Report: Cryptocurrency Can Potentially Complement Mobile Money Argues Kenyan Banker

The CEO of certainly one of Kenya’s greatest lenders has argued there’s a chance cryptocurrencies will complement cellular cash in Africa however first, there’s a have to persuade regulators of their advantages.

African Regulators’ Stance on Crypto

Cryptocurrencies can doubtlessly complement cellular cash in Africa if regulators on the continent are made to alter their perceptions of the digital currencies, the boss of certainly one of Kenya’s greatest lenders has mentioned. According to James Mwangi, CEO of Equity Group Holdings Plc, central banks first have to be satisfied of the advantages of cryptocurrencies.

In remarks printed by Bloomberg, Mwangi famous that a lot of the continent’s central banks have both banned the usage of cryptocurrency like bitcoin or have imposed restrictions on its use. He famous, nevertheless, that a number of international locations have or are exploring methods to embrace cryptocurrencies.

According to Mwangi, adopting cryptocurrencies can also be a technique Africa can get forward of different continents so far as embracing fourth industrial applied sciences is anxious.

“Africa will profit considerably from leapfrogging on the fourth industrial applied sciences, and cryptocurrency is certainly one of them,” Mwangi is quoted explaining.

Embracing Emerging Technologies

The assist his argument, the CEO used the expansion of cellular cash transactions in Kenya for instance. According to Mwangi, cellular cash transactions have since grown to some extent the place they now outpace arduous forex transactions as a result of Kenyan regulators had been prepared to check out new know-how.

Mwangi additionally recommended that utilizing rising applied sciences like synthetic intelligence might be the premise for the continent’s leapfrogging into the fourth industrial revolution.

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