BY:
Dynamics and outlook of crypto-asset markets in Africa
July 10th, 2024
On 20th June 2024, I spoke at The Digital Finance in Africa Workshop convened by the OECD, the Regional Centre of Excellence ( Mauritius), the Financial Services Commission (Mauritius) and Bank of Mauritius.
During the session titled ‘The limits of DeFi for financial inclusion’, I shared the discussion with Carmine Di Noia, Director for Financial and Enterprise Affairs, OECD; Peter Goodrich, Member of Secretariat, Financial Stability Board (FSB); Arif Ismail, Deputy Division Chief: Payment & Infrastructure, International Monetary Fund (IMF) and Sandra Ro, Chief Executive Officer, Global Blockchain Business Council (GBBC)
My comments covered the dynamics and outlook of crypto-asset markets in Africa, with a focus on regulatory, private sector and consumer developments; pointing out the ambiguity and/or lack of consensus on the definitions of key digital assets across different institutions and jurisdictions as a foundational challenge. I highlighted the unique value proposition of stablecoins and the particular challenges they present to African financial markets; closing with the factors that will inform the future developments in crypto and stablecoin asset markets in Africa.
On a second panel on Fintech Lending in Africa, I outlined the dynamics behind the growth of fintech lending in Africa and shared expertise on the macroeconomic boundaries of fintech and how to balance innovation with consumer ethics.
All presentations made during the workshop can be found on the RCE website here.
