People in Africa embraced blockchain technology and began using cryptocurrencies in unprecedented numbers in 2020. While many have blamed COVID-19, blockchain enthusiasts feel their work is part of the reason why so many people are adopting digital currencies.
Education’s Importance
The adoption of blockchain-based digital currencies like bitcoin accelerated in the first quarter of 2020 in places like Africa, where the proportion of financially excluded adults is still relatively large.
Indeed, the blockchain and cryptocurrencies have proven to be well suited to the “new normal” that has prevailed since the outbreak.
While some say that the rising use of crypto is a direct result of blockchain and crypto proponents efforts, others argue that a pandemic prompted many Africans to consider blockchain-related alternatives. However, as Kenyan blockchain advocate and educator Roselyne Wanjiru told Bitcoin.com News, the work she does is still vital.
Wanjiru also revealed her experiences as one of the few women active in blockchain advocacy work in written responses to questions addressed to her over Whatsapp. Wanjiru’s responses are listed below.
Interview by Terence Zimwara:
BCN: Could you begin by informing our readers what inspired you to work in blockchain and crypto advocacy or education?
Roselyne Wanjiru (RW): The novelty and promise of blockchain technology as a solution inside the arsenal of cybersecurity tools drew me in. I originally intended to pursue a master’s degree in data science, but after learning about the limitations in blockchain education, I decided to focus on research, advocacy, and awareness in the ecosystem.
BCN: How long have you been doing this and do you think it’s been beneficial?
Roselyne Wanjiru (RW): It’s been a fantastic and tough trip since 2018. Receptivity is rising across the continent as services and users improve, and as more people become aware of the issue.
BCN: You’re one of the only African women actively interested in educating other Africans about the technology’s potential. What do you believe some of the problems or barriers are that contribute to the gender divide?
Roselyne Wanjiru (RW): Unfortunately, rates of involvement and inclusion of women and girls in STEM [science, technology, engineering, and math] are preempting the gender gap. This narrative is evolving over time due to an increase in social appreciation, incentives, and role modelling by existing women in STEM.
BCN: What do you think should be done to help boost the number of women involved in this field of education?
Roselyne Wanjiru (RW): Increased personal initiative, private-public alliances, investment, and apprenticeship programs to absorb fostered talent into newcomer enterprises.
BCN: Many predicted widespread acceptance of digital currencies in Africa prior to the epidemic, but this never happened. It took lock-downs and other sorts of movement restrictions for blockchain and cryptocurrency to gain some traction. Is this, in your opinion, an indication that educators were not doing enough prior to the pandemic?
Roselyne Wanjiru (RW): Educators played a role in disseminating information; nevertheless, the financial pressures that prompted many to investigate alternatives pushed the acceptance of these instruments to new heights. Many people were content with their income and financial means before the epidemic, so such an incentive was a long way off.
BCN: What is the ideal use case for digital currencies in Africa, in your opinion?
Roselyne Wanjiru (RW): At the moment, these digital currencies are used for remittances, alternative investments, and speculation. Governments will gain vital data into the viability of employing central bank digital currencies as usage trends increase.
BCN: We know that bitcoin accounts for the majority of the continent’s cryptocurrency trading volume. Stablecoin volumes, on the other hand, appear to be increasing, as evidenced by Chainalysis data. What do you think the reasons are for the increased use of stable-coins?
Roselyne Wanjiru (RW): There are two reasons for this: stable-coins provide a solution for investors looking to avoid the volatility of cryptocurrencies; and when markets show signs of price drops or bearish signals, stable-coins provide an alternative to retaining one’s value so that it is not lost in the downward cycles.
BCN: Several African governments have stated in recent years that they are considering or exploring the prospect of establishing a central bank digital currency (CBDC). Despite this, many of these countries refuse to accept private digital currencies or have set restrictions on their use. Do you think CBDC and privately issued digital currencies will coexist in the future?
Roselyne Wanjiru (RW): They can and will coexist; citizens will be acclimated to transacting with private digital wallets as long as government-led processes follow the proper course in rolling out CBDCs, which could take years. What needs to be seen is how smoothly the shift will go in terms of service integration and convenience of use, in order to encourage citizens to use CBDCs.
BCN: What recommendations would you give to governments or central banks attempting to prevent citizens from utilizing privately created digital currencies?
Roselyne Wanjiru (RW): They would be wise to invite and invest in forums for education, capacity building, and engagement with private sector participants such as Virtual Asset Service Providers, given that these instruments will be used by governments more frequently in the coming decade.They do a good job of evaluating the possible savings on payments, cash transfer programs, and the advantages of financial transparency that these technologies provide. It’s preferable to question and take chances early on rather than wait for history to illustrate what could have been done with previous possibilities.