By Shelly Melancon (Switzerland)
As part of Binance expansion efforts, the CEO has traveled to the Ivory Coast. Changpeng Zhao met with top officials of the country including the President during his trip.
Having the President’s Ears
The President’s office released a statement that President, Alassane Ouattara, met with the Binance CEO. The President met him alongside top officials including the Minister of the Economy and Finance.
CZ discussed a number range of issues with the President concerning the economy and finance. They also talked about the regulatory consequences of injecting cryptocurrencies into the Ivorien economic system.
The government’s spokesman said pertinent issues relating to accessing cryptocurrencies were also discussed.
The Binance executive explained the importance of adopting cryptocurrencies. He requested the support of the President in integrating crypto into the country’s financial system.
This is the latest move of the Binance CEO while trying to root the company globally. This is equally the second time CZ will have a meeting with a serving African President. He had first met with President Yoweri Museveni in Kampala in 2018.
CZ’s discussions have centered around cryptocurrencies and Web3. CZ had mentioned in a tweet that Africa is ready for crypto adoption. He noted that blockchain made that possible with smartphones.
Also read:In a separate tweet, he said Binance is working on adoption across the world. That might explain his recent visit to the Ivory Coast.
The Potential Africa Holds
Africa is the second most populous continent in the world with around 1.5 billion people. But the continent has just 2% of the global cryptocurrency holding. Nearly 80% to 90% of the continent’s population is unbaked.
Binance is hoping to fill the gap left by the traditional banking system. This might be a great opportunity if properly utilized.
Since a lot of African countries are heavily pressed by inflation, crypto has been warmly received. Most crypto users in the continent think it is the boom they seek.
The Central African Republic recently made Bitcoin legal tender. Becoming the first African country to do so. More countries are making efforts to effect crypto-friendly laws.
Binance is presently the largest cryptocurrency exchange in the world. Its daily user and trading volumes statistics give that off. There was a 3,435% increase in Binance in the P2P in Africa in 2021.
The number of Africans running their trade on the platform increased by 480%. And the volume of trade from Africa increased by 589%.
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