Blockchain technology is solving “real-world problems” in Africa including hyperinflation and “corruption.”

Founder of Africa’s largest crypto exchange, Yellow Card, Chris Maurice told Cointelegraph that crypto in Africa “is growing at the speed of light” as it allows people to move away from the failures of the traditional financial system.

“Crypto solves real-world problems with banking and currencies on the continent, and it isn't the casino that it can feel like sometimes in the West,” he commented. 

Maurice added that crypto is most commonly used in Africa to make international payments, send money to family and friends and “save money against inflation.” 

“Crypto in Africa lives closer than any other part of the world to the original mission of the technology,” he continued. 

In addition, founder and CEO of Sankore 2.0, Kevin Imani said blockchain payments are able to act as human rights technology. “It’s important to recognise the human rights protections that it provides to people in underdeveloped nations. In many developing countries, hyperinflationary pressure and corruption have left citizens with few options.” 

He went on to say: “Cryptocurrencies offer a lifeline to these individuals, providing greater financial inclusion and control over their money.”

Furthermore, inflation rates in Sub-Saharan Africa reached an estimated 14.5% last year, according to Statistica, the region’s largest annual change since the recession in 2008. Imani added that the “ability to counter weak national currencies and corruption” and boost financial inclusion means peer-to-peer crypto transactions are the go-to for many Africans, the Cointelegraph report adds.

“I personally see crypto as Africa's next shot at life, another opportunity to be part of something great, as opposed to the internet revolution of the 2000s, when most Africans weren't as exposed as today,” said Okoye Kevin Chibuoyim, founder and CEO of Nigeria-based crypto education platform, GIDA.

“Africans are used to bad governments that aren't accountable and transparent, but here, the blockchain flashes its transparent nature here and makes everyone trust the system,” he added.