A Nigeria-based research and development economist, Gospel Obele, has called “for a unified regulatory mechanism for cryptocurrency trading.” He adds that such regulation of cryptocurrencies can potentially “complement an African digital currency,” hence this needs to be considered.
Cryptocurrencies Show the Way
In remarks published by Joy Online, Obele insists that cryptocurrencies have already shown how a single currency must function. The economist explained:
Crypto has been able to build a level of singular markets when it comes to digital currency use and trade across borders, and this is a significant philosophy which the [African Continental Free Trade Area] originates. One of the significant issues that the AFCTA presents is an important opportunity for a singular currency in the African Market. We all know because of the different development stages of financial markets in respective member states.
Obele, however, concedes that the adoption of a single digital currency by all African states seems impossible in the short term and may prove to be “very…
