Is South Africa ready for Crypto?

The new economy is spreading all over the world and South Africa does not want to be left behind

The race for a crypto-enhanced continent is gearing up in Africa with every single nation within its borders having the urge to make the desired shift from the legacy financial system of fiat-based economy to the digital revolution.

South Africa is a country with mother nature's treasure base blessed with so much wildlife, seafront, tourist attractions, beautiful and wonderful people all in one country.

The current population of South Africa is 60,229,378 as of Sunday, September 26, 2021, based on Worldometer elaboration of the latest United Nations data. It is estimated that the youth population of South Africa is around 38% and also as vibrant as other African countries.

Crypto in South Africa

South Africa has been involved with the crypto space for quite some time with various crypto exchanges domiciled in its capital of Johannesburg. 

These exchanges have served in a great capacity to enlighten and encourage the people of South Africa about the use and knowledge of blockchain technology and cryptocurrencies.

With the enthusiasm displayed by other sister countries in Africa, the people of South Africa would not want to be left behind in the craving for the adoption of blockchain technology and cryptocurrencies. These could be a game-changer as its thriving hospitality industry can get more engagements from users from a global appeal as they tend to make reservations and bookings using blockchain technology and cryptocurrencies to facilitate such transactions.

The sports industry is another example of a viable channel to implement blockchain technology as South Africa prides itself as a beehive of sporting activities that can accommodate various payment systems and ease of doing business among its users. Thereby helping to spread the use case of various blockchain technologies and their applications in the day-to-day activities of the people of South Africa.

Earlier in the month of September 2021, the Basel-based Bank for International Settlements (BIS) announced that it’s leading a project including the central banks of South Africa, Australia, Singapore, and Malaysia, who will team up to test the use of central bank digital currencies (CBDCs) for international settlements. The inward movement of these central banks into the blockchain era would obviously transform the level of adoption within the crypto space as this would drive the enthusiasm for the quest to know more about cryptocurrencies.

Klever comes together with South Africa to boost crypto adoption

At Klever, we are passionate about young people and whosoever is interested in getting educated within the crypto space. We pride ourselves as a community to render this support to any nation within the African continent to help strengthen their quest for financial freedom and total eradication of poverty from the entire world.

The Klever community is proud to have South Africans within our team who have proven their capacity to take crypto adoption to a greater level. They are always passionate about the community to support other members who require necessary help as they, for example, use the Klever wallet to carry out their daily transactions.

Subsequently, we call on all South Africans to take up the mantle and push even further in attaining a higher level of freedom by engaging more people especially the unbanked people. We invite you in the hinterland communities to accept and eventually adopt crypto currencies as a medium of fast, trustworthy, transparent way of using money at cheaper transaction fees as against using the traditional fiat system.

After all, it is a Klever thing to do.

By James Enajite

Klever Writer

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