On Thursday, May 2nd, 2024, the Web3 company TDB hosted an online X space to discuss the role of Stablecoins and the role it can play in the African finance space
Details
The X Space was joined by Mike Brock, CEO of TBD, Chris Maurice, CEO of Yellow Card, and Kash Razzaghi, CEO of Circle.
The online discussion revolved around how digital identities and stablecoins can help African finance become more interoperable and inclusive.
The panel discussed Decentralized Identifiers (DIDs), unique identifiers that can be issued by decentralized platforms to help identify individuals and organizations.
Prospects
The panel discussed the benefits of the USDC, a digital dollar backed 100% by highly liquid cash, which can be accessed on the Yellow Card platform.
They also discussed the progress made by some countries in Africa, especially South Africa regarding the openness of stablecoins. South Africa recently registered some crypto companies as Crypto Asset Service Providers.
The panel said it was still early days when it comes to crypto regulation in Africa, but were hopeful that some progress in countries like South Africa would open up more discussion about the use of stablecoins on the continent, especially for cross-border payments.
By The Numbers
The guests discussed how many Africans are still largely unbanked, with 45% of the population not having a bank account in 2021.
What Happens Next
TBD will be having hands-on tbDEX Developer Workshops in Africa this May. Countries include Ghana (May 16), Kenya (May 24), and South Africa (May 28).
These full-day workshops will teach developers how to use tbDEX, an open-source liquidity and trust protocol, to unlock frictionless, compliant cross-border payments that are settled in seconds, not days.
tbDEX enables seamless exchanges across a diverse range of currency pairings by utilizing open standards such as decentralized identity and verifiable credentials to meet legal and regulatory obligations.
To sign up for a workshop, visit: tbdex.io/workshops.
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