They say that information is power and in the right hands, power is wealth. While the rest of the world is moving on from hard currency to cryptocurrency, from fuel-powered cars to electric cars, most African countries have decided to hold onto the mentality of the past, not willing to bulge or change, thereby developing future investments around these fast-fading assets.
NIGERIA as an example, several of her Senators have suggested the adoption of electric cars but the idea has been thrown away at arrival because they believe that the country solely depends on its exportation of Oil for survival, and adopting electric cars could mean a decrease in GDP.
So what happens to the use of Cryptocurrency and why African countries are scared of adopting it?
Based on speculations, most Africans and African businesses or politicians are not sophisticated enough to understand the power cryptocurrency has, so while the Local currencies keep depreciating daily and cryptocurrency keeps adding Value, they are still adamant in sticking with local currencies and you may wonder why.
Here are some speculative/logical reasons
1) the fear of modern colonization
While cryptocurrency is largely decentralized, explaining to an African man that using cryptocurrency does not put his money in the hands of "white" People and makes him a modern slave may be difficult.
The dear of becoming a modern slave to whatever new investments that may be booming up would keep an African man tightly bound to his local currencies no matter how much they devalue.
2) The fear of the Unknown
While this can be said to be a major factor as the cryptocurrency market is usually controlled by market forces and anything an African man can't control, he does not want to be involved with.
Also since cryptocurrency isn't a hard currency and cannot be seen or touched physically, some people may feel discouraged in buying into the idea of using it.
With these and many other sublime reasons, it would become a Herculean task to convince an average African man to buy into the idea of cryptocurrency.
So what's the way forward?
Information! Africans are known to be power-hungry but lazy about it especially when it's hiding in a book.
But making them understand that the information held within the world of cryptocurrency could give them the kind of power that local currencies can't buy, maybe they'll sit down and listen.