Metzger: Cryptocurrency industry at a tipping point

The CEO of Liechtenstein Cryptoassets Exchange, Monty Metzger, recently spoke with CNBC Africa at the World Economic Forum, shedding light on the growing impact of cryptocurrency and blockchain technology, particularly in the realm of financial inclusion, with a special focus on Africa. Metzger emphasized the significance of the ongoing shift towards a digital financial ecosystem, fueled by the increasing adoption of tokenized money and blockchain-based financial services. LCX's expansion plans took center stage during the discussion, as Metzger highlighted the company's intentions to venture beyond Europe and into new markets, including Africa. As the World Economic Forum serves as a platform for leaders and disruptors to convene and engage in discussions on pressing global issues, Metzger underscored the pivotal moment that the cryptocurrency industry is currently witnessing. He pointed out key developments such as regulatory changes, the involvement of influential figures like former US President Donald J. Trump, and the growing acceptance of cryptocurrency in emerging markets. Metzger expressed optimism about the potential of leveraging cryptocurrency to bank the unbanked, particularly in Africa where immense opportunities await. With an eye on expansion, Metzger detailed LCX's plans to extend its footprint beyond Europe, with a keen interest in the African markets. The Liechtenstein Cryptoassets Exchange is positioning itself as the fastest-growing regulated exchange in Europe, poised to tap into the burgeoning digital landscape of Africa. Metzger highlighted the importance of regulatory adaptability in enabling their entry into new markets, emphasizing the need for a conducive regulatory environment to facilitate seamless expansion. Discussing LCX's goals for the year ahead, Metzger outlined the company's commitment to navigating the European regulatory landscape, particularly the Markets and Cryptoassets Regulation framework. This framework, spanning 30 countries and 450 million people, seeks to provide a robust regulatory structure for cryptocurrencies. Metzger envisioned a future where banking services could be offered without the traditional banking model, drawing inspiration from Bill Gates' seminal quote from 1993, 'Banking is needed but banks are not.' By harnessing blockchain-powered financial institutions, LCX aims to cater to the evolving needs of a digital-native generation. An essential aspect of increasing understanding and adoption of cryptocurrency lies in demystifying the technology for users and institutions. Metzger articulated his vision of blockchain evolving into an ubiquitous technology like HTTP or SNTP protocols, seamlessly integrated into financial tools and monetary systems. He stressed the growing importance of tokenized money, particularly stablecoins pegged to local currencies, as a transformative force in enabling effortless cross-border transactions akin to sending an email. Looking ahead, LCX is driven by a core theme of 'freedom of wealth for everybody,' inspired by the ethos of freedom of knowledge fostered by Wikipedia founder Jimmy Wales. Metzger envisions a future where blockchain serves as a democratizing force, empowering individuals across the globe to access and control their wealth. By championing financial inclusion and embracing the ethos of the Internet of Value, LCX aims to carve a path towards a more equitable and inclusive financial ecosystem.