COINGEEK|Richard Ells: Africa is the perfect ground for crypto use

COINGEEK|Richard Ells: Africa is the perfect ground for crypto use

By Stephanie Tower / Posted by CoinGeek

Electroneum founder and CEO Richard Ells sees cryptocurrency taking off in Africa because the nascent industry brings wealth to the region.

He also described the regulations in Africa as “largely a grey area,” with some countries labelling cryptocurrency as illegal while other have already embraced it.

When asked about how cryptocurrency can impact Africa, Electroneum founder and CEO Richard Ells said the continent is “the perfect grounds for the use of cryptocurrency.”

In the interview with CoinGeek. Ells said he sees cryptocurrency taking off in Africa because the nascent industry brings wealth to the region. “Instead of going into some archaic financial method, they can jump straight into digital payments with crypto,” he explained.

A notable aspect of the interview with Ells involved how cryptocurrency regulations function in Africa. He described the regulations in Africa as “largely a grey area,” with some countries labelling cryptocurrency as illegal while other have already embraced it.

The Electroneum CEO also pointed out the lack of enlightenment on the part of some countries in the region, saying there are government that are scared of cryptocurrencies especially Bitcoin because it can drain money from the country’s economy. However, staying away from cryptocurrencies denies such nations some benefits because cryptocurrency brings in money as taxable revenue. Thus, increasing their GDP.

 

 

Interviews / Audio & Video
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Electroneum is a mobile-phone-based crypto app powered by a revolutionary instant payment system that enables its nearly 4.1 million registered users to send, receive, and transfer funds within minutes at a fraction of a U.S. cent. It is one of the only crypto apps that allows users to top up their airtime and data in 140+ countries and electricity top-ups in four African nations. Our users have completed millions of blockchain transactions, including over 300,000 app-to-app transfers and more than 200,000 airtime and data top-ups, making ETN one of the most widely used cryptos. Electroneum is the only crypto that has made earning its token possible. AnyTask is Electroneum's freelance platform, with hundreds of thousands of registered users and tens of thousands of tasks across dozens of categories. Electroneum and AnyTask do not require  users to have a bank or PayPal account, empowering millions of people to instantly access the global digital economy.

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