Cryptocurrency

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.…

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  • Traders holding the Cardano token will obtain loans of up to 70 per cent of the ADA tokens they hold.
  • The concept of decentralization and blockchain technology can replace traditional financial services such as commercial banks. Cryptocurrencies can also be used as an investment tool, and so can Cardano (ADA). 
  • The government of Ethiopia and Cardano Development had sealed an agreement to introduce 5 million secondary school students and 700,000 teachers on the Cardano blockchain app.
  • The downside of taking loans on Cardano is that the borrowers will have to self-manage the risk of the fluctuating Cardano price.

Cardano (ADA) is proof to take blockchain led by Ethereum co-founder Charles Hoskinson. Charles initial purpose in designing the token Cardano was to create competition for the Ethereum token. Cardano launched on September 29, 2017, after two years of development.

Cardano combines pioneer technologies to provide unparalleled security and sustainability to decentralized

The Central Bank of Kenya added that all countries in the region needed to participate in flattening the multi-layered correspondent banking structure and shortening the payment chains for a digital currency to work.

The development of CBDCs has been on the rise. According to a 2021 survey of central banks by the Bank for International Settlements (BIS), 86 per cent of central banks are in the process of researching the potential for CBDCs, 60 per cent are experimenting on them, and 14 per cent were deploying pilot projects.

The CBK has maintained the cryptocurrency ban and has not issued a digital currency due to concerns about the risks of a CBDC.…

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.”…

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.…

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.…

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.…

Whether Nigeria and Ghana will abandon their digital currencies and jump on the Eco train is an unclear narrative, but it appears unlikely because of the significant investments put into them and the optimism by the governments to embrace digital transformations.

Nigeria had banned cryptocurrency transactions in February last year which increased the popularity of the eNaira as an alternative for cross-border trade and remittance inflows.

eNaira critics say that the solutions being offered by the digital currency are already existing in online banking and bank card transactions. …