Analyzing Africa's Economic Challenges: Assessing the Suitability of Cryptocurrency as a Solution through Occam's Razor Test

12 Pages Posted: 12 Jul 2023

Date Written: July 4, 2023

Abstract

The African continent faces a myriad of economic challenges, including limited access to financial services, currency instability, and barriers to cross-border trade. Cryptocurrencies, with their innovative features and decentralised nature, have emerged as a potential solution to these problems. However, their applicability and effectiveness in the African context need to be scrutinized through the lens of Occam's razor. This article delves into the exploration of the potential of cryptocurrencies in addressing African economic challenges by applying the principle of Occam's razor. Occam's razor, a fundamental tenet of modern science, advocates for simplicity and economy of assumptions in problem-solving. By analysing the complex landscape of African economies, marked by diverse challenges and opportunities, this article aims to uncover the role of cryptocurrencies in addressing these issues.

Keywords: Financial Inclusivity, Cryptocurrencies, African Countries, Financial Development

Suggested Citation

Koroye, Tami, Analyzing Africa's Economic Challenges: Assessing the Suitability of Cryptocurrency as a Solution through Occam's Razor Test (July 4, 2023). Available at SSRN: https://ssrn.com/abstract=4499730 or http://dx.doi.org/10.2139/ssrn.4499730

Tami Koroye (Contact Author)

University of Bradford ( email )

Do you have a job opening that you would like to promote on SSRN?

Paper statistics

Downloads
66
Abstract Views
257
Rank
625,564
PlumX Metrics