The invasion of blockchain applications, predominantly via cryptocurrencies, has flooded the African and global financial space with a myriad of groundbreaking possibilities that hold a promise of reaching the realm of an entirely decentralised financial system. This invasion is, however, a threat to traditional banking giants, especially the Central Banks, as this strips them of the central control they possess. In a bid to level the playing field and regain control without completely stifling the innovation that blockchain offers, central banks in Africa are opting for the creation of a Central Bank Digital Currency (CBDC). Some financial analysts speculate that this move can potentially push the continent closer to embracing blockchain, although this shatters the promise that blockchain holds for a decentralised financial future.
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