Cryptocurrency exchange Binance outlines expansion plans in Africa
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Answer Cryptocurrency exchange Binance outlines expansion plans in Africa
Binance Labs Director Benjamin Ramio stated that Africa is a strategic hub for the platform’s expansion and hub as it bets on a “21st century” vision driven by the world’s youngest population seeking to gain more opportunities to access technology.
Last June, the Binance platform announced its plan to launch the first platform for trading cryptocurrencies against fiat currencies as an initial step to activate its strategy for African expansion from Uganda, offering the possibility of trading cryptocurrencies against the Ugandan shilling.
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In a detailed blog, Ramio comprehensively summarizes why Binance believes the future is the continent of Africa, starting with a historical comparison with Asia in the 1960s – which was also an underserved continent with a large population below the poverty line.Read:Binance announces the subscription of the “STEPN” project and its digital currency “GMT”
According to him, the counter-investment strategies that proved so successful that Asia began an economic miracle countered all expectations then and is likely to reap similar rewards in twenty-first century Africa.
The position states that, unlike developed markets where they compete with flawed financial systems, crypto has the potential to build an entirely new financial system in parts of Africa where there is currently not all intent, such as South Sudan. Only 9% of people over the age of 15 have a bank account.
Earlier when the Uganda-based Binance platform was announced, the story indicated that Ugandans’ access to financial services had grown rapidly over the past decade, driven by digital inclusion through widespread adoption of mobile money platforms. According to a news report from the World Bank, the number of Ugandan adults with access to formal financial services has increased since 2009 by more than 100% but the overall proportion of the population with such access remains only about 16%.
From the perspective of the Binance team, this scenario has a real potential for massive growth. Essentially, an entire generation of hundreds of millions of young people interacting with technology could enter into crypto finance and cryptocurrency as their first ever experience in a regulated financial system, making crypto a virtual paradigm in the world’s largest inhabited continent which would be an important step in changing the perception of societies and individuals about cryptocurrencies and seeking to adopt them all over the world.Read:A Kuwaiti bank announces a payment service powered by Ripple technology
Expansion of Benjamin Ramio’s conception is summarized as follows:
“Access to savings, borrowing and protection financial services will provide capital to finance entrepreneurs, provide a safety net for retirement planning and provide disaster relief. Renewed optimism about the future will emerge when people are given the freedom to take risks. Families will have fewer children while investing more in each child in education when parents can get retirement funding. This will form the backbone for the modernization of African economic systems.”
Manufacturing, jobs, governance, scalability and stability
According to the director of Binance Labs, the 20th century model of manufacturing that includes the creation of large industrial complexes for manufacturing activities will be completely disrupted in a decentralized world due to the rise of technology such as: 3D printing and high-speed transportation, which will enable premise, custom-made. Reducing the current industrial model to bits and pieces will make Africa more competitive in the global economy.
Another reason Binance sees a big future in Africa is the potential for crypto to include a vast continental market of over a billion people that has a very low level of intra-trade. Because of the hindrances and restrictions lacking in the colonial era, it is often easier and less expensive for an African country to trade with a European country than with its next-door neighbour.Read:NEO Project reveals some financial details of the project
Cryptocurrencies have the potential to expedite the implementation of the status quo quickly and comprehensively using internationally recognized stores of value and tight smart contracts among other blockchain-based solutions. African.
The growth of the crypto economy will create more economic opportunities for young Africans who will be set to take advantage of the benefits that outsourcing offers from wealthier economies. Apart from improving the balance of trade and development on the continent, the growth of economic opportunities on the African continent will help stem the flow of young Africans migrating to Europe and beyond in search of a better life, which is a major political issue in the world today.
Finally, Ramio mentions the usefulness of crypto as a stable alternative to underperforming Afghan national currencies, and as a means of avoiding and underestimating government wrongdoing. As already proven in Zimbabwe, it is possible that cryptocurrencies will become a stable foundation for an economy that has been devastated by high inflation.
However, Decentralized Autonomous Organizations (DAOs) allow small and large projects to tirelessly implement them in line with the pre-determined parameters defined by the aligned interests. It is thus possible to make effective use of this and to make it impossible for public officials to steal funds or abuse their powers to the detriment of the public interest.
According to Laramo. The Binance platform considers itself an African country, as it does in Asia or Europe because the decentralization of Decentralized Autonomous Organizations (DAO) makes it fully capable of adapting to local conditions while still being global as it is.
How earlier it was announced that Binance pays more than 90% of its employees for its coins (BNB) affiliate with its platform as part of the company’s effort to position itself in a much larger niche than just a cryptocurrency exchange.
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