Cryptocurrency Can Potentially Complement Mobile Money, Says Kenyan Banker CryptoBlog
The CEO of one of Kenya’s biggest lenders has argued that there is potential for cryptocurrencies to complement mobile money in Africa, but first there is a need to convince regulators of their benefits.
Position of African regulators on crypto
Cryptocurrencies can potentially complement mobile money in Africa if regulators on the continent change their perception of digital currencies, the boss of one of Kenya’s biggest lenders has said. According to James Mwangi, CEO of Equity Group Holdings Plc, central banks must first be convinced of the benefits of cryptocurrencies.
In remarks published by Bloomberg, Mwangi noted that most central banks on the continent have either banned the use of cryptocurrency like bitcoin or imposed restrictions on its use. He noted, however, that a few countries have or are exploring ways to adopt cryptocurrencies.
According to Mwangi, the adoption of cryptocurrencies is also a way for Africa to leapfrog other continents in the adoption of fourth industrial technologies.
“Africa will greatly benefit from leapfrogging fourth industrial technologies, and cryptocurrency is one of them,” Mwangi explained.
Adopt emerging technologies
To support his argument, the CEO used the growth of mobile money transactions in Kenya as an example. According to Mwangi, mobile money transactions have since grown to such an extent that they now overtake hard currency transactions because Kenyan regulators were willing to try new technologies.
Mwangi also suggested that the use of emerging technologies such as artificial intelligence could be the basis for the continent’s leap into the fourth industrial revolution.
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