The founder of Africa-focused media and investment company Footprint to Africa, Osita Oparaugo, has urged governments on the continent to embrace cryptocurrency.
Africa Must Not Be Left Behind
Osita Oparaugo, founder of Footprint to Africa, has argued that a timely embrace of cryptocurrencies by African governments would be beneficial to the continent’s growth prospects. In his remarks published by the Vanguard, Oparaugo, who was co-host of a Decentralized Finance (defi) event in Nigeria, suggested that African countries cannot afford to lag behind when it comes to crypto.
After noting the impact of cryptocurrencies and blockchain on global finance, Oparaugo explained why African governments must get on board quickly. He said:
Cryptocurrency and digital money will eventually unite the world and the earlier African governments embrace it, the better for the continent’s growth. Africa can’t afford to play catch-up on blockchain technology; it’s the future.
To back up his prediction about the future of finance, Oparaugo used Twitter’s recent announcement that it will enable users to tip each other in bitcoin as an example. The Footprint to Africa founder also made reference to comments made in the past by U.S. billionaire Mark Cuban. In those comments, Cuban expressed his belief that defi would pose a challenge to traditional banks.
Despite the advocacy and pleas by crypto-supporting individuals like Oparaugo, African governments continue to shun cryptocurrencies. The few countries that have embraced blockchain have instead chosen to create central bank digital currencies.
Do you agree with Oparaugo’s prediction about the future of finance? Tell us what you think in the comments section below.