Botswana is considered to be one of the most sparsely populated countries in the world.. Yet despite the country’s relatively small population, it has overcome previous economic adversity and become one of the world’s fastest-growing economies. Recently, President Mokgweetsi Masisi called for diversification of Botswana’s economy, stating that it was “more imperative than ever” for Botswana to expand beyond its current exports of precious stones and metals. Botswana has much to offer the world, and while it is primarily focused on exports, it has a growing technology sector that many believe has a high level of potential. Leading the charge in the technology sector is cryptocurrencies.
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The arrival of bitcoin, the foremost cryptocurrency, in Botswana a few years back was not known to many people. This is because, in the early days, bitcoin’s adoption was slow not only in Botswana but all over the continent. Yet today, bitcoin is one of the most talked-about phenomena around the world, and many are looking to understand its importance and how to use them. Despite a growth journey fraught with numerous challenges that include scams — which have led to a lack of trust among crypto users — as well as a lack of a trusted platform on which bitcoin can be easily and safely accessed with pula, bitcoin is now making a home for itself in Botswana.
We’ve seen individuals who need to send and receive money from around the world as well as those seeking alternate investment options turn to bitcoin. And groups such as the Botswana Blockchain Association have played a huge role in setting the ball rolling. And, in 2021, the adoption rate of bitcoin in Botswana has more than doubled, thanks to the current hype around cryptocurrency. Yet many of the challenges from the early days still persist; a lack of proper education and a trusted platform to trade bitcoin are chief of those challenges.
Thankfully, American cryptocurrency exchange Yellow Card is fast making a name for itself within Botswana, declaring its goal of bringing “financial freedom for all”. In a bid to provide a safe and easy platform for trading bitcoin, Yellow Card, a VC-backed fintech has joined the technology sector in the country and already provides easy access to cryptocurrency to many.
Cryptocurrency is a game-changing technology that provides low transaction fees and is operated by a decentralised authority, making it a preferred medium of exchange, especially across borders, in a world where fiat money is quickly losing its appeal. Through the public ledger technology known as “Blockchain”, bitcoin is able to exist as a transparent and open-access currency that is free of the constraints of traditional government-issued currencies.
Yellow Card offers the safest, fastest and easiest way for anyone to buy, sell and store bitcoin with its mobile apps for android and iOS devices as well as a web app that can be accessed on any device. In addition, the company values financial literacy and is thus dedicated to educating the public on the significance of bitcoin as well as the technological growth and innovation that stems from it. This way, Botswana can join other African countries increasing cryptocurrency adoption around the continent.
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Speaking on the importance of bitcoin in Botswana, Yellow Card’s CEO and founder Chris Maurice recently told journalists that “as Botswana continues to grow, it’s incredibly important that it focuses on revolutionary technologies like Bitcoin and create ways to help spark new businesses, ideas, and wealth accumulation.”
Through the opportunities provided by Yellow Card, Botswanans can buy and sell bitcoin safely as well as enjoy the many benefits that cryptocurrencies bring to achieving financial freedom. And as the world sees the light at the end of the tunnel for the global pandemic, it is time for Botswana to kick into gear and join the technological revolution.