The seventh session of the African Regional Forum for Sustainable Development was held earlier this month under the theme “Better Development: Towards a Sustainable and Green Africa to Achieve Agenda 2030 and Agenda 2063” and to promote the economic, social and environmental aspects of sustainable development. …
Amina Mohamed, Deputy Secretary-General of the United Nations, indicated that developing a fair and equitable economic model that embraces clean and renewable energies, sustainable infrastructure and digitization – while protecting natural resources through strengthened partnerships in science, technology and innovation – can unleash greens in the region. Shift capacity and fuel economy.
The ECA Digital Agenda
According to an article entitled “Leveraging Emerging Technologies: Examples of Artificial Intelligence and Nanotechnology” by Victor Conde – United Nations Department of Science: “The global [COVID-19] pandemic has shed light on the importance of technology and innovation in developed countries. … [… .] Digital technology has changed the way people work, interact and access services It also highlights “the interest in the role of new technologies in transforming Africa” and in achieving the United Nations’ Sustainable Development Goals.
According to the document, the United Nations Economic Commission for Africa, or UNECA, has conducted in-depth policy research and “has provided policy advice to member states on several emerging technologies such as blockchain, artificial intelligence and nanotechnology.” The newspaper continues:
The digital economy is not connected to many major technologies, including artificial intelligence (AI), cloud computing, blockchain, Internet of Things (IoT), virtual reality, and augmented reality. However, as noted by UNCTAD, China and the United States currently own 75% of blockchain patents, account for half of the global consumption of the Internet of Things, and their companies account for three-quarters of the global commercial cloud market. As a result, China and the United States account for 90% of the 70 largest digital platforms, while Africa and Latin America collectively account for around 1% (1%). ”
Internet giants and tech giants like Google and Facebook are spending billions of dollars trying to attract more people online in Africa, despite setbacks from governments trying to block access to these services. Meanwhile, Vera Songwe, Deputy Secretary-General of the United Nations and Executive Secretary of the Economic Commission for Africa, noted:
“Africa could expand its economy by an astonishing $ 1.5 trillion, capture only 10% of the rapidly growing artificial intelligence (AI) market, and reach $ 20.7 trillion by 2030.”
Digital currencies in Africa
Africa is the second largest continent in the world in both territory and population (about 1.3 billion people), and the demand for cryptocurrencies is increasing for the following reasons:
According to the United Nations, countries’ national paper currencies are subject to double-digit hyperinflation.
Africa has a large population without a bank, a high level of smartphone use, and a growing number of young migrants.
During 2020, the value of monthly cryptocurrency transfers of less than $ 10,000 to and from Africa – often more than 816 million mobile phones traded in sub-Saharan Africa – increased by 55%, peaking at $ 316 million in June. They traded with large margins of up to 70% due to the small number of cryptocurrency traders. Individuals and small businesses in Nigeria, South Africa, and Kenya accounted for most of this business.
China is the largest trading partner of many African countries. Since the mid-2000s, it has invested ($ 45 billion in 2019, according to the United Nations Conference on Trade and Development) in African technology, telecommunications, financial infrastructure, and blockchain education. Egypt, Kenya, Rwanda and Eswatini have already studied central bank digital currencies or central bank digital currencies. As a BRICS country, South Africa is trying to do so through the Russian International Digital Currency Initiative, which will link to China’s mobile digital currency electronic payment system backed by a blockchain-based service network.
On the topic: Not the same before: Digital currencies make their debut in the midst of COVID-19
Nigeria is the second largest market for bitcoin in the world
In its 2019 Diagnostic Report on Nigeria’s Digital Economy, the World Bank identified the country’s digital economy potential. Just one year later, in the midst of the COVID-19 pandemic, Nigeria overtook China and is currently the second largest Bitcoin (BTC) trade in the world, although it lacks regulations.