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Cryptocurrencies: Opportunities and Challenges for the African Economies

Author

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  • 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)

  • Françoise Okah Efogo

    (Faculty of Economics and Management, University of Ebolowa)

  • Yanick Fredy Mvodo

    (UDa - Faculty of Economics and Applied Management, University of Douala)

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.

Suggested Citation

  • Fabien Clive Ntonga Efoua & Françoise Okah Efogo & Yanick Fredy Mvodo, 2024. "Cryptocurrencies: Opportunities and Challenges for the African Economies," Post-Print hal-04784299, HAL.
    • Handle: RePEc:hal:journl:hal-04784299
    DOI: 10.12688/routledgeopenres.18623.1
    Note: View the original document on HAL open archive server: https://hal.science/hal-04784299v1
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    References listed on IDEAS

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    2. Cukierman, Alex & Webb, Steven B & Neyapti, Bilin, 1992. "Measuring the Independence of Central Banks and Its Effect on Policy Outcomes," The World Bank Economic Review, World Bank, vol. 6(3), pages 353-398, September.
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    More about this item

    Keywords

    Cryptocurrencies; Govcoins; Central Bank Crypto Currencies; African economies;
    All these keywords.

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