We for sure have been witnessing lots of good news and promising scenarios unfolding within the crypto market, but crypto explorers are not free from some low moods that may hit a market that is constantly developing. Although this week’s news digest doesn’t carry positive news only, we are still excited to see how the crypto market keeps changing and giving us more details to pay attention to.
Many African countries have been expressing their willingness to start popularizing this private-based e-asset. Africa has been experiencing a surge of interest in digital currencies for a long time now, but stablecoins particularly caught the attention of the DRC (Democratic Republic of Congo), Cameroon, and Congo Brazzaville. These three countries recently announced that they are working on strategies to upgrade their financial systems and started to develop national stablecoins on The Open Network (TON), a blockchain platform by Telegram that offers decentralized services and promotes fast transactions. It is expected that other African economies will follow the same path as blockchain technology keeps getting popular, attracting more investors to the continent and strengthening the crypto scene in multiple countries. We promise updated news digests as the stablecoin scenario keeps evolving.
Despite the setbacks in the market this recent week, Nigeria just announced new rules relating to the custody, exchange, and issuance of digital currencies in their territory. Almost two years ago, the Securities Exchange Commission (SEC) of Nigeria officially issued a document clarifying how e-assets would be treated and classified within the Nigerian economy and law. Now, the recent updates require exchange platforms and token issuance services to keep trust accounts with local receiving banks, a decision made aiming to legitimize crypto-related businesses and promote a new framework for other financial institutions in Nigeria to join the crypto world. Friendly reminder that Nigeria is currently one of the leading nations in crypto adoption worldwide, so we will see how these new regulations will impact their crypto venture.
Nigeria might be occupying a leading position in the crypto race, but countless nations have been peeking into the scenario to dig for opportunities. This Monday (17), the Central Bank of El Salvador gathered with banking representatives of 44 other countries to discuss crypto-related issues and strategies, and challenges of the digital economy. Many developing African nations were part of the list of countries that joined the discussion, including Angola, Ghana, Gambia, Namibia, Uganda, Guinea, Madagascar, Gambia, the Maldives, Kenya, Egypt, Nigeria, Senegal, Mauritania, and Congo. It is yet not clear the exact outcomes of the meeting, but some important topics during the conference were financial inclusion, banking strategies for unbanked citizens, crypto-related leadership, and widespread crypto knowledge. We might hear more highlights of the event soon but we can now wonder about its significance after such a big group gathered to talk about the myriads of the crypto world.
We have already mentioned that the Central African Republic recently surprised the world by announcing that it would be accepting Bitcoin as a legal tender. It is expected that the adoption of Bitcoin in the country will flow well, since now many economies have been dragging their attention to the possibilities involving cryptocurrencies, making the topic quite popular around the world. As information regarding this market spreads quickly, people have access to essential knowledge to understand (and eventually explore) the crypto world, which for sure help to guarantee a smooth transition into a crypto-friendly economy. It is expected that Bitcoin will become a popular payment solution in the near future, especially for people in CAR that are looking for ways to escape abusive taxes and fees. We are yet to see how CAR’s movement toward the crypto world will affect other neighboring economies, but we already have some examples that show the great potential of this movement. In El Salvador, for instance, when the country legalized the use of Bitcoin within its territory, the government invested in Bitcoin ATMs to make access to crypto-based payments and transactions easier. If CAR follows the example, we will soon be hearing great news from them and maybe also from other countries that may get inspired by their progress.
Our team is always digging for the most impactful updates in the crypto world and this week’s news for sure gave us some new niches to keep an eye on. We cannot predict where the market is heading, but we are online every day to follow up closely with its highs and lows. We share everything on our social media platforms; make sure you follow us to keep up with the latest crypto-related episodes!
Raymond Sze is the managing director of Solocas, a global gaming company. He is a serial entrepreneur with an eye for strategic marketing and a passion for e-gaming. Raymond brings over a decade of business experience from the e-gaming industry to KamPay, some of which includes his time as CEO to a global gaming company.