The parent company of Facebook, Meta, wants to be a lot more compatible with the blockchain. Andrew Bosworth, the company's new chief technology officer, shared his vision for web3 in a memo to workers. One of Meta's previous experiments with cryptocurrencies was to create a digital token that would exclusively be available to Facebook and WhatsApp users. Meta failed miserably. Consumer and commercial lending, credit cards, and savings will be the emphasis of the company's activity.
It's hard to transfer money between African countries. The Ghanaian king settled a bill with a Nigerian attorney. His experience highlights a systemic problem impeding Africa's economic growth: high transaction costs and inconvenience. 15% of all imports and exports occur between 55 African countries. 60% of Asian trade is within Asia. 70% in EU. The difficulty of international payments hinders African trade. There are also high tariffs, long border procedures, and congested roads. Proponents of AfCFTA say easing trade restrictions will boost trade, FDI, and economic growth. 50 million people will be lifted out of extreme poverty by 2035 due to the accord's positive impact on real income, which is projected to rise 9.1%. Another issue: In Africa, currency values fluctuate. From July 2021 to 2022, Ghana's currency fell from 6 to 8. Volatile currencies make financial transactions more costly and risky. To overcome these problems, PAPSS facilitates financial transactions ...
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