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Weekly Roundup: Cardano Foundation Donates to African Novel Project, Seychelles Transfers Highest Volume of Bitcoin

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Cardano Foundation Donates to African Novel Project

In this week’s news roundup, you will hear about Cardano’s donation to an African graphic novel, Paxful’s adoption of a naira-based stablecoin, and more.

Cardano Foundation Donates to African Trust Graphic Novel

The Cardano Foundation donated in ADA to Trust, a pan-African novel that aims to spread awareness about blockchain technology and its ability to offer financial freedom. The novel will use graphics to tell a story of a woman that uses the blockchain to transform her community.

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Chief Nyamweya and Anne Connelly are the writers and illustrators of this novel and will publish it in early 2021. Chief Nyamweya is a novelist and illustrator from Kenya, while Anne is a Canadian blockchain educator and tech entrepreneur.

The woman in the story, Moraa, travels back home to Wahengaland. There, she finds out that her community is at the mercy of her corrupt Uncle Max. To save them, she has to use blockchain technology.

“By using storytelling to educate readers about blockchain technology, we hope to inspire millions of African youth to imagine alternative futures. Trust also empowers African youth to create these futures by providing them with the training and tools to implement blockchain. Trust graphic novel will help African youth become the next generation of crypto users, entrepreneurs, and developers,” Chief Nyamweya said.

Speaking about the donation, Nathan Kaiser, the Chairperson of the foundation, said: “Education is key to the adoption and proliferation of blockchain technology, and engaging visual arts like the Trust graphic novel are powerful tools for reaching a large and diverse audience. The Cardano Foundation’s interest in the African continent extends far beyond commercial applications for the Cardano protocol.”

The book will be available in print and a mobile-first digital format. Moreover, the book will be accessible on online blogs and other learning resources.

Seychelles Transferred the Highest Volume of Bitcoin in H1/2020

According to a report from Crystal Blockchain, Seychelles received and sent $64.46 billion and $80.47 billion in bitcoin, respectively. That was the highest transfer amount recorded in the world in the first half of 2020.

Seychelles

The report, titled International Bitcoin Flows Analytics, also indicates that G20 countries transferred 45 percent of the bitcoin volume moved between exchanges. On the other hand, Seychelles transferred about 31 percent of the total volume of bitcoin exchanges in H1/2020. A large part of this volume comprises of Binance and Huobi transactions.

Furthermore, another report from CipherTrace reveals that Seychelles hosts 75 percent of Africa’s KYC-deficient virtual asset service providers (VASPs). Also, Africa hosts the highest number of VASPs with weak KYC processes followed by Europe and North America. Note that 72 percent of VASPs in Africa are located on the island nation.

VASPs

The report highlights that weak and porous KYC processes could increase the chances of money launderers and cyber criminals exploiting a financial platform.

Paxful Collaborates with BuyCoins to Add Nigerian Stablecoin as a Payment Method

Young AfricansPaxful has collaborated with BuyCoins Africa to add the Naira-backed token (NGNT) as a payment method on the P2P marketplace. As a result, Paxful users can now buy and sell BTC and USDT with NGNT.

Paxful CEO Ray Youssef said: “With the Naira Token, users can perform fast, publicly-verifiable, and borderless transactions with a fiat equivalent, which is important to our users. Moreover, Nigeria is one of Paxful’s leading markets. We are excited to partner with BuyCoins to make this payment method available on our platform.”

Paxful had earlier announced its plans to add stablecoins on the platform. So far, the marketplace supports USDT and is now adding NGNT.

BuyCoins Africa is a crypto exchange based in Nigeria that supports the Naira Token. Through its app, users can buy, sell, receive, send, and store ETH, BTC, and LTC. According to the exchange’s CEO, Timi Ajiboye, the partnership is exciting news for the NGNT community.

“It opens up new opportunities and use cases for NGNT. Additionally, it will help increase the trading activity within the crypto ecosystem in Nigeria. Built on the world’s leading smart contract platform, the Ethereum blockchain, whose open-source and transparent stablecoin framework allows fiat to interact with smart contracts, gives cryptocurrency dealers the ability to transact with the Naira across the blockchain,” he said.

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Weekly Roundup: Africa’s Cassava Network Partners with UniPass to Expand Crypto Adoption in Africa & More

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Cassava Network Partners with UniPass

In this week’s news roundup, you will read about Cassava Network, an African Web3 platform that has partnered with UniPass to advance crypto adoption in Africa, and more.

African Web3 Platform, Cassava Network, Partners with Self-custody Crypto Wallet to Expand Crypto Adoption in Africa

Cassava NetworkCassava Network, an African Web3 platform with a focus on gaming, non-fungible tokens (NFTs), and rewards, has announced the launch of the third version of its platform that features integration with UniPass, a non-custodial smart contract, enabling users to use their email addresses instead of seed phrases and gas. 

The partnership will enable Cassava Network to onboard Africans from Web2 to Web3 as users will be able to create Cassava accounts and automatically sign up to UniPass where they will be able to send, receive, and store on-chain digital assets across various Ethereum Virtual Machine (EVM) blockchains. 

Speaking about the launch of the new platform version, Mouloukou Sanoh, Co-founder of Cassava Network, said, “Cassava v3 serves as a bridge for global Web3 businesses to connect with African Web2 users.”

Sanoh went ahead to mention that 90 percent of the partners engaging with the community feature of the new version are African businesses. 

Benjamin Obenze, Cassava Network’s Business Developer, in an interview said that African users and businesses will be able to use the new platform version to enter Web3 spaces. 

Nigeria Leads the African Continent with Crypto Leverage Searches on Google

According to an analysis of Google searches done by Leverage Trading, Nigeria scored the second-highest globally (94) for searches related to crypto leverage in the last five years. 

Singapore is the only country that outscored Nigeria with a score of 100 regarding searches but with more emphasis on transactional searches like ‘how to leverage trade crypto’. South Africa and Ghana follow Nigeria closely as both countries have also dominated Google searches for the term ‘trade crypto.’ 

Despite Nigeria leading in the crypto leverage searches and South Africa and Ghana following closely, Leverage Trading established that Africa still lags behind when it comes to searches for the term ‘stock leverage.’ 

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Weekly Roundup: Kenyan Senate in Discussion with CBK to Legalise Bitcoin & More

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In this week’s news roundup, you will read about the Senate initiating talks with the Central Bank of Kenya to develop policies on digital assets, Zambia’s move to test the tech it desires to use for crypto regulation, and more. 

Kenya’s Senate to Hold Discussions with CBK to Legalise Digital Assets

The Committee on Information, Communication & Technology, under the Senate of the Republic of Kenya, has made its intention known that it will engage the Central Bank of Kenya (CBK) and other stakeholders to develop policies on the use of crypto assets and virtual service providers in the country.

The news was shared on the official Twitter page of the Senate of Kenya. The committee is keen on facilitating the development of a crypto regulatory framework that can enable Kenyans to carry out safe and secure crypto transactions. Moreover, the committee also noted that having regulations on cryptocurrency use in the country will help Kenya to harness the benefits of financial innovation while curtailing the risks associated with digital assets. The committee also stated that it is committed to accelerating the implementation of the country’s Central Bank Digital Currency (CBDC). 

Despite these new developments, the CBK hasn’t outrightly changed its stance on virtual currencies like Bitcoin not being a legal tender. However, the CBK, in 2022, published a discussion paper calling on Kenyans to share their opinions on CBDC as it looked to explore the potential implementation of a CBDC. 

Zambia Testing Technology for Crypto Regulation

The Bank of Zambia and the country’s securities regulator are currently testing technology to allow for the regulation of cryptocurrencies. The news was shared by Zambia’s Technology and Science Minister, Felix Mutati, on the ministry’s website in a move that is aimed at achieving an inclusive digital country.

Speaking about the news, Mutati stated that cryptocurrency is the future that the country desires to achieve,” but a policy framework is required to support this “revolutionary technology.” He went ahead to state that the testing of the technology that will potentially be used to regulate cryptocurrencies in the country will be upscaled in due time as part of deliberate efforts to achieve an inclusive digital economy in the country.

In addition, the minister also claimed that Zambia aspires to become a technology hub in Africa by developing digital infrastructure and attracting investments in the sector. 

South African Startup Momint Keen to Boost Electricity Generation Utilising Blockchain-Based Solution

Momint, a South African startup, recently announced that it had launched a blockchain-powered solution that can alleviate the country’s energy distress by installing more rooftop solar systems in public institutions such as schools and hospitals. 

The company has so far piloted the solution at one local school – Delmas High School – in Mpumalanga Province, South Africa, according to a news report published by News 24. According to the report, investors who are keen to participate in the project can do so by acquiring non-fungible tokens (NFTs) that are linked to solar cells and retail for just under $9. 

The solar cells will then be leased to institutions that agree to buy the generated electricity through a standard power purchase agreement. 

Speaking of his company’s solution, Ahren Posthumus, Momint’s CEO, said, “We are a technology company that’s trying to build for the next 15 years, but what we realized is we can’t build a technology company in a country that doesn’t have electricity.”

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Weekly Roundup: South Africa Introduces New Cryptocurrency Standards to Advertising Code & More

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In this week’s news roundup, you will read about South Africa’s new clause on its advertising code targeted towards the cryptocurrency sector and more.  

South Africa Introduces New Cryptocurrency Standards to Advertising Code

The South African Advertising Regulatory Board (ARB) has introduced a new clause targeted at the crypto industry and aimed at protecting consumers from unethical advertising. 

According to the new clause introduced to Section III of the country’s advertising code, both companies and individuals in South Africa will be required to abide by certain advertising standards in relation to the provision of crypto products and services. The first clause makes it mandatory for adverts, including crypto offerings, to clearly express that crypto investments may result in the loss of capital given the volatile nature of cryptocurrencies. In addition, crypto adverts should not contradict warnings about potential investment losses that investors may face. 

The clause also went ahead to emphasize that adverts for particular services and products must be explained in an easily understandable manner for the target audience. Advertisements must also have balanced messages around benefits, features, returns, and risks associated with the particular service or product. 

Rates of returns, projections, or any kind of forecasts must also be sufficiently substantiated, including how they are calculated and what conditions apply to touted returns. Moreover, any information relating to a crypto product or service’s past performance will not be used to promise future performance or returns, and should, therefore, not be presented in a way that creates ‘a favourable impression of the advertised product or service.’

The clause went on to state that adverts from crypto service providers who aren’t registered credit providers should not push for the acquisition of digital currencies using credit. However, this does not prevent the advertising of associated payment methods provided by crypto service providers. In the same breadth, brand ambassadors and social media influencers will also be expected to comply with certain advertising standards, such as sharing factual information and not offering advice on investing or trading in crypto assets as well as the prohibition of promises of benefits or returns. 

Central African Republic Keen on a Legal Framework for Cryptocurrency Adoption

Central African RepublicCentral African Republic (CAR) has set up a 15-member committee that will be responsible for developing a bill on the use of cryptocurrencies and tokenization in the region.

Once developed, the legal framework will enable cryptocurrencies to operate in the Central African Republic and expedite the development of the country’s economy. CAR’s President, Faustin-Archange Touadéra, believes that digital currencies will help eliminate the country’s financial barriers and build a business-friendly environment that’s supported by a legal framework for crypto usage in the country. 

He went on to say, “With access to cryptocurrencies, the monetary barriers existing until now will disappear, the main objective of the measures adopted by the government being the development of the national economy.”

The committee tasked with drafting the crypto bill comprises 15 experts from five different ministries of CAR, including the Ministry of Mines and Geology, the Ministry of Waters, Forest, Hunting and Fishing, the Ministry of Agriculture ad Rural Development, the Ministry of Town Planning, Land Reform, Towns and Housing and Ministry of Justice, Promotion of Human Rights and Good Governance.

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