Nigeria regulator halts Binance operations: Report
According to Nigeria’s securities regulator, Binance is neither registered nor regulated in the country, making its operations illegal. Go to Source Powered by WPeMatico
Africa
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CBDC ‘may not be a compelling priority,’ says Kenya’s central bank
The central bank released its statement in response to comments on a CBDC discussion paper published in February 2022. Go to Source Powered by WPeMatico
Central African Republic gets IMF optimism a year into Bitcoin adoption
The International Monetary Fund projects 2.2% GDP growth and manageable debt but warns of liquidity risks. Go to Source Powered by WPeMatico
South African Minister Tells BRICS Nations Not to Rush Decision on Common Currency
The South African minister of international relations, Naledi Pandor, has urged Brazil, Russia, India, China and South Africa (BRICS) countries to be wary of making a hurried decision when they meet in August to discuss launching a common currency. Pandor said her country will “not shy away from discussions” that relate to her country’s national … Read more
IMF Says Zimbabwe Gold-Backed Digital Currency a Potential Threat to Financial Stability
The International Monetary Fund has urged Zimbabwean authorities to weigh the benefits versus risks of issuing a gold-backed digital currency. Instead of using gold-backed digital currency to limit the demand for the greenback, the global lender said monetary authorities should consider liberalizing the foreign exchange market. Risks to Macroeconomic and Financial Stability The International Monetary … Read more
Kenya partners with Abu Dhabi’s Venom Foundation to build blockchain, Web3 hub
The blockchain and Web3 hub will serve as a center for knowledge exchange and collaboration between technology firms and government entities in Africa. Go to Source Powered by WPeMatico
Nigeria-China Currency Swap: Activist Lawyer Accuses IMF and World Bank of ‘Economic Sabotage’ to Promote US Dollar, Urges Nigeria to Join BRICS
Nigerian human rights activist and lawyer, Femi Falana, has accused the International Monetary Fund (IMF) and the World Bank (WB) of sabotaging the currency swap arrangement between China and Nigeria. Falana said the Nigerian central bank and the two global financial institutions are helping to perpetuate “the dominance of the United States dollar in Nigeria.” … Read more
Nigerian Payments Provider Nomba Secures $30 Million in Pre-Series B Funding Round
The Nigerian payments startup, Nomba, is reported to have raised $30 million via a pre-Series B that was led by Base10 Partners. The new solution is expected to help the startup operate more efficiently and deliver “excellent customer experiences.” Plugging Gaps in Payment Processes Nomba, a Nigerian payments startup, has raised a US$30 million pre-Series … Read more
US-Based Bitcoin Focused Startup Fedi Raises $17 Million in Series A Funding Round
Fedi, the U.S.-based fintech which is led by the Nigerian bitcoin advocate Obi Nwosu, said on May 3 that it recently raised $17 million in a Series A funding round. The company said it will use the funds to help it launch what it called the “world’s first federated operating system.” Obi Nwosu said the … Read more
Nigeria Passes ‘National Blockchain Policy,’ Industry Player Says Central Bank Unlikely to Lift Crypto Ban
The Nigerian Federal government said on May 3 it had passed what it called the “national blockchain policy.” The Nigerian minister of communications and digital economy, Isa Pantami, said the new policy is a product of consultations with 56 institutions and personalities. Lucky Uwakwe, the founder of the technology service delivery company Sabi Group, said … Read more