Entrepreneurs in the Global South are facing significant challenges due to a currency war that is unfolding before our eyes. The recent announcement by crypto exchange Binance to discontinue its services in Nigeria has come as a shock to many, but it was not surprising for those who have been closely following the developments in the industry.
Ray Youssef, CEO of NoOnes, a peer-to-peer bitcoin trading platform based in the Global South, foresaw these problems years ago. As the CEO of a Bitcoin company in the United States, he witnessed firsthand the financial apartheid and regulatory issues that unfairly targeted Africans and entrepreneurs from the Global South. He understood that it would become increasingly difficult to serve this region if his company remained based in the U.S.
Youssef made the decision to turn his back on his previous business, which had grown into a Bitcoin P2P platform with over 10 million users. The problems he anticipated back then are now becoming a reality, but he believes that blaming governments alone is not the solution. Instead, it is crucial to understand the pressures that leaders in the Global South face, in order to find a way forward together.
This currency war is deeply rooted in the financial system and the power dynamics that determine the value and acceptance of different currencies. Entrepreneurs in the Global South find themselves trapped in their own markets, making it difficult to make payments or do business with neighboring countries. Scaling a business beyond the African continent is nearly impossible for the average African entrepreneur.
The recent departure of Binance from Nigeria has left many businesses in the country wondering what the future holds. In order to unlock the potential of Global South entrepreneurs and create an environment that allows them to flourish, a free-flowing money system is essential. However, achieving this goal will not be easy.
Youssef predicts that Binance’s departure from Nigeria is just the beginning, and that other crypto companies in different countries will face similar challenges. The need to be on the ground, experiencing the problems firsthand and finding localized solutions, makes it nearly impossible for crypto businesses or bitcoin marketplaces to serve Africa and the Global South effectively from another continent.
NoOnes, on the other hand, is committed to a long-term collaboration with the Global South, based on respect and equity. They understand the reasons behind the high level of bitcoin adoption in Nigeria and other countries in the region. These entrepreneurs have long been stifled by an unfair global financial system that limits their growth and potential.
Bitcoin provides these entrepreneurs with an opportunity to showcase their capabilities when markets are free and money can flow without restrictions. However, they require a level playing field and the chance to succeed. The withdrawal of Binance Nigeria may have raised concerns, but there are still numerous opportunities available in the fastest growing continent on the planet.
Looking ahead, it is crucial to analyze the implications of these ideas and how they connect to current events and emerging trends. The challenges faced by entrepreneurs in the Global South highlight the need for a more inclusive and equitable financial system. Governments and regulatory bodies must recognize the potential of the crypto industry and work towards creating an environment that fosters innovation and growth.
As we move forward, it is essential to nurture Global South entrepreneurs and provide them with the support they need. This includes advocating for free trade and removing barriers that limit their potential. By doing so, we can unlock the untapped talent and potential within the Global South, driving economic growth and creating a more inclusive global financial system.