From Akon to Bitcoin icon, the second and final day of the AI & Blockchain Summit 2019: Winter Edition continued to buzz at the Intercontinental Hotel in Malta.
Global artist Akon graced the show with his team to share their economic vision for Africa through blockchain.
“Africa itself, from the population standpoint, as you know, is 1.2 billion and estimated to be two billion in the next 5-10 years. 75% of the population is under 21, which are all young kids that is very tech-savvy, who understands digital economy of what it is to understand how to utilize cellphones on their day-to-day lives. I figured that has to be the target that we actually need to activate,” Akon said.
He explained, “Now that we will give them all the tools they need to be able to move on to the future to develop what currency that brings us all together.”
Africa is the world’s largest emerging market for innovation and financial growth. Electroneum co-founder Richard Ells shared some factors that slow down regulation in the region and why those should not be a concern.
Ells shared that nations in the region are concerned about cryptocurrency going to outflow money from their country. He said that once have nations realized that cryptocurrency will bring in money through tax revenues and increase their GDP, they will be more open to regulating it.
Decentralized finance (DeFi) is one of the buzz words right now in the space. It involves a brand new monetary system that is built on a public blockchain, which aims to provide traditional financial services without any central authority. Though regulations would still depend on certain jurisdiction mandate,