Africa’s Crypto Market Needs Better Regulation to Avoid Unnecessary Risks

Africa is a continent with a rich history, diverse cultures, and many natural resources. Yet, it is also a region where people are being displaced by climate change, human rights abuses and conflicts. As the world's biggest economy grows and global wealth increases, Africa’s share of the global economy is declining.

This has serious implications for the future of Africa as a whole. The continent’s gross domestic product (GDP) is projected to grow at an average annual rate of 2% from now until 2021, but its population will continue to grow at an average rate of 1.9%, which means that per capita GDP in sub-Saharan Africa will fall by 0.7% annually from 2021 to 2050.

The African Development Bank recognizes that this situation represents an opportunity for growth if it can be harnessed through better regulation of the growing crypto market in Africa.

The cryptocurrency market has been booming since its creation nearly 10 years ago, but it has only recently become mainstream thanks to its ability to offer financial services that are not available through traditional banking systems or currencies like the U.S. dollar or euro