.
Many people in Africa need to be more informed about cryptocurrency and how it can improve the financial well-being of the continent. Some of the reasons why cryptocurrency needs to be incorporated as a legal tender in African countries include the following:
Cryptocurrency makes it easy to manage a person’s or a country’s finances. The first advantage is that cryptocurrency can be used at all times, unlike banks. It is not schedule-tied like banks or other financial institutions, which don’t operate mostly on weekends. People can transact at any time of their choice making their countries a 24 hours Economy, seven days a week, and not the traditional five workdays a week. Cryptocurrency offers a higher percentage rate when investing compared to normal banks. While banks offer a good return on deposits or investments, cryptocurrency can double or triple your money’s worth, making it a good idea for investors. Another advantage is that cryptocurrency will help the entire continent improve its worth.
Since the end of the Second World War, the American Dollar has been the leader of the global currency market. This means that all other countries compare their currency to the American dollar to determine their worth. Luckily, cryptocurrency is not controlled by any national currency. By adopting cryptocurrency, African countries will be free from any effects caused by the rise or fall of the value of the American dollar, which will improve the continents standing in the world. This means that cryptocurrency will improve Africa’s worth in the world. The takeaway here is that instead of Africa using the traditional currency the colonisers introduced with their agendas in mind, Africa can adopt cryptocurrency and improve the ease of doing business and the continent’s value in the world.
