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Zimbabwe Devalues Gold-Backed Currency by 44%
28.9.2024
The Reserve Bank of Zimbabwe (RBZ) has devalued the Zimbabwe Gold (Zig) by 44%, causing the currency to plummet from 13.98 to 24.3 against the U.S. dollar. This drastic move addresses rising exchange rate volatility and inflationary pressures that have plagued the economy since August. According...
Nigerian Currency Plunges After Central Bank Rate Hike
26.9.2024
The Nigerian Naira weakened significantly against the U.S. dollar following the Central Bank of Nigeria’s (CBN) decision to hike interest rates for the fifth time this year. The naira dropped to NGN1,658 per dollar on the official foreign exchange market after the CBN increased the benchmark...
Nigeria’s Central Bank Raises Benchmark Rate by 50 Basis Points
25.9.2024
The Central Bank of Nigeria (CBN) raised the Monetary Policy Rate (MPR) by 50 basis points to 27.25% and increased the Cash Reserve Ratio (CRR) for banks. These measures aim to combat inflation and stabilize the Nigerian economy. The CBN governor, Olayemi Cardoso, stated that the reforms...
Zimbabwe’s Central Bank to Shield Gold-Backed Currency From Market Volatility
24.9.2024
Zimbabwe’s central bank governor, John Mushayavanhu, has stated that the bank might use its foreign currency reserves to protect the Zimbabwe Gold (zig) from severe market disruptions. He also pledged to maintain a tight monetary policy to ensure stable inflation and exchange rates. The...
Crypto.com Gets Bahrain License, Amber Group Approved in Dubai
20.9.2024
Crypto.com has secured a payment service provider (PSP) license from the Central Bank of Bahrain (CBB). This license allows the crypto exchange to offer e-money and fiat-based payment services, including its prepaid cards, in the region. The approval adds to Crypto.com’s growing list...
US Lawmaker Urges Release of Jailed Binance Employee
19.9.2024
A U.S. lawmaker is calling for the release of a detained Binance executive in Nigeria. Representative James Hill believes the executive, Tigran Gambaryan, has significantly contributed to combating cybercrime in the U.S. and should not be abandoned. Hill expressed concern that the continued...
Defi Platform Delta Prime Loses $4.9 Million in Hack
16.9.2024
According to Cyvers, Delta Prime, the decentralized finance (defi) platform, lost just over $5.9 million after a hacker took control of a private key on Sept. 16. Detailing the incident, Meir Dolev, the CTO of Cyvers, said the hacker initiated the attack by taking control of a wallet that is...
Network Latency Drives Solana Validator to South Africa’s Commercial Hub
14.9.2024
Superfast founder Martin Tromp has launched a Solana validator in one of Teraco’s Johannesburg data centers. Solana is a fast, scalable blockchain platform competing with Ethereum. As a proof-of-stake system, validators like Tromp’s play a crucial role in maintaining network security...
Uniswap Labs CEO Denies Protocol Deployment Extortion Claims
14.9.2024
Uniswap Labs CEO Hayden Abrams has refuted claims that the platform charges $20 million for protocol deployments, calling them “completely false.” Abrams, who said he rarely engages with individuals seeking attention, explained that protocol deployments typically follow a governance...
Nigeria Accuses Four Crypto Traders of Forex Regulations Violations
13.9.2024
The Nigerian government has filed criminal charges against four individuals and several firms for allegedly conducting illegal crypto transactions, including USDT to naira conversions, without a banking license. The four are Ejiogu A. Chinedu, Nnamdi F. Okereke, Oty Ugochukwu Stanley,...
Lengthy Licensing Stumps Kenyan Fintech Startups
13.9.2024
Fintech startups face significant challenges when expanding to Kenya, primarily due to the lengthy and complex process of obtaining an operating license. Obtaining a payment service provider (PSP) license can take up to two years, forcing startups to rely on workarounds such as partnerships with...
US and Africa Urged to Collaborate on AI Development
12.9.2024
A two-day pan-African AI conference was held in Lagos, Nigeria, co-hosted by the United States. The conference aimed to promote safe, secure, and trustworthy AI systems in Africa, with hundreds of attendees from various fields. U.S. Deputy Secretary of State Kurt Campbell emphasized the importance...
US, Nigeria Convene AI Conference to Promote Inclusive Tech Adoption
9.9.2024
The U.S. and Nigeria will host a pan-African Artificial Intelligence (AI) conference in Lagos from September 10-11. The conference will bring together government officials, tech leaders, and civil society to discuss the opportunities and challenges of AI development and use. Participants will work...
Beleaguered Libyan Central Bank Governor Flees Armed Militia
4.9.2024
Libya’s central bank governor, Sadiq al-Kabir, has fled the country due to threats and intimidation from armed militias. He claims that these actions are aimed at forcing him and other bank staff to return to work and comply with the interim Prime Minister’s attempts to replace him....
Japan’s Financial Services Agency Includes Crypto in 2025 Tax Proposal
4.9.2024
The Financial Services Agency has released its tax reform requests for fiscal year 2025, highlighting the need to consider the tax treatment of virtual currency transactions as financial assets. This marks the first time virtual currencies are mentioned in such requests. Industry groups have long...
Jailed Binance Employee Tigran Gambaryan Denied Wheelchair, Forced to Use Crutches
3.9.2024
Jailed Binance employee, Tigran Gambaryan, was denied the use of a wheelchair while entering court and had to use crutches, causing visible pain and distress. His lawyers filed a new bail application citing medical grounds and blocked access to him. The prosecution opposed the application, claiming...
Crypto Hacks and Scams Cost $300 Million in August
1.9.2024
In August, approximately $310.9 million was lost to exploits, hacks, and scams. However, digital assets worth $10.3 million were recovered, resulting in a net loss of $300.6 million. According to the security firm Certik, this is the second-highest monthly loss in 2024 so far. While May had...
Tanzania Reportedly Blocks X Amid Opposition Crackdown
1.9.2024
The East African nation of Tanzania has reportedly restricted access to the social media platform X (formerly Twitter). This ongoing outage has been confirmed by Netblocks, an internet observatory organization. The incident coincides with a police alert regarding alleged plans by the opposition...
Binance CEO Calls Nigeria’s Detention of Tigran Gambaryan Unjust
28.8.2024
Binance CEO Richard Teng has said that Tigran Gambaryan, a former U.S. federal agent working for Binance, has been unjustly detained in Nigeria for six months. Teng reiterated claims that Gambaryan’s physical and mental health has deteriorated significantly while in detention. The...
Former US Federal Agent Tigran Gambaryan Marks 6 Months in Nigerian Detention
27.8.2024
Tigran Gambaryan, a former U.S. federal agent and Binance executive, has now spent six months in Nigerian detention. Lawyers say he has been denied proper medical care, leading to severe health issues, including a herniated disc that has left him unable to walk. Additionally, his lawyers said that...