Bitcoin May Be the Solution to Africa’s Broken Financial System

A recent report suggests that the lack of traditional financial infrastructure makes Africa a place where cryptocurrency adoption is likely.

The report — shared with Cointelegraph by a Luno representative on May 27 — sheds light on Africa’s financial infrastructure and the role that cryptocurrencies play in it.

The author of the research, which was jointly conducted by market analysis firm Arcane Research and crypto exchange, Luno, wrote that the financial landscape seen on the continent plays a role in forming appetite for crypto in Africa:

“Although it is a diverse region, African nations share some key similarities and trends. Economic problems, from high inflation rates and volatile currencies to financial issues such as capital controls and a lack of banking infrastructure, create a fertile ground for an alternative to germinate.”

Per the report, cryptocurrencies such as Bitcoin (BTC) can potentially solve all the aforementioned challenges. One use case for crypto assets…