Jathin Jagannath, the Developer Advocate for Cartesi, a Web3 rollup protocol, has highlighted that regulatory uncertainties pose a significant obstacle in the Web3 landscape of Africa. One of the major hurdles is the lack of precise and well-defined regulations for Web3 technologies may lead to hesitancy among potential users and investors.
Thank you for reading this post, don't forget to subscribe!During an interview, Jathin insisted that the uncertainty in regulations could lead to reluctance to fully embrace the transformative possibilities provided by Web3.
“With regulatory clarity, enhanced digital literacy, and infrastructural upgrades, we will see Africans overcome these obstacles and lean into rapid modernization.”
Africa, as a continent, holds immense potential for the adoption and innovation of Web3. A recent report by PricewaterhouseCoopers and Emurgo Africa on Web3 in Africa reveals a staggering 1,668% increase in blockchain funding across the continent in 2022. Notably, Kenya, Nigeria, and South Africa emerged as leaders in driving Web3 adoption across Africa.
Despite the considerable potential for Web3 in Africa, Jathin pinpointed a substantial deficiency in education and access to knowledge. He stressed the significance of enhanced digital literacy, emphasizing that a proficient workforce and user base are essential for the successful integration of Web3 technologies.
In a conversation with Awosika Israel Ayodeji, the Program Director of Web3bridge, he pointed out the obstacles faced by African developers in education and access to knowledge. Ayodeji emphasized that elevated poverty rates often lead individuals to prioritize trading over comprehensive learning.
This month, Cartesi and Web3bridge are collaborating to organize an eight-week Cartesi masterclass in Nigeria. Jathin expressed their dedication to enhancing visibility and enhancing the skills of developers in the African ecosystem, thereby contributing to the vibrant blockchain scene in Nigeria.
In 2024 and beyond, Africa is poised for a Web3 surge, driven by factors such as its youthful population and currency volatility, as mentioned by Jathin. However, Oxford Business School reports that nearly 24% of Africans are excluded from the banking system.
Jathin foresees the potential of Web3 in Africa, noting that decentralized wallets and other Web3 applications can tackle existing challenges and usher in transformative changes in how Africans engage with financial systems and facilitate cross-border trade.
