- Changpeng Zhao said that African banks and governments are not putting in the effort to drive that change.
- The CEO of Binance Cryptocurrency Exchange believes that Africa holds enormous potential for cryptocurrencies.
CZ said that multiple crypto trading exchanges, including Binance, have numerous active African users
. However, Africa has a large number of unbanked people. If people do not have bank accounts, they cannot enter the cryptocurrency networks. He further explained that the banks that operate in Africa have really outdated API interfaces. Moreover, they have rather complicated and inefficient know-your-customer systems. Thus, the lack of technological advancement, combined with the low number of bank account holders. This makes it very difficult for crypto exchanges to tap into the huge potential that Africa presents.
What is Binance Cryptocurrency Doing?
CZ has said Binance cryptocurrency exchange is committed to driving the process for blockchain adoption in the African market. Expanding the base of crypto networks on the continent is further included. Binance Cryptocurrency recently launched Binance Uganda. Therefore, they have funded a number of ancillary services that will help set up the entire cryptocurrency network. Furthermore, this will set up local crypto startups in Africa as well. He further stated that small local crypto exchanges are coming up in Africa, especially in South Africa, Nigeria, and Uganda. After companies introduced local fiat currencies, crypto trade volumes are seeing a steady increase, especially in Nigeria. He believes that if countries can revamp their banking systems, these exchanges will make profits and the market will grow.
An overview of the matter
Africa is a huge market for cryptocurrencies. CEO of Binance Cryptocurrency believes Africa to be one of the biggest crypto markets in the world. If crypto exchanges and organizations can work with local banks and governments, they will be able to make crypto trade a big part of the African economy. Fiat money being printed and circulated in record quantities turns out to be a great sign for the future of blockchain development and cryptocurrencies in Africa.
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