“Cryptocurrency will lead the way of the African Renaissance” according to Marcus Swanepoel

One of the common themes that ran through the political discussions at the Blockchain Africa 2019 Conference was that there is an absence of political trust and wide-spread adoption of blockchain in governance. There is a shift moving from private and central systems to more public, anonymous, decentralized networks in a bid to maintain safety and security over financial assets and data and in order to keep up we need to look to technology to make important changes. Marcus Swanepoel, the co-founder and CEO Luno, remarked that money is being lost in the system. When it comes to centralized systems, there is a portion which goes untracked and disappears into the system, which no tracing of its whereabouts. He noted, however, that when it comes to money based on the internet – such as Bitcoin – the money doesn’t go missing; it goes to the consumers. We no longer need to rely on paid systems to transport messages across the world because free and cheap services such as Skype and IM have replaced postal fees. In these cases, a small sliver of the funds might go to the company, but the majority of assets remains with society. Swanepoel followed this by saying that the political systems need to be on board with this ideology otherwise blockchain-based currencies become difficult to fathom. He offered that a common currency will “probably come from a grassroots level” remarking that Bitcoin offers this since it is “open, neutral, auditable, trustless, secure, versatile.”

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