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Weekly Roundup: Binance Smart Chain Announces 2022 Plans, Quidax Launches Rebranding & More

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In this week’s news roundup, you’ll read about Binance Smart Chain announcing its development plans for the year 2022, Quidax launching its new brand identity, and other top crypto stories.

Binance Announces its 2022 Development Plans

Binance Smart Chain (BSC) announced its development priorities for 2022. In its outlook for the year dubbed ‘BSC 2022: Build and Build’, BSC stated that community building, multi-chain and cross-chain solutions, and scalability will be top priorities.

BinanceOver the course of the year, the BSC community plans to grow its ecosystem from ‘one chain’ to cross-chain and multi-chain.

The BSC core team believes that for a decentralised application (DApp) with massive users, multi-chains and cross-chain will be the solution.

The cross-shard and cross-chain/multi-chain interoperability will be the key topics of 2022. The BSC core team plans to achieve this by implementing new technologies on BSC and via BAS (BSC Application Side Chain) and BPC (BSC Partition Chain) infrastructure layers. Besides the processing power of BSC, more validators will be joining the block production of BSC in 2022.

Speaking on the company’s development plans, Samy Karim, BSC Ecosystem Coordinator, said, “After prolonged periods of ATH network transactions and huge user engagement, we focused on increasing the scaling architecture. Whilst the learning curve has been very steep, we are very excited for the road ahead. These potential improvements will benefit not only BSC but also the broader EVM compatible ecosystem.”

Along with scalability, Binance plans to empower the BSC community as well as grow a crypto-native talent pool. This will be achieved through developing open-source technology, events, funding, and talent development.

Quidax Announces the Launch of its New App and Website

Quidax AppQuidax, a leading cryptocurrency exchange, announced the launch of its new app and website on Tuesday in addition to a refreshed brand identity.

According to Quidax, the launch of the new app was a result of feedback that they had collected from their customers over several months in order to deliver a simpler and better experience to their customers.

Besides the improved user experience, the app has new features, such as markets, instant swap, price alerts as well as a learn more section.

The new app launch also saw Quidax unveil a fresh brand identity that the company’s CEO and Co-Founder, Buchi Okoro, associated with the need to give their visuals a modern look that mirrors their African roots.

The news comes at a time when the African founded crypto exchange had in 2021, carried out more than $3.2 billion in transactions just under three years in operation.

Binance Becomes Official Sponsor of Nigerian Idol Season 7

In a move to continue its mission to drive blockchain and mainstream crypto adoption across Africa, Binance announced that it will be the official sponsor of the seventh season of Nigerian Idol. The Nigerian Idol is a spinoff of the popular music competition TV series, Idols.

Nigerian IdolThe famed music show will kick-off with a series of auditions with the musical contestants judged based on their creativity, strength of voice and stage performances. After multiple audition rounds, 50 contestants will proceed to ‘Theatre Week’ and subsequently, 10 contestants will be picked for the live performances which will air on Dstv and Gotv platforms. The show will commence on February 6, 2022 and will be hosted by popular radio and TV personality, IK Osakioduwa. This sponsorship deal will make Binance the exclusive cryptocurrency & blockchain sponsor for the show.

In a world of diversity, music scales through differences and unites people of contrasting backgrounds. As such, it is a thrilling opportunity to sponsor the popular musical competition, Nigerian Idol as it is another step in our efforts to drive the mainstream adoption of crypto. Nigerian music continues to take centre stage globally and it’s never been a more exciting time to support this,” said Emmanuel Babalola, Director of Binance Africa.

The news comes barely two weeks after Binance announced it had become the official sponsor of AFCON 2021, making it the first time the crypto exchange would sponsor a large-scale football event.

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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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