Stablecoins are gaining ground as digital currency in Africa: how to avoid risks

By Iwa Salami, Professor of Law, University of East London

A notification popped up on my LinkedIn the other day. Africans were doing a traditional celebratory dance at the Africa Stablecoin summit in Johannesburg.

The picture gave me a sinking feeling.

Why? While stablecoins can advance financial inclusion in Africa, could this celebration mark the potential transfer of monetary sovereignty from African economies to the economy issuing the most coveted currency-denominated stablecoin?

Stablecoins are crypto-assets or digital currencies designed to maintain…

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