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Binance Launches Awareness Tour in Africa as Crypto Activity Skyrockets

The continent of Africa has been one of the fastest growing crypto markets in the world. According to the ‘Global Crypto Adoption Index‘ by Chainalysis, there are 4 African nations in the top 20 countries adopting crypto the fastest: Nigeria, Kenya, Tanzania, and the Republic of South Africa. But as enthusiasm for digital assets grows, more precautionary steps need to be taken. It is with that consideration that Binance has announced the ‘Blockchain and Cryptocurrency Awareness Tour‘ (BCAT).

Teaching Young Africans About Financial Freedom & Responsibility

The first BCAT event this year will be on June 4th at the Amadeo Event Centre in Enugu. The venue was chosen specifically because young Nigerian students have shown broad interest in cryptocurrencies. At the end of the day, it’s all about empowerment, and Binance hopes that students in the region will adopt crypto and blockchain technology in their everyday lives, and studies show that the smooth adoption of blockchain technology is closely related to financial literacy.

The annual BCAT tour has been running since 2019 and has reportedly reached over 60,000 Nigerian students already. But the event to spread information about crypto is not limited to Nigeria, as Binance’s tour plans for the year include Ghana, Uganda, and Cameroon.

Web 3.0 is the Future of the Internet

This year, the crypto awareness campaign is focusing on the most recent innovations, and potential upcoming changes to the way people use the internet. The main topics covered in the event will be:

  • Play-to-earn gaming (P2E).
  • NFTs (non fungible tokens).
  • The metaverse and its features.
  • Cryptocurrency career prospects.
  • An introduction to SocialFi.
  • An introduction to Move2Earn.

Africa Is the Fastest Growing Crypto Community in Terms of Everyday Use

According to Chainalysis, “Africa also has a bigger share of its overall transaction volume made up of retail-sized transfers than any other region at just over 7%, versus the global average of 5.5%”. This indicates that a significant portion of African citizens are searching for alternatives to the traditional monetary systems. Indeed, the motivation of African countries to find a better alternative show not be underestimated, as the flawed infrastructures currently in place have left many African nations with largely unbanked populations. In addition to this, young people in Africa are actively looking for remote jobs in the crypto and IT sectors, as in many of these developing countries, the local wages are not enough to survive.

On the Flipside

  • The Central African Republic recently became the second country in the world to adopt Bitcoin as legal tender.
  • Following the legislations, the Central African Republic also announced its plans to build a tax-free crypto hub on the island of Sango.

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed to be financial legal or tax advice. Trading Forex, cryptocurrencies, and CFDs poses a considerable risk of loss

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Author

Tadas Klimasevskis is a blockchain journalist and content creator, focusing on the latest tendencies of the crypto world and digging deeper into specific innovations like music NFTs, gaming NFTs and Metaverse. Vast experience in social media lets Tadas quickly spot what’s going on in the crypto industry and deliver a story with a unique spin.