Lagos, Nigeria
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July 4, 2022, 11:48 a.m.
TwoCents
Jun 02, 2022 10:02a.m.
How can we foster an africentric approach towards crypto for monetary sovereignty and independence in Africa?
Ainomugisha Barry
Co-founder & director @ Skill Haven - crypto Start up
Kampala, Uganda
That's an interesting question that can be best answered with a rhetoric question "what does the current African monetary sovereignty or independence offer to Africans and why should its replacement be a major concern?"
A global financial inclusive system represented by crypto and blockchain technology should not be a threat to African States. States are not losing absolute control over the monetary system, they are instead having unprecedented dynamic control of decentralised finance. The only concern states have is that they may lose authority to manipulate currencies for their own motives and cripple economies at will. If that is the kind of monetary sovereignty that is threatened, then we ought to celebrate. I think there's so much potential and beneficial use for Africa than there is a threat.
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