Africa – The Most Promising Region for Cryptocurrency Adoption says Report | IT News Africa

According to a new report by Luno and Arcane Research, the economic landscape across the continent augurs well for cryptocurrency adoption in Africa.

The State of Crypto: Africa report says that rapid adoption of cryptocurrencies is likely in Africa in the context of high inflation rates, volatile currencies and underdeveloped banking infrastructure.

Certain crypto assets combine the wealth preservation properties of hard assets such as gold with the portability of digital currencies.

Cryptocurrencies also offer lower-cost and faster remittance payments than is currently available. Traditional money transmitting services charge very high fees and intra-African payments are often slow. The need is great, with ex-pats sending around $48 billion back to families in sub-Saharan Africa last year.

Although each country has its own particular set of circumstances, African nations share some key similarities and trends. The growing,…