Web3 Adoption Faces Regulatory Difficulties in Africa
Jathin Jagannath is a Web3 developer who designed the Cartesi project. Recently, he talked about the importance of growing digital literacy and a skilled workforce.
He claimed that the Web3 industry can benefit from a technically capable user base that will contribute towards its development and integration. Cartesi is a rollup protocol and its founder believes that regulatory uncertainty is a big setback.
He recently declared that African Web3 projects are facing regulatory hurdles on account of unclear regulatory framework. At the same time, he noted that various Web3 technologies have generated a sense of hesitation among investors on account of the absence of regulatory backup.
He noted that this lack of regulatory outline is one of the main hurdles that discourage investors and participants from realizing the transformative potential of the industry.
Web3 Development and Progress
Talking about the regulatory constraints, Jagannath noted that the Web3 sector in Africa can undergo an upgrade with regulatory clarity, a sufficient amount of digital literacy, and infrastructure modifications.
He noted that the industry is poised towards fast-paced modernization. At the same time, he opined that the African continent holds vast potential for Web3 innovation and consumer market.
Reports published by PricewaterhouseCoopers and Emurgo Africa recently revealed that throughout 2022, blockchain funding in Africa increased by 1,668%. The reports also indicated that the states such as Kenya, South Africa, and Nigeria have led Web3 development within the region.
Furthermore, the founder also pointed out a lack of education resources and accessibility to reliable knowledge bases. He put an emphasis on the importance of digital literacy.
Cartesi to Organize a Web3 Masterclass in Nigeria
Cartesi and Web3 Bridge are two projects that have teamed up to arrange a masterclass in Nigeria during the first month of 2024. On his account, Jathin talked about the commitment to boost visibility and improve developer skills for citizens.
A recent study published by Oxford Business School pointed out that around 24% of African natives do not participate in the banking system.
Jathin believes that Web3 development within Africa is going to be inclusive of DeFi wallets and other types of Web3 applications. These projects will provide solutions for real-life problems and bring transformative changes in the interaction with financial systems and international trade for the region.
Coinbase Introduces Yellow Card in Africa
Coinbase recently introduced a Yellow Card payment option for cryptocurrency investors in Africa. This payment option will allow investors to make easy exchanges between fiat and cryptocurrencies such as USDC stablecoin. Coinbase stated that the new payment option will bring economic, reliable, and quick transactions to millions of locals via L2 Base and Yellow Card services.
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