Digital currency adoption in Africa: A critical review and global comparison

Abstract

This study critically examines the landscape of digital currency adoption in Africa, providing a comprehensive analysis that juxtaposes the region's progress against global trends. As the world witnesses an accelerating shift towards digital currencies, Africa stands at a crucial juncture in its financial evolution. This research delves into the factors influencing the adoption of digital currencies in various African nations, exploring the socio-economic, technological, and regulatory dimensions that shape their trajectory. The study employs a comparative approach, drawing parallels between Africa's digital currency adoption and global patterns. By examining successful case studies and identifying challenges unique to the African context, the research sheds light on the diverse experiences within the continent. Factors such as financial inclusion, regulatory frameworks, technological infrastructure, and cultural perceptions are scrutinized to unravel the complexities surrounding digital currency adoption. Furthermore, the study investigates the impact of global trends and initiatives on Africa's digital currency landscape. The analysis encompasses the role of international collaborations, regulatory harmonization efforts, and the influence of major digital currencies in shaping the African narrative. By identifying both opportunities and challenges, the research aims to offer insights that can inform policymakers, financial institutions, and stakeholders in fostering a conducive environment for digital currency adoption in Africa. The findings of this study contribute to the academic discourse on digital currency adoption, providing a nuanced understanding of Africa's position in the global digital financial ecosystem. In an era where technological advancements redefine traditional financial paradigms, this research aims to inform strategic decision-making processes that can unlock the transformative potential of digital currencies in the African context.