Is Africa The Growth Hub For DeFi? Cardano’s Charles Hoskinson Thinks So
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Charles Hoskinson, the chief executive officer of IOHK and the head of the Cardano blockchain recently revealed in a YouTube video that the long-term development focus for the company will primarily depend on Africa. He even went on to say that the continent is the second most populated place in the world and could be the future for decentralised finance and its development.
He further said:
“When we ask ourselves, ‘who will be the consumers of DeFi who will be in need of identity systems and payment systems and new ways of representing equities’, will it be the ossified, highly regulated markets of the western world, which are invitation-only… or will it be the agile and nimble countries of Africa, Southeast Asia, who have no incumbencies and are desperately to compete and thus are open and friendly to retooling and ideas?”
“Given that the human capital, physical capital, and economics are all moving in the right direction, it is my belief that Africa will be the most promising economic environment in the next ten years.”
It seems that Hoskinson isn’t alone when it comes to believing that the adoption of decentralised finance will take off in Africa. Numerous other people in the past have claimed that Africa is going to be the place where crypto really takes off. To that end, the growth of decentralised finance could very well occur as well.