Overcoming Regulatory Hurdles and Digital Literacy for Web3 Adoption in Africa
Summary:
Cartesi's Jathin Jagannath points out that regulatory obscurity in Africa's Web3 landscape is a significant hurdle, hindering potential adopters and investors. He emphasizes the importance of digital literacy and accessibility to knowledge for successful Web3 integration. The report reveals a 1668% rise in Web3 adoption and blockchain funding across Africa led by Kenya, Nigeria, and South Africa in 2022. However, challenges in education persist due to poverty levels. In a bid to boost visibility and enhance skills, Cartesi and Web3Bridge are organizing a masterclass in Nigeria. Despite nearly 24% of Africans missing from the banking system, Jathin sees immense potential for Web3 applications to transform how they interact with financial systems.
Cartesi's developer advocate, Jathin Jagannath, identified regulatory obscurity as a major obstacle in Africa's Web3 scenario. Jathin argues that the lack of unambiguous, well-outlined rules for Web3 technologies might deter potential adopters and investors. In his dialogue with Cointelegraph, he asserted that due to this regulatory vagueness, there might be some hesitance to fully harness the transformative potential provided by Web3, stating, “The path to rapid modernization for Africans involves surmounting these hurdles through regulatory transparency, enhancing digital competence, and infrastructure development.”
Africa is a terrain rich with potential for Web3 innovations and uptake. As per a recent study by PwC and Emurgo Africa 2023 titled “State of Web3 in Africa,” there was a staggering 1668 percent rise in blockchain funding in Africa in 2022, with Kenya, Nigeria, and South Africa spearheading the continent's Web3 integration. Despite the continent's potential, Jathin underscored a profound lack of education and accessibility to pertinent knowledge, emphasizing the need to uplift digital literacy, and stating that proficient manpower and user base are key for successfully assimilating Web3 technologies.
Web3Bridge's Program Director, Awosika Israel Ayodeji, underscored the education and knowledge accessibility hurdles faced by African developers, citing that high poverty levels often force individuals to prefer trading over comprehensive learning.
Related: Web3 applications recorded a 124% leap in growth in 2023, predominantly led by Near, Klaytn, Arbitrum — DappRadar
Cartesi is collaborating with Web3 Bridge for an 8-week, comprehensive Cartesi masterclass in Nigeria in early January 2024. Jathin highlighted their dedication towards amplifying visibility and refining developer skills in Africa, supplementing Nigeria's vibrant blockchain climate.
Africa is poised for a massive Web3 explosion in 2024 and the years to come, for reasons such as its youthful demographic and unstable currency, according to Jathin. However, Oxford Business School reports that nearly 24% of Africans have no interaction with banking services. Jathin emphasized Web3's potential in Africa, proposing decentralized wallets and other Web3 applications as possible solutions to ongoing issue, and envisions them ushering revolutionary changes in the way Africans interact with financial systems and undertake cross-border commerce.
Magazine: China’s premiere digital yuan wallet seizure, $10B Web3 fund by China, and Starbucks venturing into NFTs: Asia Express.
Published At
1/14/2024 1:15:03 PM
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