Thursday, April 18

Cryptocurrency

crypto mining hub

An efficient crypto mining industry can generate more job opportunities in Africa as the demand for miners, blockchain specialists, and technology specialists increases, . This encourages nations to enhance their energy and technological capacities to support crypto operations. These enhancements can considerably benefit other industries and the economy as a whole.

African nations must embrace the chance to become a crypto mining hub. This can aid in the digital economy’s growth, citizens’ financial standing, and the infrastructure for energy production. Consequently, African governments can invest in cryptocurrencies to acquire alternative funding sources for developing renewable and alternative energy sources.…

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Blockchain technology

Africa is a strong contender for developing technologies such as blockchain and cryptocurrency owing to the continent’s growing mobile tech adoption rates. Considering the turbulent global financial markets, expensive remittance costs, and restricted banking access, blockchain in Africa offers alternatives to tackle their day-to-day issues.…

Unicef to issue funding in bitcoin and ether cryptos. www.theexchange.africa

Cryptofund is part of UNICEF’s innovation fund, which allows the organization to hold, receive and disburse funds in cryptocurrency. The CryptoFund is a pooled fund of bitcoin and ether, distributed only in crypto, targeting to create visibility and transparency accounting to donation distribution and investment processes.

CyrptoFund will facilitate startups registered in UNICEF’s 190 programme countries as a prototype Fund that seeks to explore the use of digital currencies in these countries. Forty-one of the nations are African.

Startups registered in the 190 countries and have an operational, open-source blockchain prototype or are willing to make their startup open source are eligible to get the fund.…

Binance says the 281 accounts banned in Nigeria will be resolved in two weeks. www.theexchange.africa

Recently, many Nigerians trading on the Binance platform complained about initiating or completing transactions.

Some of the affected persons have taken to social media calling out crypto for “targeting Africans, especially Nigerians”, as their accounts have been suspended for reasons oblivious to them.

Some users say that they have been told to contact the Federal Bureau of Investigation (FBI) and New York Police Department to resolve transactions issues, a situation they claim to be absurd.…

CBK Governor Patrick Njoroge firm on crypto trade ban in the country. www.theexchange.africa

The CBK has also issued circulars to local commercial banks warning them against dealing with cryptocurrencies transactions or face penalties for non-compliance.

The last circular was issued in 2018 and has remained in action up until now.

While delivering the monetary policy announcement where the monetary policy committee retained the base lending rate at seven per cent for the 12th time, Dr Patrick said that their position had not changed on any of the crypto products in the market.…

Jack dorsey (left) and rapper Jay z dumps 500 bitcoins in Africa. www.theexchange.africa

Twitter founder Jack Dorsey appointed four Africans to sit on Btrust (Bitcoin Trust) board on December 15, 2021.

Btrust is an initiative co-founded by Jack and the United States singer, Jay-Z, to deploy 500 bitcoin to develop and foster the currency in Africa and India.

Ojoma Ochai, Obi Nwosu, Abubakar Nur Khalil and South African Carla Kirk- Cohen. There were 7,000 applications interested in the same positions. The application form for board members established a mission to “make bitcoin the internet’s currency.”…

An African artist working on an NFT. NFTs are assets in the digital world that can be bought and sold just like any other piece of property. www.theexchange.africa

Non-Fungible Tokens (NFTs) are the new opportunity for anyone with anything they can monetise and an access to the internet to reap the benefits of minting money on the World Wide Web.

NFTs are “One of a kind” digital assets that can be traded like any other piece of property, but NFTs do not exist in any tangible form. It is possible to think of virtual or real assets as tokens that may be exchanged for tokens.

Therefore, an NFT is a digital title for a piece of content that may be sold on auction sites but is non-returnable because it is unique and irreplaceable. Because of this, its value fluctuates and it is useless as a means of exchange. Cryptocurrency and blockchain are the foundations of NFTs.…

Bitcon falls by 29% as $2.5 billion of Crypto is liquidated. www.theexchange.africa

The Crypto market in the world is looking ugly.

The bitcoin price fell to a three-month low on January 10, accelerating the slide that started when the Federal Reserve ignited a broad sell-off worth US$300 billion. The bank cautioned that it might move more quickly than previously expected to reverse policy meant to reinforce the economy during the Coronavirus pandemic.

Experts predict that the latest crypto fall will persist for weeks in the Federal Reserve measures continue to be more aggressive.…

An e-coin. E-money has been offering payment avenues to customers who have no access to banks. www.theexchange.africa

The question is, what if one day you went to pay for expenses with your card or mobile app and it returned an error message? Or was your service provider that issues your money declared bankrupt? Scary, right?
Recently, customers have been converting their regular traditional money into e-money. Service providers have enabled the transfer of electronic money to banks, from person to person, and for making payments.
For regulators and supervisors that control the protection of consumers’ e-money and digital currencies, coming up with legal bindings and restrictions in the fast-changing sector has become very challenging. These regulators and supervisors must devise ways to protect customers from a possible system failure and ultimately prevent them from losing their funds.…

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