العملات المشفرة وتقنية البلوك تشين في أفريقيا: تقييم الفرص والتحديات

Abstract EN

Cryptocurrencies are Digital coins built through a sophisticated cipher system called (Block Chain), which is considered a financial innovation that led to a revolution in the financial world.

Many economists and analysts expect Africa to be the largest center for the use of cryptocurrencies, and the Blockchain technology, which appeared in 2008 in the wake of the global financial crisis, as cryptocurrencies gradually gained strength in Africa, which turned the continent into a leader in the current monetary revolution.

The opportunities created by the use of cryptocurrencies in Africa stem from the nature of this digital currency, as it provides an accessible alternative for traditional bank accounts and enhance financial inclusion in Africa, as well, and since cryptocurrencies are not subject to regulation by governments, they are less vulnerable to fluctuations, and therefore are relatively stable compared to many African currencies with high levels of inflation.

Cryptocurrencies are a remedy for the problem of markets other than Official deployments in the continent, in addition to that it facilitates cross-border trade and transfers with lower costs for the participants, while providing a very safe method for transferring money, in addition to the potentials of using blockchain technology in developing infrastructure and services in Africa, and thus pushing the continent forward in the path of economic development.

However, despite the opportunities that await the continent as a result of using this technology, it is also facing, on the other hand, a set of challenges and risks.

This paper aims to clarify the concept of cryptocurrencies and blockchain technology, and the economic risks associated with the use of those currencies, as well as summarize the recent major developments that have occurred in some selected African countries with regard to the use of cryptocurrencies and blockchain technology, with a view to providing a better understanding of the opportunities and challenges associated with Using this technology in Africa, the paper is divided into four main sections: The first section presents the concept of cryptocurrencies and blockchain technology, The second part provides a review of previous studies, while the third part provides a presentation of the extent of the use of cryptocurrencies in Africa, then the fourth part discusses the opportunities and challenges faced from the use of cryptocurrencies in Africa.

The study concludes with a number of recommendations on the face of challenges of the use of encoded currencies in the continent of Africa.