Tag: Africa

Nigeria’s Senate Summons Central Bank Chief to Explain Crypto Ban
Crypto News

Nigeria’s Senate Summons Central Bank Chief to Explain Crypto Ban

Nigeria’s Senate has summoned the country’s top financial regulators for a briefing after the central bank ordered local financial institutions to stop providing services to crypto companies and users last Friday.The Nigerian Tribune reported Thursday the Senate has mandated its banking committee to invite the governor of the central bank (CBN), Godwin Emefiele, and the director general of the Nigerian Securities and Exchange Commission, Lamido Yuguda, to appear at a time to be determined and explain the opportunities and threats of cryptocurrency. The Senate session discussing the issue was live-tweeted on the Senate’s official Twitter page.Last week’s CBN directive caused an uproar on social media, while local crypto advocates wrote to the bank asking for clarification on th...
China Leads Africa’s Digital Currency Race
Crypto News

China Leads Africa’s Digital Currency Race

In Africa, there is a race to define a digital currency standard for the emerging digital economy.So far, we have three dogs in this fight, with no case of a pan-African central bank digital currency either live or at pilot stage.Bitcoin, a form of decentralized digital currency with no issuer Facebook’s libra, now diem, a privately issued digital currency China’s DCEP, a digital version of China’s legal tender, the yuanOut of the three, China’s DCEP from the People’s Bank of China is the leading contender because of a sneaky 20 year head start. Since the mid 2000s, China has discreetly accumulated significant influence over Africa’s technology stack, close to 50% in the mobile handset and 70% in the mobile network layers.Michael Kimani is a creator at C...