Bitcoin Could Be A Game-changer In Cameroon
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Joel O.
August, 22 2023
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Cameroonian economy is making strides that are expected to lead to growth. Yet, a sustainable system that can continue to facilitate this growth can be found with bitcoin and blockchain technology .
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It is a relief to see that while covid cases are still often being reported, the resilience of humans have prevailed and things are slowly going back to normal. And maybe the new normal is different in ways from what we were used to pre-covid, at least there are now ways to curtail the spread of the virus while life resumes in profitable ways for everyone.
However, lessons we have learned over the past year have enlightened individuals, organisations and governments that change is needed – and fast, too. Many governments have come to realise that to prevent the kind of halt to economies experienced during the pandemic, fundamental changes must be implemented to first accelerate growth then ensure that that growth continues at an exponential rate that is both beneficial and sustainable.
For instance, the inflation rate in Cameroon sits around 1.97% as of March 2021, which is a notable decrease from 2.52% recorded in July 2020. The nation has been looking for new economic opportunities and we’ve seen an increase in agricultural exports from CEMAC nations. Nigerian billionaire businessman Aliko Dangote also recently met with Cameroon’s President Paul Biya as his company looks to expand its operations by starting an oil and gas company in Cameroon.
These strides are definitely promising for the Cameroonian economy and their impacts are expected to lead to growth. Yet, beyond growth, a sustainable system that can continue to facilitate this growth is needed and many are beginning to believe that bitcoin and blockchain technology is where to find it.
Read Also: Is it too late to buy bitcoin?
Bitcoin is key
Bitcoin is a digital currency that provides low transaction fees and is operated by a decentralized authority. Through the public ledger technology known as “Blockchain”, Bitcoin is able to exist as a transparent and open-access currency that is free of the constraints of traditional government-issued currencies.
And if anything is known of fiat currencies it is that they are frequently subject to inflation. In addition, inter-nation trades, especially within Africa, usually attract high transfer and transaction fees besides the delay in transfer often experienced. With bitcoin, a medium of exchange that is quickly gaining acceptance across the world, these problems are solved.
And perhaps a more cogent benefit of bitcoin is that it is as useful to individuals performing everyday transactions of sending and receiving money from friends and family, as it is for companies needing to move large amounts of money for trade purposes.
Thus, the arrival of Yellow Card in Cameroon earlier in the year has helped facilitate the buying and selling of bitcoin in Cameroon for individuals through our web and mobile platforms as well as the crypto OTC desk for businesses and traders looking to buy or sell crypto over US$50,000.
With blockchain technology also being adeptly applied to solve problems in other sectors, the future of Cameroon could be looking much better if the power of this technology is wholly adopted.
Disclaimer: This article is for information purposes only and should not be construed as legal, tax, investment or financial advice. Nothing contained in this article constitutes a solicitation, recommendation, endorsement or offer by Yellow Card to buy or sell any digital asset. There is risk involved in investing or transacting in digital assets, please seek professional advice if you require one. We do not assume any responsibility or liability for any loss or damage you may incur dealing with digital assets. For more information on Digital Asset Risk Disclosure please see - Risk Disclosure.
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