Web3 faces regulatory hurdles in Africa, slowing its progress
Jathin Jagannath, developer advocate of Cartesian, the Web3 packet protocol, cited regulatory uncertainty as a major obstacle to Africa's Web3 landscape. According to Jathin, the lack of clear, well-defined regulations around Web3 technologies creates hesitation among users and investors.
In an interview with Cointelegraph, Jatin emphasized that regulatory ambiguity could lead to reluctance to fully embrace the transformational options offered by Web3.
“With regulatory transparency, improved digital literacy and infrastructure improvements, we see Africans overcoming these barriers and moving towards rapid modernization.”
Africa is a continent with vast potential for Web 3 adoption and innovation. According to a recent report by PricewaterhouseCoopers and Emurgo Africa on Web 3 in Africa, blockchain funding in Africa was the highest in 2018. It will increase by 1,668 percent by 2022, with Kenya, Nigeria and South Africa leading the continent's Web3 adoption.
While Africa has potential for Web 3, Jathin points to a significant lack of education and access to knowledge. He emphasized the need for improved digital literacy, stating that a skilled workforce and user base are critical to the successful integration of Web3 technologies.
Speaking with Awosika Israel Ayodeji, Program Director of Web3Bridge, he pointed out the challenges of access to education and knowledge for African developers. Ayodeji's high poverty rate makes people prioritize business over general education.
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Cartesy and Web3Bridge are partnering for an eight-week Cartesy Masterclass in Nigeria in early January 2024. Jathin cited their commitment to increasing visibility and improving the skills of developers in the African ecosystem, contributing to Nigeria's dynamic blockchain scene.
Africa in the year It is primed for Web3 growth in 2024 and beyond for a few reasons, including its small demographics and volatile currency, according to Jathin. However, according to Oxford Business School, about 24 percent of Africans do not participate in the banking system.
Jatin highlighted the potential for Web3 in Africa, stating that decentralized wallets and other Web3 applications can solve current problems and revolutionize how Africans interact with financial systems and conduct cross-border trade.
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