According to Ray Youssey, the CEO of Paxful, a unified monetary system for business transactions is necessary for the African continent to prosper and have a strengthened economy.
He claimed that the numerous currencies in use on the continent were impeding trade between African nations, which was likely to expand further if wise judgements were not made.
He noted that just trade on the continent brought in billions of dollars. The 54 countries, however, had more than 40 different currencies, so when doing business abroad, dealers had to exchange their money.
Mr. Youssey stated in an interview with the Graphic Business that conducting business in Africa is extremely difficult and that "you actually need an Economics PhD simply to be able to do business here." That is how difficult it is to transfer money across this continent.
It is simply simpler to conduct business by packing a suitcase full of cash, taking a bus or flying. In Africa, there are 2,000 payment networks, but just 2% of them communicate with one another.
He claimed that this was the world's biggest issue and that as a result, Africa was subject to what he called "an economic apartheid."
He declared that the 54 nations of Africa should unify under a single currency and that it was time for Africa to think differently for a while.
"Wealth is created and we obtain something considerably bigger than the sum of its parts when nations trade freely with one another.
"Money offers a remedy. Wealth will be produced once we get the money moving, according to Mr. Youssey.
He pushed businesses to accept Paxful so that it might help tear down the colonial financial and political barriers that were stopping people from conducting business with one another smoothly on different continents.
Bitcoin industry
Since Paxful's launch in Africa seven years ago, Mr. Youssey claimed, there have been $6 billion worth of transactions.
He claimed that investor confidence in digital currency was extremely low as a result of the multiple scam instances that the crypto business had this year.
Paxful was dedicated to empowering Africans via education and building up communities as a result.
According to him, the Paxful platform does not engage in dangerous or immoral activities like margin trading or front-running clients; rather, it only facilitates real peer-to-peer transactions.
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