The manufacturing industries of Africa are some of the fastest growing in the world. An abundance of cheap labor and goods has prompted even the likes of china to get involved, investing into these economies. However many believe the fiat currencies such as the Yuan have outlived their value as trading mediums, as the future creeps closer so will newer and more efficient forms of currency. Will Bitcoin offer the opportunities to expand relations between china and African countries?
“This is the first time a real connection between Kenya and Ethiopia is being realized for the purpose of trade,” Nyakera said.
International transactions are key to the current partnership between china and Ethiopia. Analysts and investors alike have realized the potential role Bitcoin can play to not only make buying materials between countries easier and safer, but simple too. Prices remaining stable and calm market conditions have further emphasized the role of Bitcoin as a currency in the modern day trading world.
“Key challenges include high production costs and competition from cheap imports especially from China and India, among other challenges,” the economic report states.
To conclude Bitcoin potential to revolutionize the manufacturing industry is huge. Currently trade occurs in fiat form between the two nations but businesses could be missing out big considering the Forex fees which are currently in place. Bitcoin infrastructure for transfer of asset across borders has been recognized as its main value. Considering cryptocurrencies have practically no fees and regulation is all but zero, on a commercial level Bitcoin can boost trade speed and trade profits when substituted for the Naira. You can explore the various benefits of Bitcoin by purchasing it for Naira via Nigeria’s leading exchange, NairaEX. Currently the exchange sends out Naira payments within hours making your transaction cheap, smooth and seamless!