Tech media organization Technext will hold a cryptocurrency conference today dubbed the “Technext Coinference” in Lagos, Nigeria.
The event is set to become the largest cryptocurrency gathering in Africa drawing in countless enthusiasts to discuss ways to expand crypto markets and analyze future market trends. While Africa remains a small cryptocurrency economy—holding just 2% of the global value of cumulative digital currency inflows and outflows—it has the potential to grow substantially in the future.
The conference likewise comes as cryptocurrency business suffered a sizeable blow due to the presence of the Omricon variant in several southern African countries. However, investors still believe cryptocurrency might serve as an alternative to valuable commodities such as gold during the medium- to long-term. The countries that have high inflation rates accompanied by devaluated fiat currencies such as Zimbabwe and Nigeria will benefit the most from the security that the Crypto system provides. However, despite the immense benefits in commerce, a collective Pan-African cryptocurrency—an idea suggested by many analysts— and an integrated capital market is highly unlikely. This is mainly because most countries will be unwilling to diversify capitalization and permit different economic protocols that may hinder their own systems.
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Can is a Publisher and Analyst with Foreign Brief and currently pursuing his PhD in the Department of History at Bighampton University. His research there primarily focuses on the 19th-century Balkan independence movements.