Blockchain technology have been gaining real-world application in Africa and beyond in recent years. Blockchain’s idea and application cases are still being comprehended by innovators.
The innovation ecosystem defines new approaches to implement blockchain technology. What is certain is that these technologies may help Africa overcome some of its problems. A hypothetical Pan-African blockchain regulatory scheme. Thus, removing payment bottlenecks in Africa would ease economic and commercial difficulties, particularly for pan-African enterprises. Blockchain technology is frequently referred to as the fourth industrial revolution. Payments may be made without borders using blockchain technology.
For example, adopting a pan-African regulatory framework would allow African enterprises to target a new market, comparable to the (AFCTA) free trade zone proposals among the 54 African nations. The informality and ease of use of this currency align well with our financial culture and the weak African currency as made possible by blockchain technology. Blockchain is a decentralized database that records digital transactions without a central administrator.
They may be used to send cryptocurrency like Bitcoin or to create legal rights over land. Stable coins are cryptocurrencies backed by a reserve asset. However, a pan-African blockchain regulatory approach would aid businesses that use blockchain technology in their business platform, such as igaming brands, to expand into new countries in the area.
Anti-money laundering and counter-terrorism financing technology are immutable, and that is entirely secure transparent with the compatibility of blockchain technology with the prevention of corruption, in other words, money laundering has been the most significant catalyst for Africa’s economic growth.
There is an African pan idea for token categorization that includes security tokens, financial instruments (like e-money) and unregulated tokens (like companies). However, as previously said, gaming corporations will gain if Due to the decentralized nature of blockchain technology, gaming firms would be able to instantly trade with clients from different African nations.
For example, we seldom see pan-African gaming firms. Unlike European businesses like William Hill, bet365 is sweeping the European market. A pan-African blockchain strategy should include harmonizing data protection standards, a pan-African taxonomy of blockchain-based financial products, and an emphasis on interoperability across blockchains. Without a coordinated regulatory strategy, Africa cannot fully use Blockchain.