The challenges associated with the regulation of Web3 technologies in Africa significantly impede their development. Jathin Jagannath, an advocate for developers at Cartesi, emphasized that the development of digital literacy, the existence of a skilled workforce, and a strong user community are key for the successful integration of Web3 technologies.
Regulatory Uncertainty as a Stumbling Block
Jagannath, representing the developer protocol Cartesi, pointed out regulatory uncertainties as a major obstacle for #Web3 in the African region. He explained that there are no clear and specific regulations for Web3 technologies, which can cause uncertainty among potential users and investors.
Jathin Jagannath Speaks on Challenges and Opportunities
In an interview with #Cointelegraph , Jathin Jagannath stated that regulatory uncertainties might prevent people from fully utilizing the transformative potential of Web3. He said, "If we witness improvements in legislation, increased digital literacy, and modernization of infrastructure, Africans will be able to overcome these barriers and take advantage of rapid modernization."
The Rise of Web3 in Africa Despite Challenges
Although Africa shows significant potential for adoption and innovation in the Web3 space, Jathin Jagannath points out a notable lack in the area of education and information availability. He emphasizes the improvement of digital literacy and underscores that a competent workforce and user base are absolutely essential for the integration of Web3 technologies.
Educational Challenges and Access to Knowledge
In a dialogue with Awosika Israel Ayodeji, the director of the Web3bridge program, challenges in education and access to knowledge for African developers were discussed. Ayodeji noted that the high rate of poverty often means people must prioritize basic subsistence over deeper education.
Partnership of Cartesi and Web3bridge in Education
Cartesi, in partnership with Web3bridge, is organizing an eight-week course in Nigeria, starting in January 2024. Jagannath expressed a commitment to increasing awareness and improving the skills of developers in the African ecosystem, which contributes to the development of a dynamic blockchain scene in Nigeria.
Perspectives of Web3 in Africa for 2024
Jagannath believes that Africa is on the cusp of a Web3 expansion in 2024 and beyond, thanks to a younger demographic and unstable currency. However, nearly 24% of Africans are still not involved in the banking system, according to Oxford Business School.
Web3 as a Solution for African Financial Challenges
Jathin Jagannath highlights the potential of Web3 for the African continent, where decentralized wallets and other Web3 applications can address current challenges and enable transformational changes in the way Africans interact with financial systems and conduct cross-border trade.
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