The adoption of blockchain technology and the use of
cryptocurrencies by people in Africa surged to unprecedented levels in
2020. While many have attributed this to Covid-19, blockchain advocates
believe their work is partly the reason many are turning to digital
currencies.
Importance of Education
Starting in the first quarter of
2020, the adoption of blockchain-anchored digital currencies such as
bitcoin accelerated in regions like Africa where the number of
financially excluded adults is still very high. Indeed, the blockchain
and cryptocurrencies have proved to be tailor-made for the “new normal”
that has subsisted since the pandemic began.
While blockchain and crypto advocates
might view the increased use of crypto as a direct result of their
efforts, some have argued that it was a pandemic that forced many
Africans to consider using blockchain-related solutions. But as Roselyne
Wanjiru, a Kenya-based blockchain advocate and educator told
Bitcoin.com News, the work that she does is still necessary.
In written responses to questions
sent to her via Whatsapp, Wanjiru also shared her experiences as one of
the few women involved in blockchain advocacy work. Below are Wanjiru’s
answers.
Bitcoin.com News (BCN): Can you start by telling our readers
what made you want to be involved in blockchain and crypto advocacy or
education work?
Roselyne Wanjiru (RW):
I was drawn to the novelty and potential of blockchain technology as a
solution within the array of tools in cybersecurity. I sought out
initially a master’s in data science, but realizing the gaps in
blockchain education, I opted to venture into research, advocacy, and
awareness in the ecosystem.
BCN: How long have you been doing this work and can you say this has been helpful?
RW: Since 2018; it’s
been an incredible and challenging journey. The levels of receptivity
are increasing across the continent as services and users experience
improvements, even as general awareness gets to more people.
BCN: You are one of the few
women in Africa that are actively involved in educating fellow Africans
about the potential of this technology. What do you think are some of
the challenges or barriers that cause this gender gap?
RW: The gender gap
unfortunately is preempted by rates of participation and inclusion of
women and girls in STEM [science, technology, engineering, and math]. An
increase in social appreciation, incentives, and role modeling by
existing women in STEM is changing this narrative over time.
BCN: What do you think needs to be done to help increase the number of women that are involved in this education work?
RW: An increase in
the personal initiative, private-public partnerships; funding, and
apprenticeship programs to absorb nurtured talent into companies coming
into this industry.
BCN: Prior
to the pandemic, many had been predicting the mass adoption of digital
currencies in Africa but this never really happened. It took the
lockdowns and other forms of movement restriction for the blockchain and
crypto to get some kind of recognition. In your view, does this mean
that educators were not doing enough before the pandemic?
RW: Educators did
their part to disseminate information; however, the financial pressure
that provoked many into considering alternatives gave an unprecedented
push toward the adoption of these tools. Such an incentive was distant,
to say the least, with many comfortable with their income and financial
means before the pandemic hit.
BCN: What do you think is the best use case for digital currencies in Africa?
RW: Presently,
remittances, alternative investments, and speculation on these digital
currencies. Increased trends in usage will afford valuable insight to
governments on the viability of using central bank digital currencies.
BCN: We know that bitcoin
accounts for the largest portion of the continent’s traded crypto
volumes. However, stablecoin volumes seem to be growing as the data from
Chainalysis shows. What do you think are the reasons for this rise in
stablecoin volumes?
RW: Two reasons: for
investors looking to avoid the volatility in cryptocurrencies,
stablecoins give the needed solution; and when markets show indications
of price drops or bearish signals, stablecoins provide an alternative to
retain one’s value so that it isn’t lost in the downward cycles.
BCN: In
recent years, a few countries in Africa have indicated they are studying
or exploring the possibility of issuing a central bank digital currency
(CBDC). Still, many such countries are unwilling to recognize private
digital currencies — or have imposed measures that restrict the use of
such currencies. Do you foresee a scenario where CBDC and privately
issued digital currencies co-exist?
RW: They can
co-exist, and will; for as long as government-led processes follow the
due course in rolling out CBDCs, which could take years, citizens will
be accustomed to transacting using private digital wallets. What remains
to be considered is how well the transition will be in terms of service
integrations and ease of use so that citizens are incentivized to use
CBDCs.
BCN: What would be your advice to governments or central
banks that are trying to stop their people from using privately issued
digital currencies?
RW: They do well to
invite and invest in forums for education, capacity building, and
collaboration with private sector players such as Virtual Asset Service
Providers, considering that these tools will be in increased use across
governments in the next decade. They do well to assess the potential
savings on payments, cash transfer programs and the benefits of
financial transparency inherent to these technologies. It’s better to
interrogate and take risks early rather than have history show what
could have been done with opportunities past.
