Global South Pioneers Cryptocurrency Adoption: Insights from Industry Experts

While Western regulators are debating the future of cryptocurrencies, Africa is already harnessing blockchain technology to tackle real-world issues. This was highlighted by Kevin Imani, head of Africa Venture Studio at StarkWare, during an episode of The Clear Crypto Podcast.

Local innovators are deploying this technology to enhance financial inclusion, energy access, and communication. According to Imani, students and freelancers have emerged as pioneers in blockchain adoption across the continent.

At the Africa Bitcoin Conference in 2024, Block CEO Jack Dorsey remarked, “Africa is a region with enormous potential where Bitcoin can make a tangible difference in people’s lives.”

Countries from Kenya to Nigeria have embraced this technology driven by immediate needs rather than speculative enthusiasm. A significant obstacle has been the difficulty in receiving funds from abroad and converting them into local currencies amid limited banking infrastructure and low trust in government institutions.

This viewpoint is echoed by Ray Youssef, founder of the P2P platform NoOnes, who views cryptocurrencies as a genuine “lifeline” for populations in the Global South.

He emphasized that the NoOnes platform aims to «double down on this mission,» offering individuals tools for remittances, savings, payments, and education without intermediaries or censorship.

Imani described the process of withdrawing stablecoins or crypto earnings into fiat as requiring one to become almost a trader.

He noted that even prior to the establishment of official infrastructure from regulators or community startups, “stable coins” were already being used to preserve value rather than for expenditures. This phenomenon has contributed to the rise of P2P cryptocurrency trading.

Youssef also pointed to a fundamental difference in the utilization of digital assets between the Global South and the West.

“While much of the Western discourse still revolves around ETFs, speculation, and abstract financial products, in the streets of Lagos, Nairobi, and Buenos Aires, cryptocurrencies have become something far more practical,” he explained.

Beyond financial applications, African innovators are using blockchain to address energy supply issues. For instance, Imani mentioned rural areas in Zambia where surplus energy from mini-hydropower plants can now be redirected to Bitcoin mining. He described this as a self-sufficient system that reduces waste and generates income.

Another promising avenue is the improvement of internet connectivity. In regions underserved by traditional providers, decentralized Wi-Fi networks are emerging. Participants in such networks can share their bandwidth and receive immediate and transparent rewards via blockchain.

Despite these advancements on the ground, governments in countries like Kenya, Nigeria, and South Africa remain cautious. Regulators are more focused on consumer protection than on fully integrating the technology.

Nevertheless, Imani remains optimistic about the future: “The need is there. The technology is here. The only question is how we bridge this gap.”

According to Youssef, the experiences of Africa and other regions in the Global South are not only addressing local challenges but also significantly influencing the evolution of the global digital economy.

When innovations originate from the periphery, they often outpace outdated systems, Youssef noted. Developers are now compelled to focus on mobile accessibility, offline capabilities, and resilience, as these conditions are crucial in the real world.

“The Global South is not just participating in the process—it is leading by example. The rest of the world will follow,” Youssef concluded.

To remind you, in February, Altvest became the first African company to hold Bitcoin on its balance sheet.