[Digital Business Africa – Expert advice] – The health minister recently confirmed the newest COVID-19 death report for February and warned of a potential second wave of infections. Minister Malachie told reporters “we are not far from the second wave. Clusters are multiplying. If we remain indisciplined, we will get to the second wave,” according to CRTVWeb. As with the previous infection wave, economic instability is to be expected, and many experts are hoping many will brace themselves and prepare as best they can. Although agricultural exports from CEMAC nations are beginning to rise, this has not been a reliable source of economic growth and stability.
Fortunately, there may be a solution through one of the newest and most revolutionary technologies of this century: bitcoin.
The digital currency, bitcoin, provides low transaction fees and is not operated by a central authority. Bitcoin’s transparent and open-access nature, thanks to the public-ledger technology known as “Blockchain”, can help bitcoin avoid many of the inefficiencies associated with fiat money. Recently, American cryptocurrency exchange, Yellow Card, expanded to Cameroon with the stated goal of bringing financial freedom to Cameroonians.
Yellow Card was founded in 2016 by Chris Maurice and Justin Puiroux to help ease the challenges of sending money across borders. However, the fast-growing company has since taken Africa by storm, operating currently in 13 countries with plans to expand to even more within the month.
As Yellow Card opens its doors, Cameroonians can expect to see the benefits and technological growth that the company has created in other countries that it operates in.
Yellow Card is particularly keen on becoming an educational source about bitcoin and blockchain technology, in addition to providing a safe and convenient means of buying and selling bitcoin in Cameroon. Many crypto experts believe that as Bitcoin adoption increases, it will become readily available for everyday financial transactions.
Yellow Card’s easy-to-use exchange platform which is available for Android and iOS devices is focused on providing the best way to buy and sell bitcoin at the best rates.
Speaking on the rising cryptocurrency interest in Cameroon as well as how people can use it, Chris Maurice stated, “Bitcoin can be a powerful tool for Cameroonians to start their own savings and even begin investing–all without the need of a bank account.”
Just a few weeks ago, bitcoin hit an all-time high in value and has been of keen interest for investors and economic experts alike. Particularly, institutional investors including
MasterCard, Visa, Tesla and Square, Inc. have turned to bitcoin as a viable option to help their institutions in a fast-changing financial market. But the beauty of bitcoin is that it is as useful to organisations as it is to individuals, offering fast and instant means of transacting, transparency and security, to name a few.
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Finally, bitcoin could be a simple solution to stimulating and developing Cameroon’s tech-sector as well as providing economic freedom to people across the nation. This will help boost the economy and livelihoods of many despite the unfavourable economic conditions that COVID-19 might cause.
Written by Zoe Nawar
