IMF calls for tighter crypto regulation in Africa as the industry unfolds
FTX’s collapse is one of the reasons why countries in the region should adopt regulation, noted the monetary fund. Go to Source Powered by WPeMatico
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BIS report finds uneven progress, differing motivations in African CBDC adoption
A survey of the continent’s central banks shows optimism about greater efficiency and inclusion, but several drawbacks remain; Nigeria already has an operational retail CBDC. Go to Source Powered by WPeMatico
IMF Blog: Better Regulation of Africa’s Growing Crypto Market Urgently Needed
A well-regulated African cryptocurrency market is needed in order to protect users as well as help countries stop bad actors from using digital assets to circumvent capital controls, the latest post on the IMF blog has said. The blog post reiterated the IMF’s belief that risks to a country are “much greater if crypto is … Read more
Kenyan legislation establishes crypto taxation, creates consumer protections
The country’s first effort at crypto regulation amends the country’s Capital Markets Law to define crypto as a security and establish reporting, tax and other requirements. Go to Source Powered by WPeMatico
Nigerian Web3 Startup Says Funds Are Stuck With FTX, Lays Off Employees
Nestcoin, a Nigerian Web3 startup which got an investment from Alameda Research in 2021, revealed on Nov. 14 that it had “a significant proportion of stablecoin investment” stuck at FTX. According to the startup’s CEO, laying off some employees allows the company to focus on building a more decentralized crypto future. Using FTX as Custodian … Read more
How to build a Bitcoin Beach: Advice from the pros
Founders of Bitcoin Beach El Salavdor, Bitcoin Ekasi in South africa, Dakar Bitcoin Days in Senegal and Global Bitcoin Fest shed light on building Bitcoin communities around the world. Go to Source Powered by WPeMatico
LBank Labs Establishes Blockchain and Crypto Investment Fund to Support the Development of Web3 in Africa
PRESS RELEASE. Internet City, Dubai, Nov. 11th, 2022 — Blockchain Crypto Investment Group, LBank Labs, announces the establishment of their new crypto investment fund targeted towards web3 development in Africa. LBank Labs plans to establish a series of regional development funds, including regions such as Korea, South East Asia, and more. This is the first … Read more
Zimbabwean Central Bank Launches CBDC Consumer Survey
The Zimbabwean central bank has said it is “conducting a CBDC [central bank digital currency] Consumer Survey to solicit opinions on the design and nature of the CBDC and its overall acceptance by the public.” The bank said the information obtained via this process will be “treated with the utmost confidentiality and the results will … Read more
Nigerian Currency Gains Versus US Dollar Days After Tapping All-Time Low
Just a few days after plummeting to its worst exchange rate against the U.S. dollar ever, the Nigerian currency was trading at around 820 units for every dollar on Nov. 8, a report has said. An economist has suggested that the Central Bank of Nigeria’s controversial currency plan is unlikely to halt the naira’s depreciation … Read more
Report: Zimbabwe Proceeding With Digital Currency Plans, Central Bank Undeterred By Slow Adoption of Nigerian CBDC
Undeterred by the reported slow adoption of the Nigerian central bank digital currency, the deputy governor of the Reserve Bank of Zimbabwe, Innocent Matshe recently said his institution will proceed with plans to launch its own digital currency. In addition to sending a team to learn from the Central Bank of Nigeria’s experiences, Zimbabwe has … Read more
