Cryptocurrency
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Kenya is working to enact new laws governing cryptocurrency trading, following concerns that increased cryptocurrency adoption will raise the risk of money laundering and terrorism financing.
Luno and Moore Johannesburg, a South African accounting and auditing firm, have partnered to introduce Luno’s new monthly proof of reserves report to gain customer trust.
One crypto trading firm went from doing $5 million in daily transactions to $10 million in a matter of months following the consistent drop in the value of the naira. Here’s what USDT merchants can say about stablecoin demand.
Between July 2022 and June 2023, Nigeria received over $56 billion in crypto, more than the $20 billion it received in remittances. The increase in crypto use, especially stablecoins, can be attributed to rising inflation. However, further increase in their use could negatively affect the country’s financial system.
The Blockchain Association of Kenya (BAK), a community-born crypto lobby group, has proposed a digital asset bill to help regulate Kenya’s crypto market.
Nigerian crypto company, Patricia, says customers could wait up to five years before getting paid. An email seen by Techpoint Africa also revealed an odd payment requirement for some of the customers who have been paid.
Following Paycorp’s launch of CryptoExpress in November 2023, it has partnered with Triple-A, a digital currency payment company, to allow anyone to withdraw Bitcoin, ether, and stablecoins at about 3,000 ATMs in South Africa.
The launch date for cNGN stablecoin has been postponed till further notice to give the African Stablecoin Consortium time to comply with regulations.
Nigeria’s stablecoin cNGN will go live on February 27, 2024. It will be piloted by the Africa Stablecoin Consortium which says the stablecoin will shorten settlement time, “mirroring the speed of a text message.”
Nigerian crypto exchange, Bitmama has resumed deposits after suspending them earlier this month. Customers can now make naira deposits on the exchange.
Nigerian commercial banks, other financial institutions, and blockchain platforms are reportedly working together to create a stablecoin.
CBN lifts crypto ban. Banks are now allowed to facilitate crypto-related transactions. However, crypto companies that wish to facilitate transactions through banks need to be licenced by the SEC.
Data from Google Trends reveals Nigerians are now more interested stablecoins than bitcoin. After El Salvador and Brazil, Nigeria comes in third in bitcoin interest.
Crypto exchange Bitmama has temporarily suspended deposits on its platform. Users have been reporting deposit delays on the platform since November 25, 2023.
Starting on January 29, 2024, advertisers who offer cryptocurrency coin trusts will be able to advertise their products on Google. This news comes five years after the tech giant banned crypto ads on its platform.
The Central Bank of Egypt in partnership with the International Monetary Fund and World Bank is considering a digital pound.
Binance’s customer deposits are backed 1:1 by $69 billion in crypto assets, but the exchange needs more than a massive reserve to survive. Here’s why US authorities have kept it alive.
Patricia promised to begin the first batch of payments to customers on November 20, 2023. However, many customers said they’ve not been able to withdraw their funds. The exchange also said the next batch of repayment is dependent on fundraising efforts and profitability.