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Weekly Roundup: Nigerian Musician “FALZ” Launches Exclusive NFT Collection & More




In this week’s news roundup, you’ll read about Nigerian entertainer, Falz, launching his NFT collection, Quidax’s partnership with Don Jazzy, Africa’s biggest music producer, and more.

Nigerian Musician Folarin “FALZ” Falana Launches Exclusive NFT Collection

Falz Falana

Nigerian musician and actor, Folarin Falana, popularly known as Falz, has today launched his exclusive non-fungible token (NFT) collection on the Binance NFT Marketplace.

The limited NFT collection will feature NFTs exploring the various roles he has played during the course of his career, which is in line with the release of his new single, ICE CREAM.

Holders of the purchased NFTs will have access to Falz’s fan club, his exclusive new music, shows, events, and limited-edition merchandise, among other stuff. This unique collection will enable fans to have a rare glimpse into Falz’s creative mind.

Speaking about the launch of his collection, Falz said, “I am really excited about the NFTs because I feel like it is something that people are going to love.”

The launch of this NFT collection will provide Falz with a chance to build an even stronger community around his fans as well as to connect and reward them like never before.

Quidax Announces Partnership with Music Producer Don Jazzy and Unveils Him as its Brand Ambassador

QuidaxAfrican cryptocurrency exchange, Quidax, has announced its partnership with Africa’s biggest music producer, Michael Collins, popularly known as Don Jazzy. Don Jazzy is the CEO and founder of Mavin Records.

The news comes after the crypto exchange has launched an online campaign last week with #TheQuidaxCall and saw a list of Nigerian celebrities such as Bisola Aiyeola, Chef Fregz, Diane Russet, Timini Egbuson, among others, take part in.

Speaking on why Quidax was partnering with Don Jazzy, Quidax’s CEO, Buchi Okoro said “Don Jazzy has been such a great personality and is someone that I have looked up to for a long time. He has been able to build a record label when it seemed impossible. But the best part is that Don Jazzy is passionate about crypto and also owns crypto assets.”

The unveiling of Don Jazzy as Quidax’s brand ambassador comes at the backdrop of Quidax’s recent listing on CoinMarketCap and its recently launched crypto academy.

Kenya’s Central Bank Governor Reveals Over 50% of Kenyans Would be Locked Out of CBDC-Based Finance System

In a recent TV interview, Patrick Njoroge, Kenya’s Central Bank (CBK) Governor, revealed that implementing a Central Bank Digital Currency with 4G technology would potentially lock out over 50% of Kenyans who have feature phones that support 2G and 3G technologies. This, even as the CBK continues to gather views from the public around CBDC.

Njoroge went on to add that CBDCs will most likely not be the go-to solution to have the 17% of Kenya’s population that is currently out of the financial system included due to lack of digital identification, cultural and gender issues, as well as lack of mobile phones. As such, Njoroge indicated that they were not in a rush regarding the CBDC and that they might even decide to pause the idea.

He also went on to reveal that the CBK hasn’t yet decided whether to adopt a retail CBCDC – available to the general public – or a wholesale CBDC – available to financial institutions.

Sudan’s Central Bank Issues Warning Against Crypto Use as Sudanese Pound Depreciates

The Central Bank of Sudan has issued a warning to its citizens on the use of cryptocurrencies, such as bitcoin, citing that it is not legal money.

In its warning, the country’s central bank said that crypto has several high risks linked to it including financial crime, loss of value (volatility), electronic piracy, and the fact that they are not classified as money in accordance with the country’s regulations.

The crypto warning comes as the country’s economy continues to suffer since the military coup in October 2021, which saw inflation soar to 360% in 2021 before slowing down to 260% in February of this year. Moreover, the warning might also be fuelled by the increased adoption of cryptocurrencies, seeing that the Sudan Pound has continued to depreciate against the dollar.

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



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



kenya legalise bitcoin

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



south africa cryptocurrency advertising

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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