- The Awareness Campaign Tour seeks to increase the utilization of crypto
- The campaign trail will then lead to other targeted countries including Ghana, Cameroon, and Uganda.
- The African countries have turned to digital currencies and digital assets
Binance Africa strives to create more awareness of cryptocurrencies in the African continent in 2022 to boost crypto adoption in the continent.
The Blockchain and Cryptocurrency Awareness Tour (BCAT), sponsored by Binance, plans to create awareness and spread financial knowledge on digital assets and crypto adoption.
African countries have turned to digital currencies and digital assets to improve their local economies and sources of livelihood.
There has been a 1200% rise in crypto adoption cases in Africa between 2020 and 2021 and this has made Africa the epicenter of digital trade.
The purpose of the Binance tour
The awareness campaign seeks to increase the utilization of crypto in Nigeria by reaching out to Nigerian youth groups in several Universities in the West African Country. The main campaign event is expected to take place on June 4 at Amadeo Event Centre in Enugu, Nigeria.
The campaign trail will then lead to other targeted countries including Ghana, Cameroon, and Uganda. The Tour was launched in 2019 and so far reports indicate that over 60,000 Nigerians have been educated on crypto and the adoption of digital assets.
Binance has solely focused on these three fronts in this year’s campaign; the play to earn gaming project, Metaverse, and Provision of Non-Fungible Tokens (NFTs).
BCAT has also indicated that it is aspiring to fill the void in places where central banks have either forbidden or strictly regulated the use of cryptocurrencies.
Such acts made by governments are what have pushed citizens to shift to a peer-to-peer system of digital financing and trading.
With peer-to-peer payments, savings, and remittances emerging as alternatives to fiat currency, a great populous in Africa has adopted Bitcoin and other cryptocurrencies in order to counter inflation and government monetary policies.
More African countries involved in crypto adoption
Despite being perceived as a small crypto market in the global league of trading, Africa has adopted digital assets at an alarming rate.
This is in a bid to look for alternative sources of financing in order to counteract the existing feeble financial infrastructure and a lack of payment onramps.
After the Central African Republic legalized the use of Cryptocurrencies, other African countries joined the party and began adopting crypto.
The Bank of Uganda’s Director, Andrew Kawere reiterated that the government was working on the establishment of a Central Bank Digital Currency.
Reports indicate that high rates of crypto adoption have been witnessed in Africa, with Nigeria, Kenya, South Africa and Tanzania claiming a spot in the top 20 of the Global Crypto Adoption Index.
This small cryptocurrency economy in Africa is approximated to have a net value of $ 105.6 Billion for all transactions between July 2020 and June 2021.
As of January 2018, Keya’s Bitcoin holdings accounted for over 2% of the country’s Gross Domestic Product (GDP). With initiatives such as the Community Inclusion Currencies by the Kenyan and Danish Red Cross units, capacity building in crypto adoption has been able to trickle down to the local people in African villages.
Other countries that have also adopted the crypto movement include Congo with its Web3-based project, Jambo, which will create exchange platforms for crypto trading.
