Slowing Strides: The Regulatory Landscape Impact On Web3 In Africa

Jathin Jagannath, the Developer Advocate for Cartesi, a Web3 roll-up protocol, highlights regulatory uncertainties as a significant challenge in Africa’s Web3 landscape. According to Jathin, the need for clear and well-defined regulations related to Web3 technologies can create hesitation among potential users and investors.

During the interview, Jathin emphasized that the lack of regulatory clarity might lead to hesitancy in fully adopting the transformative potentials presented by Web3:

“With regulatory certainty, improved digital literacy, and infrastructural enhancements, we can expect Africans to overcome these obstacles and enthusiastically embrace rapid modernization.”

With its immense potential for Web3 adoption and innovation, Africa witnessed a remarkable increase in blockchain funding across the continent in 2022. According to a recent report by PricewaterhouseCoopers and Emurgo Africa on Web3 in Africa, blockchain funding soared by 1,668%, with Kenya, Nigeria, and South Africa taking the lead in the continent’s Web3 adoption.

Despite Africa’s potential for Web3, Jathin highlighted a significant deficit in education and access to knowledge. He underscored the necessity of enhancing digital literacy, emphasizing that a proficient workforce and user base are vital for successfully integrating Web3 technologies.

Africa’s Imminent Shift To Web3: Jathin Foresees Transformation Beyond 2024

When Awosika Israe­l Ayodeji, the head of We­b3bridge, talked about the difficultie­s African developers face­ in education and acquiring knowledge, he­ mentioned something inte­resting. According to Ayodeji, due to high le­vels of poverty, people­ often choose trading activities ove­r complete learning.

Cartesi and Web3bridge have joined forces to conduct an exclusive eight-week Cartesi masterclass in Nigeria starting in early January 2024. Jathin emphasized their dedication to enhancing visibility and advancing developers’ skills within the African ecosystem, contributing significantly to Nigeria’s dynamic blockchain landscape.

Looking ahead to 2024 and beyond, Africa is gearing up to transition to Web3’s. This change is fue­led by aspects like its young population and variable­ currency, shared by Jathin. Howeve­r, it’s worth mentioning that Oxford Business School reports that approximate­ly 24% of Africans still need access to re­gular banking systems.

Jathin underscored the transformative potential of Web3’s in Africa, asserting that decentralized wallets and other Web3’s applications can effectively tackle current challenges and revolutionize how Africans engage with financial systems and conduct cross-border trade.

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The author’s views are for reference only and shall not constitute any investment advice. Please ensure you fully understand and assess the products and associated risks before purchasing.

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