I believe Drew Binsky is one of the most genuine travel bloggers out there. At an age of 27 he has seen more places around the globe than most of us. So far he is counting an impressive 120 countries and more. His recent trips brought him to Africa and I had the chance to interview him about his thoughts on cryptocurrencies in Africa.
Drew, you just traveled through East and South Africa. Did you come across digital currencies?
In Zimbabwe they have something called EcoCash. You can make payments on your phone with it. It just runs through an app. You can text message someone and pay through the phone. There is no centralized bank and there are no taxes taken out. Basically it is a digital currency instead of paying cash.
Because of the hyperinflation the people do not really have their own currency and make use of US dollars. But most people use EcoCash, even if they buy street food. It is a forward thinking way to pay for daily items in Zimbabwe.
Check out his video on EcoCash, if you want to learn more:
Apart from EcoCash many Zimbabweans bought Bitcoins to bypass the hyperinflation. Did you come across Bitcoin in Zimbabwe and do you know how much more they were spending more on one single Bitcoin?
I have not heard how much people spend on Bitcoin in Zimbabwe, but I am not surprised if it was a lot. They are used to the digital currency world and I can see why they jump all over it. I think it is very interesting that you brought that up. I did not see any signs about Bitcoin or people using it or paying for things with it, while I was there.
If Bitcoin plays a role in combating inflation and lowering remittance cost, do you think that cryptocurrencies will become more relevant in Africa?
I am a bit skeptical in general about cryptocurrencies. Especially for Africa. I think it will work in places like Zimbabwe, where they already introduced a method like EcoCash.
However almost any other part of Africa, which is twenty other countries I have been to, did not really do it. Especially in the Central and Northern parts of Africa. I see it being a hard time for them to catch up. The people live in very much cash driven societies. I do not really see cryptocurrencies playing a role in the near future. In ten to fifteen years maybe, but definitely not in the next few years in my opinion.
Thank you very much for the interview, Drew. I wish you safe travels and I am excited for your next videos!
If you want to hear, see and read more about Drew and his travels just follow him on Facebook, Instagram, his Blog or on Youtube.
What do you think of the adoption of cryptocurrencies in Africa?
Copyright: All Pictures taken from Drew Binsky Website and Blog.