News Digest - Crypto Adoption
December 3, 2021
Another week is coming to an end, so let's close it up with yet another News Digest. As always we gathered the news you can’t miss out on what is happening in the African cryptosphere. Starting with great news coming from Tanzania.
As we expected, governments are realizing the potential of crypto and after several months of investigating cryptocurrencies and blockchain, Tanzania’s central bank is now planning to launch its central bank digital currency (CBDC) as it is anxious not to be left behind amid the global rise and the increasing adoption of cryptocurrencies.
The revelation was made by Central Bank of Tanzania Governor, Prof Florens Luoga, while speaking at a 2-day Conference of Financial Institutions in Tanzania held last week. The conference was also attended by Tanzania's President, Her Excellency Samia Suluhu. Speaking about the Tanzanian CBDC, the Governor said:
“To ensure that our country is not left behind by the adoption of central bank digital currencies, the Bank of Tanzania has already begun preparations to have its own CBDC.”
Additionally, governor Luoga revealed that they are still researching cryptocurrencies and they will issue regulations once research is complete. The Central Bank governor in November 2019 warned the public to be cautious when trading in cryptocurrencies saying they are not authorized in the country.
Several other countries have already taken concrete steps or announced their intentions to launch a CBDC in the future. The Bahamas became the first country in the world to publicly avail its own central bank digital currency (CBDC) in October 2020, while Nigeria was the first in Africa
Speaking of Nigeria, let’s look into crypto growth as the leading blockchain ecosystem and crypto exchange provider Binance, is expanding the horizons of cryptocurrency acceptance in the country. The firm believes that the best way to quickly get Nigerians to begin accepting the benefits of the blockchain technology is by getting real idols and entertainment icons to drum it home.
As a result, it recently signed on three of the Big Brother Naija ‘ Shine Ya Eye’ season 6 ex-housemates as brand Ambassadors. Binance says the partnership is in continuation of its mission to drive crypto adoption and promote financial freedom for Africans.
The Ambassadors will help drive mainstream crypto adoption by educating people with little or no knowledge of crypto through Binance masterclasses, social media posts, videos and the general interaction with the audience. Binance Director for Africa, Emmanuel Babalola added that the trio were expected to take crypto mainstream across the African continent.
He said, “Our goal is to make people understand crypto and ease the process of bringing it into their daily lives. One of the things we have seen is how these influencers and their stories embody the spirit of entrepreneurship, hard work and lifestyle of the everyday Nigerian.”
“We have a shared goal of empowering more Africans with the knowledge and resources they need to achieve financial freedom, so it’s a perfect fit and teaming up with them is a big win,” Babalola added.
Through the year, Binance has continued to build core facets of the blockchain ecosystem and bring new services and financial opportunities to Africans. By working with some of the most famous stars in the country, it intends to further drive its efforts to the mainstream.
Next up, Harmony has approved the funding for Harmony’s Africa DAO. The company aims to strengthen the Harmony ecosystem in Africa. The true value of blockchain is often compared to the speculative nature of crypto. But blockchain technology can play a major role in Digital Identity, Transparent Governance, and better Data Management. In other words, Harmony DAO aims to bring the blockchain into the mainstream. It will achieve this mandate through the following means:
It will aim to improve technical understanding of Harmony among African developers.
Offer Technical and non-technical training
Tech for good
Enhance remittances across borders
NFT campaign for biodiversity conservation
Lastly, we have European cryptocurrency exchange CoinField announcing the launch its native Coin "CoinField Coin" (CFC). CFC will play a central role in CoinField's ecosystem across the 186 countries in which they operate including in Nigeria, where CoinFields strategic partner, Tingo Mobile PLC is Africa's largest agri-fintech with almost 10 million customers.
Coins from centralized crypto exchanges are popular because, unlike the vast majority of crypto coins and tokens, these coins have a verifiable use case: they allow lower-cost access to trading crypto, fiat and, more rarely, other goods and services. CFC will be in a unique position because together with Tingo, they’ll have over $20 billion a year in transactions that could make use of the CoinField Coin.
That is everything we’ve prepared for you this week. Make sure to keep an eye out for upcoming news and don’t forget to follow us on our social media, so you don’t miss out on the updates on the project, as well as a lot of fun content coming your way.
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