Cryptocurrencies: Opportunities and Challenges for the African Economies

Fabien Clive Ntonga Efoua, Françoise Okah Efogo and Yanick Mvodo
Additional contact information
Fabien Clive Ntonga Efoua: FSEG, UYII-Soa - Faculty of Economics and Management, University of Yaounde II - Soa, CEDIMES - CEDIMES - Centre d'Etudes sur le Développement International et les Mouvements Economiques et Sociaux, CEREG - University of Yaoundé II-SOA, Centre d'Etudes et de Recherche en Economie et Gestion
Yanick Mvodo: UDa - Faculty of Economics and Applied Management, University of Douala

Post-Print from HAL

Abstract: This paper proposes a reflection on the opportunities and the challenges of the use of digital means of payment (decentralised and regulated ones) in the African economies. In this perspective, we structure our reasoning around three axes. First, we try to show that digital currencies can serve as a lever for financial inclusion and the revolution of means of payment in an increasing digitalization context. Second, we discuss the technical and the infrastructural constraints (deployment of the blockchain, electricity and Internet access) which condition the effective use of digital currencies. Third, we discuss the trade-offs and the possible implications that arise from the circulation of the Bitcoin, the Altcoins and the Stablecoins on the one hand, and the Govcoins on the other. In our view, the African authorities should first focus on overcoming infrastructural and institutional obstacles, rather than rushing the adoption of cryptocurrencies. Some policies implemented in this direction would in fact offer the continent the opportunity to anchor itself once and for all to progress.

Keywords: Cryptocurrencies; Govcoins; Central Bank Crypto Currencies; African economies (search for similar items in EconPapers)
Date: 2024-11-01
New Economics Papers: this item is included in nep-afr, nep-fdg, nep-fle, nep-mon and nep-pay
Note: View the original document on HAL open archive server: https://hal.science/hal-04784299v1
References: View references in EconPapers View complete reference list from CitEc
Citations:

Published in Routledge Open Research, 2024, 3, ⟨10.12688/routledgeopenres.18623.1⟩

Downloads: (external link)
https://hal.science/hal-04784299v1/document (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-04784299

DOI: 10.12688/routledgeopenres.18623.1

Access Statistics for this paper

More papers in Post-Print from HAL
Bibliographic data for series maintained by CCSD ().