• Contact
  • Privacy Policy
  • Advertise With Us
  • Login
  • Register
Your Trading Edge Magazine
  • Home
  • Feature
    • Market Commentary
    • Expert Advice
    • Columns
  • Trading
    • Shares and Trading
    • Technical Analysis
    • Trading Mindset
  • Crypto News
  • Finance
  • Subscribe
No Result
View All Result
  • Home
  • Feature
    • Market Commentary
    • Expert Advice
    • Columns
  • Trading
    • Shares and Trading
    • Technical Analysis
    • Trading Mindset
  • Crypto News
  • Finance
  • Subscribe
No Result
View All Result
Your Trading Edge Magazine
No Result
View All Result

Crypto is helping faster-growing economies build financial rails: CEO

September 29, 2021
in Finance
Reading Time: 3 mins read
A A
0
Crypto is helping faster-growing economies build financial rails: CEO
0
SHARES
6
VIEWS
ShareShareShareShareShare

Developing economies are once again leapfrogging prior waves of technological innovation with the help of cryptocurrency.

Much like the way consumers in India and Indonesia a decade ago skipped landlines for cellphones, institutions in Africa are embracing the advancements in crypto over alternatives offered by the traditional plumbing of the global financial system.

As Elizabeth Rossiello, founder of the Africa-focused fintech platform AZA Finance, described at Yahoo Finance’s All Markets Summit Plus conference, crypto is helping improve everything from issues around Africa’s cross-border payments to operating during banking holidays tied to a dollar-dominated system.

“When we’re trading between continents that don’t involve the dollar, why should we be using dollar legacy infrastructure? That might sound radical, but it really doesn’t make a lot of sense to trade from West Africa to the U.S. and then back to South Africa in almost a triangle,” she said.

Instead, the institutions in the more than 100 countries her company operates in have increasingly turned to crypto trading to operate more efficiently. As Rossiello described, some financial institutions have taken up using stablecoins, or cryptocurrencies that are meant to stay pegged to the dollar, instead of having to transact in dollars attached to the traditional banking system. It’s not universal across the board, and much more of a complimentary option rather than a replacement in its current scope, but it’s another option in the toolkit that has been tapped by some institutions working with her company since it launched the first Africa-based crypto exchange.

NEW YORK, NY – FEBRUARY 07: Jen Rogers, and Elizabeth Rossiello attend the Yahoo Finance All Markets Summit: Crypto on February 7, 2018 in New York City. (Photo by Eugene Gologursky/Getty Images for Yahoo Finance/Oath )

“In our basket of over 100 currency pairs that we trade, digital currency pairs are right alongside it,” she said. “And so when there’s a U.S. dollar holiday, for example, in North America, we don’t need trading to stop in West Africa or South Africa or trade between Africa and China. So digital currencies really provide a necessary solution, not just for investing in a future asset class, but also in infrastructure for settlement of foreign exchange and frontier markets.”

At a time when U.S.-based crypto coverage focuses so much on speculation and price appreciation, it’s intriguing to see how crypto is being utilized around the world — especially after El Salvador adopted bitcoin as legal tender. For Rossiello, who also serves as co-chair of the World Economic Forum’s Council on Blockchain, it’s more reason for regulators to embrace what crypto can unlock at a faster clip.

“I think we’re gonna see the regulatory map start turning much more green that we’ve been eight years in this process even longer,” she said. “We’re at the place where I don’t want to say it’s too big to fail, but it’s too much velocity to stop moving forward.”

Zack Guzman is an anchor for Yahoo Finance Live as well as a senior writer covering crypto, cannabis, startups, and breaking news at Yahoo Finance. Follow him on Twitter @zGuz.

Read the latest financial and business news from Yahoo Finance

Read the latest cryptocurrency and bitcoin news from Yahoo Finance

Follow Yahoo Finance on Twitter, Instagram, YouTube, Facebook, Flipboard, and LinkedIn


Credit: Source link

ShareTweetSendPinShare
Previous Post

Has COVID-19 Changed the French Food Delivery Market Forever?

Next Post

YIELD App Named Official Partner Of Premier League Football Club West Ham United

Related Posts

Feld Entertainment CEO: We’re ‘reimagining’ the circus
Finance

Feld Entertainment CEO: We’re ‘reimagining’ the circus

June 25, 2022
5
Business leaders react to Roe v. Wade
Finance

Business leaders react to Roe v. Wade

June 25, 2022
7
Stocks rise as indexes head for weekly gains
Finance

Stocks rise as indexes head for weekly gains

June 25, 2022
6
Here’s why millennials shouldn’t shy away from investing
Finance

Here’s why millennials shouldn’t shy away from investing

June 24, 2022
8
Canada’s Aurora Cannabis to shut down a facility in Edmonton
Finance

MSCI 2022 Market Classification Review

June 24, 2022
5
Next Post
YIELD App Named Official Partner Of Premier League Football Club West Ham United

YIELD App Named Official Partner Of Premier League Football Club West Ham United

Recommended

US Federal Reserve Vice Chair sees need for a digital dollar

US Federal Reserve Vice Chair sees need for a digital dollar

May 27, 2022
5
Port of Barcelona Outlines its Innovation Plan

Port of Barcelona Outlines its Innovation Plan

May 31, 2022
6
The Airforwarders Association is Taking a Leading Role

TIACA Announces The kick-off of a Number of Desktop Verification Pilots for the BlueSky Program

June 15, 2022
4
Crypto hodlers take to Twitter and Reddit to poke fun at $270B wipeout

Crypto community warns of suspicious files claiming to expose some crypto influencers

June 8, 2022
6
Future Launch of Container-on-Vessel Service to the Midwest

Future Launch of Container-on-Vessel Service to the Midwest

June 2, 2022
6
Your Trading Edge Magazine

This is an online news portal that aims to share the latest news about trade, finance, crypto and much more. Feel free to get in touch with us!

What’s New Here!

  • Bored Ape Yacht Club Founder Criticizes Campaign That Says The BAYC Has Nazi Symbolism
  • Singapore’s changed stance on crypto
  • Feld Entertainment CEO: We’re ‘reimagining’ the circus

Subscribe Now

Loading
  • Contact
  • Privacy Policy
  • Advertise With Us

© 2021 - ytemagazine.com - All rights reserved!

No Result
View All Result
  • Home
  • Feature
    • Market Commentary
    • Expert Advice
    • Columns
  • Trading
    • Shares and Trading
    • Technical Analysis
    • Trading Mindset
  • Crypto News
  • Finance
  • Subscribe

© 2021 - ytemagazine.com - All rights reserved!

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?