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Weekly Roundup: Binance Becomes Partner of the 64th Annual GRAMMY Awards & More

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In this week’s news roundup, you’ll read about Binance’s partnership with the Recording Academy, Tanzania’s push for clear acceptable global guidelines on crypto assets and CBDCs, and more.

Binance Becomes The Official Cryptocurrency Exchange Partner of the 64th Annual GRAMMY Awards

Binance has become the first-ever official cryptocurrency exchange to sign a partnership with the Recording Academy to become the partner for the 64th Annual GRAMMY Awards and GRAMMY Week events, including the inaugural Recording Academy Honors celebration.

Speaking about the partnership, Panos A. Panay, the Recording Academy Co-President said, “As we continue to evolve the Recording Academy for a rapidly changing music industry and for the next generation of creators, we feel that it’s important to work with innovative partners to explore new monetization avenues for our members and create new experiences for music fans. As the leading player in the crypto and blockchain space and with its community-focused approach, Binance is the perfect partner for the GRAMMYs and for our mission to empower music people around the world.”

As the GRAMMY’s official crypto exchange partner, Binance will work with the Recording Academy throughout the year to introduce different Web3 technology solutions and experiences to the organization’s events, initiatives, and members.

Yi He, the Binance Co-Founder, said, “Starting with the GRAMMYs, we are excited to work together with the Recording Academy to bring fresh new experiences powered by blockchain and all the great things Web3 technology can bring to entertainment.”

Additional details about the partnership will be announced at a later date.

Tanzania Hosts Talks on Cryptocurrencies in Partnership With the International Monetary Fund

Tanzania’s top financial sector officials have asked for a clearer universal consensus on crypto assets and Central Bank Digital Currencies (CBDCs) as the nation continues to study the direction to take in the crypto space.

bitcoin in TanzaniaThe request was made during a regional conference that was hosted by the Bank of Tanzania and the International Monetary Fund (IMF) on Tuesday.

Mwigulu Nchemba, Tanzania’s Finance and Planning Minister, said that both topics needed to be discussed more in-depth before the country could decide on the way forward. The two-day virtual convention that continued through to Wednesday, had been specifically organised for Anglophone countries in the Sub-Saharan region to gain more insights on issues such as financial inclusion and integrity, digital and cybersecurity risks, legal issues and interoperability in relation to CBDCs and cryptocurrency dealings.

According to Dr Nchemba, the Bank of Tanzania is “finalising preparations of a business case for establishment of a CBDC in Tanzania and evaluation of crypto assets after recording significant progress” in formalising digital financial services.

The IMF, on it’s part, said that central banks in each country are expected to decide their own main objectives before embracing CBDCs. According to Bo Li, IMF’s Deputy Managing Director, “there is no across-the-board formula for all countries.” He went on to say that the main focus for IMF in the global cryptocurrencies debate is to push for the establishment of a “strong, comprehensive and consistent regulatory framework” for dealings in crypto assets.

In addition, the IMF said that it neither encourages nor discourages countries to issue CBDCs but only works to provide technical assistance to countries that opt to do so on design features that support public policy objectives alongside competitive, efficient, and resilient payment systems.

Crypto Exchange FTX Set to Launch in West Africa

Cryptocurrency exchange FTX is set to start rolling out its platform in Africa in the next few weeks. The news comes barely a month after FTX partnered with Kenyan-based fintech firm, AZA Finance, in a bid to expand Web3 in the African continent.

In an interview on Tuesday with Elizabeth Rossiello, the founder of AZA Finance, FTX will first be launched in West Africa before expanding into other markets within the African region. FTX plans to offer its products to the African continent thanks to the continent’s rapidly growing population and it also being a host to some of the world’s fastest-growing economies.

Rossiello went on to add that the platform will be launched in three African countries in the coming months and within the next two years, the two companies hope to be operational in all major and secondary markets in Africa.

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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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