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Zambia De-Dollarization: Central Bank Seeks to Enforce Kwacha as Sole Legal Tender for Domestic Transactions
27.7.2024
The Bank of Zambia has defended its de-dollarization plans but also seeks input from stakeholders who oppose the proposal. The central bank governor clarified that they are not proposing anything new; instead, the bank aims to enforce existing laws designating the kwacha as the sole legal tender...
Study: AI Success in Africa Depends on Availability of Local Language Data and AI Talent
27.7.2024
According to the latest Global System for Mobile Communications (GSMA) study report, the success of artificial intelligence (AI) in Africa hinges largely on the availability of local language data and addressing the AI skills gap. The report urges African countries to prioritize investment...
Russia-Linked Banknotes Blamed for Libyan Dinar Plunge
26.7.2024
The Libyan dinar’s recent devaluation has been blamed on a flood of illicit banknotes exchanged for U.S. dollars. A report identified the Russian state money printer as a potential source of the banknotes, which the Central Bank of Libya has labelled counterfeit. Russia Linked to Illicit...
Giesecke+Devrient: Ghana CBDC Nullifies the Need for Multiple Intermediaries in Cross-Border Payments
25.7.2024
The recently completed proof of concept by the Bank of Ghana and the Monetary Authority of Singapore demonstrated that the latter’s central bank digital currency enables cross-border payments, excluding many intermediaries and associated costs. Giesecke+Devrient (G+D) stated that the proof...
How Solana is transforming cross-border agricultural trade
24.7.2024
AgriDex’s blockchain-based platform enabled a South African farm to complete a trade with a London importer, showcasing the benefits of onchain settlements
How Solana is transforming cross-border agricultural trade
24.7.2024
AgriDex’s blockchain-based platform enabled a South African farm to complete a trade with a London importer, showcasing the benefits of onchain settlements
AgriDex Settles First Agricultural Trade on Solana Blockchain
24.7.2024
AgriDex, a Solana-based marketplace aiming to bring the global agricultural market on-chain by tokenizing various crops has settled its first agricultural trade on the Solana blockchain, it told CoinDesk on Wednesday
South African Startup Neonomad to Launch Rand-Backed Stablecoin
24.7.2024
Neonomad, the South African hybrid exchange platform, is set to launch Zarcoin, a stablecoin tied to the South African Rand. This innovative stablecoin epitomizes the seamless integration of regulatory safety with decentralized efficiency. Neonomad’s platform will also facilitate multiple...
Nigeria’s Self-Proclaimed Crypto Billionaire Released From Police Custody
21.7.2024
The recently detained Nigerian self-proclaimed cryptocurrency billionaire, Linus Williams, has been released on bail. According to a controversial Instagram celebrity, Verydarkman, the crypto billionaire begged for release but is expected to answer for his alleged crimes soon. Self-Proclaimed...
Nigeria Acts to Defend Naira After Currency Hits New Record Low
21.7.2024
The Central Bank of Nigeria recently sold U.S. dollars to Bureaux de Change (BDC) at a flat rate of NGN1,450 per greenback. The central bank stated that eligible BDCs can sell the dollars to end-users at a margin of no more than 1.5% above the purchase exchange rate. The Nigerian apex bank...
IMF Warns Zambia Against Dedollarization, Calls Plan Counterproductive
20.7.2024
An International Monetary Fund representative has cautioned that Zambia’s proposed dedollarization initiative may inadvertently undermine efforts to contain inflation. The representative expressed concern that the prevailing economic conditions in Zambia are not conducive for the country to proceed...
Momint Secures Grant from Dfinity Foundation for Global Blockchain Expansion
19.7.2024
Momint, a Web3 startup, is poised for global expansion after securing a $50,000 grant from the Dfinity Foundation. This Swiss non-profit organization, known for its blockchain R&D, awarded the grant through the Internet Computer Protocol (ICP) Hub of Southern Africa. Momint plans to integrate...
Crypto Biz: Tether to track USDT usage, Cipher gets takeover offer, and more
19.7.2024
This week’s Crypto Biz also explores Tether’s new hiring, a takeover bid for Cipher, Grayscale new decentralized AI fund, Ether ETFs, and more
Africa’s Blockchain Funding Drops to 1.3% in 2023, Deal Share Rises – Report
19.7.2024
In 2023, Africa’s share of global blockchain venture deals rose marginally to 1.3%, but the continent’s total funding dropped from 1.6% to 1.3%. Only South America’s share of blockchain funding ranks below Africa’s share. The continent achieved an all-time high in blockchain venture funding deal...
South African Exchange Luno Leverages Fireblocks’ Enterprise-Grade Digital Asset Platform
19.7.2024
South African crypto exchange Luno has announced that it is integrating its platform with Fireblock’s enterprise-grade digital asset transfer platform. Aleks Andjelopolj suggested that leveraging Fireblocks means Luno users will experience the same immediate transaction settlement enjoyed...
South African Travel Fintech Turnstay Secures Funding for Regional Expansion from DCG, DFS Lab
18.7.2024
Venture capital firms DFS Lab and Digital Currency Group (DCG) recently invested $300,000 in Turnstay, a South African travel-focused fintech startup. Turnstay aims to simplify payment procedures for international travelers by leveraging a global network of compliant companies. New Investment...
AI Preparedness Index: South Africa Best Prepared African Country; Nigeria Ranks Outside the Continent’s Top 7
17.7.2024
The latest International Monetary Fund (IMF) Artificial Intelligence Preparedness Index reveals that only seven African countries have preparedness indices of 0.4 or more. South Africa leads the continent with a score of 0.5, while the Republic of South Sudan (0.11) and the Central African Republic...
Nigeria Police Arrest Self-Proclaimed Crypto Billionaire on Charges of Cryptocurrency Fraud and Terrorism Funding
17.7.2024
On July 16, the Nigeria Police Force confirmed the arrest of Linus Williams, a self-proclaimed crypto billionaire also known as Blord. Williams faces charges related to internet fraud, terrorism funding, and violations of the Central Bank of Nigeria (CBN) Act. According to a police spokesman, some...
African blockchain venture funding down 74% in H1 2024: CV Labs
16.7.2024
CV VC noted that Africa’s higher blockchain venture activity suggests a regional focus on blockchain solutions to address unique challenges
Uganda Presents Purchase Plan to Return to the Gold Standard
16.7.2024
Uganda is aiming to return to the gold standard at some extent with a purchase proposal that seeks to amass more gold to back its fiat currency, the Ugandan shilling. The Central Bank of Uganda will purchase gold from artisanal miners to support their activities and reduce raw gold imports. Uganda...