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Browsing: Blockchain technology
Digital assets have become increasingly important in business and commerce, given their growing adoption by institutions, businesses, and individuals globally. Thus, the impact of crypto assets on tax systems has become all but impossible to ignore. As the number of transactions involving crypto assets continues to rise, so does the need for governments to establish a clear policy on taxing such transactions. In such a context, the absence of a deliberate policy position is a policy decision with consequences for tax systems.…
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.…
- An infusion of new investments and regulatory transformations is shaping financial interactions and digital payments in Africa.
- Africa’s digital payments operations produced around $24 billion in revenue in 2020, comprising domestic and cross-border payments.
- For Africa’s digital transition to run smoothly, a cohesive environment that ensures investment and funding remains necessary.
Human commerce constantly seeks more efficient exchange mediums, and this innovation is currently intensifying. Consequently, how individuals pay for products and services has changed dramatically in the 21st century. Digital payments in Africa are gradually replacing cash, and cryptocurrencies and virtual currencies have lately emerged as substitutes for conventional money concepts.
Africa has kept up with, and in some instances led, technological advancement. An infusion of new investments and regulatory transformations is shaping financial interactions and digital payments in Africa. Cash remains king in Africa. However, research indicates that its dominance may be challenged in the future years as …
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.…
Nigerian presidential contenders must confront persistent insecurity, chronic unemployment, and a deteriorating economic outlook. Bola Tinubu outlined his vision before the Nigeria elections in 2023 in an 80-page paper released by President Muhammadu Buhari at a lavish ceremony on October 21, 2022.…
True to his word, the Independent Electoral and Boundaries Commission (IEBC) Chair Wafula Chebukati has emerged victorious from an all-front attack on the commission he chairs and where his mandate was to announce Kenya’s fifth president.
On Tuesday, August 9, 2022, Kenyans held national elections in a voting system that closely mirrored the Bitcoin blockchain. This technology has saved Kenya from what is usual in many African elections- massive vote rigging.
Despite Raila Odinga, one of the contenders disputing the election results, observers from within and outside Kenya were pleased with the process.
East Africa’s investment hub’s democracy has grown, and most African countries now look to Kenya for governance models. Women leadership was a major focus of the recently concluded exercise.…
- Digitalization brings new opportunities in trade and creates the potential to underpin resilience in times of crisis
- The digital transformation of customs and borders in Africa could improve efficiencies in processes and yield trade gains on the continent of US$20 billion a year
- Single Window can cross-check credentials for consistency and traceability, reducing errors and fraud
The digital transformation of customs and borders in Africa could improve efficiencies in processes and yield trade gains on the continent of US$20 billion a year.
Digitalization brings new opportunities in trade and creates the potential to underpin resilience in times of crisis.
The digital transformation of customs and borders in Africa could improve efficiencies in processes and yield trade gains on the continent of US$20 billion a year. With digital trade in place, pre-existing bottlenecks in infrastructure can be tackled, efficiencies can be leveraged, and Innovative solutions can be harnessed. However, countries in …
