Categories: Reports

The Case for Cryptocurrency in Botswana

Botswana is a developing African country, located between its much more famous big sister, South Africa, and its economically and politically strained neighbour Zimbabwe. It has, however, become a bastion of smart growth in the region. The World Bank has called it “one of the world’s developmental success stories.”

Botswana’s Economic History

A former British colony, known at the time as Bechuanaland, gained independence in 1966. Their first leader, a prince of one of Botswana’s many ethnicities, Seretse Khama, became a beacon of hope in the region. Progressive and reform minded, Khama set about industrialising the then severely underdeveloped nation. Growth reached its peak with the discovery of diamonds in the country in the 1970s. Also, the company Debswana, half of which is state-owned, was set up to manage the country’s diamond industry.

With the advent of neo-liberalism and globalisation in the 1990s, Botswana achieved further success in its developmental growth. It now enjoys one of the more stable environments in Africa.

Meanwhile, sources warn that the country’s immense reliance on the diamond industry is not sustainable, and the country should diversify its economy to avoid any drastic pitfalls.

The Case for Cryptocurrency

Cryptocurrency has seen a boom in the developing world in recent years. A major factor of this boom is that a healthy cryptocurrency trade can boost the development of mid-range economies. This provides them with the financial reputation with countries of similar economies.

Botswana, now a stable democracy, and praised by all of the world’s institutions for its efforts in joining the globalised economy, must join the ranks of its neighbour South Africa as a hub of cryptocurrency trade. The prestige attributable to the development of a digital currency market has proved to further bolster the otherwise lagged economies of the former Third World.

Cointelegraph reports that a Botswana national, Alakanani Itireleng, has founded a Blockchain hub called Satoshicentre in Botswana. The country itself is a desirable destination for startups.

With a nascent cryptocurrency market, the scene is ideal for immense interest in and growth of cryptocurrency in Botswana. When the cryptocurrency boom does eventually reach Botswana, it will undoubtedly aid its economic diversification projects.

The world’s eyes are focused on this beacon of development in the developing world.

Raïs Tarek

Journalist and lawyer, with a passion for global politics, economics and current affairs.

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