Browsing: bitcoin

When CBDCs first came to the fore, many touted such a move as a game-changer in digital finance. Many had thought that the adoption of CBDCs in Africa would take the shape of the adoption of cryptocurrencies, where the region leads in many aspects. However, challenges remain. Lack of the requisite infrastructure, low levels of financial literacy, and operational and regulatory challenges have combined to contribute to low penetration and adoption rates for CBDCs.

The lack of adoption is a current failure point for many launched CBDCs. Nigeria’s eNaira had a million customers one year into its launch, a smattering of its 221 million population. The real challenge of CBDCs lies in developing a clear sense of purpose. African central banks must answer to the kind of role that CBDCs will play in the economy and financial systems.…

African countries’ attempts to form a common regional currency have proven futile precisely because of all the frameworks of laws that need to be revised and harmonized in the different countries. For example, the eco in West Africa and the shilling in East Africa.

Ghana and Nigeria have even gone ahead to create their central bank digital currencies, indicating their lack of belief in the workability of the eco.

What does this mean? In the next 100 years or more, Africa cannot create a common currency acceptable throughout the continent.…

• The trio bought bitcoins worth KSh5 billion (US$43 million) in the UAE, the United States and several other European countries, including at Kenya’s crypto exchange platform, BitPesa
• The three Nigerians were linked to Ksh25.6 billion (US$220 million) moved into Kenya between October and November 2020
• The Nigerians involved in the scandal are Mr Olubunmi Akinyemiju, Mr Eghosasere Nehikhare and Mr Olufemi Olukunmi Demuren
• From the US-based exchange Binance, the three bought cryptocurrencies worth $36,353,728 (Sh4.2 billion). They also went ahead to buy bitcoins worth $7,246,582 (Sh839.5 million) from Busha

On April 27, 2022, a report of a multi-billion dollar money-laundering syndicate surfaced from the asset recovery agency drawn from the financial crime and investigation unit, involving top companies and directors from both Nigeria and Kenya.
The culprits are said to have used bitcoin to secrete their transactions. According to a statement filed by European investigators, the Nigerians involved in the …

• Crypto experts predict that Ethereum (ETH) will surpass bitcoin (BTC) in market cap, and new market entries could look at the former as a better purchase.
• There is confusion among traders between buying, selling or holding (HODL) bitcoin
• A whopping 67 per cent of the experts in the panel agree that it is an excellent time to buy bitcoin, arguing that the currency is experiencing its lowest price for this year

Many people, especially those interested in joining crypto trading as newbies, are utterly confused about whether to buy crypto in these bearish conditions. Bitcoin, specifically, has been experiencing a downward trend since the digital currency hit its highest in November 2021, valued at US$69,000. As of April 29, the price of bitcoin was resting at around US$38,799.

After the weekend doldrums, the market pulled a good turnaround on April 25. Despite four weeks of downward action, Bitcoin popped its …

The legal tender title of bitcoin in the country implies the acceptance of cryptocurrencies as a legal means of payment in any transaction through specific rules and regulations. This means that no vendor, trader or organisation can deny service payment through bitcoin as illegal.

This move comes after several countries in the continent have restricted trading in bitcoin, and most of them are lukewarm about the market.

The legalisation of bitcoin in the first African country will transform the country’s infrastructure and facilitate the blockchain technology and web3 applications to thrive. With legalising cryptocurrencies, the Central African Republic is moving towards a new path of technological development and economic performance. This dynamic field is popular among investors worldwide and ever-present as full-fledged assets in the portfolios of the world’s largest financial players such as Microsoft, Meta and Amazon.…

• Cryptocurrency mining appears to be going in a different direction from the larger part of the world to fight carbon emissions
• The United States- where 35.4 per cent of bitcoin mining takes place-releases over 40 billion tonnes of carbon emissions annually, the equivalent of 9 million cars
• The University of Cambridge states that bitcoin generates about 132.48 terawatt-hours every year
• However, the cryptocurrency industry is looking to reduce 100 per cent of its carbon emissions by the end of this decade

There has been a debate about bitcoin mining facilities moving to Africa. The continent has the biggest potential to generate renewable energy sources, and the facilities will reduce saturation in the West and Europe.

Why renewable sources of energy? Bitcoin mining counts at the top of the world’s leading carbon-emitting industries!

Cryptocurrency mining appears to be going in a different direction from the larger part of the world to …

In October 2021 Nigeria became the first country in Africa and of among few in the world to issue a digital currency that was dubbed ‘eNaira’.

Financial experts say the digital currency issued by central banks cut transaction costs and increase financial inclusion.

Maurice Muhiza Rwamigabo, Head of Exploration & Coordinator at the Accelerator Lab (an innovation and technology lab) of the United Nations Development Programme (UNDP) in Rwanda, said in an opinion article titled ‘Should Rwanda adopt a national digital currency?’ that if Rwanda wants to restructure its financial system and position itself as an important player in the future global economy, it should systematically assess and take the steps needed to develop its own Central Bank Digital CBDC. 

“A CBDC would offer Rwandans a safe, free, and easy alternative to cash. It would expand financial inclusion by enabling more of the unbanked population to participate in the formal …