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Jathin Jagannath, a developer from the Web3 rollup protocol Cartesi, referred to legal regulatory uncertainty as a significant barrier in Africa’s Web3 sector. According to Jathin, the absence of clear and well-defined legal regulations surrounding the Web3 industry can create fear and concern among potential users and investors.
Legal Uncertainties in Africa
In an interview, Jathin Jagannath shared his thoughts that regulatory uncertainty could lead to reluctance in fully embracing the many opportunities offered by the Web3 sector:
“We will see Africans overcoming these barriers with advanced crypto literacy and infrastructure upgrades, leading to rapid modernization.”
Africa continues to be promoted as a continent with great potential for the adoption and innovation of the Web3 sector. According to a recent report by PricewaterhouseCoopers and Emurgo Africa, blockchain financing in Africa increased by 1,668% in 2022, with Kenya, Nigeria, and South Africa leading the continent’s Web3 adoption.
Despite Africa’s potential towards the Web3 sector, Jathin highlighted a significant lack of education and access to information. Emphasizing the importance of developing crypto literacy, Jathin conveyed that a skilled workforce and user base are very important for the Web3 sector to be successfully integrated in many areas.
Africa and the Web3 Space
Cartesi and Web3bridge will come together in early January 2024 for an eight-week Cartesi course in Nigeria. Jathin discussed their determination to contribute to Nigeria’s dynamic blockchain potential, increase visibility in the African ecosystem, and enhance developers’ skills.
According to Jathin, Africa is ready for developments in the Web3 sector post-2024 due to several reasons, including its young demographics and volatile currency. However, according to Oxford Business School, nearly 24% of Africans do not participate in the banking system, which causes concern regarding the issue.
Jathin stated that decentralized Web3 wallets, among other Web3 applications, could overcome current challenges and bring transformative changes to how Africans interact with financial systems and perform transactions such as cross-border money transfers, underlining once again the Web3 potential in Africa.
