Emerging Markets

Kenyan Remittances Surged by 20% in H1, North America and Europe-Based Diaspora Contribute Over 80%

<div class=”featured_image_container”> </div> <strong>According to the latest data from the Central Bank of Kenya (CBK), diaspora remittances inflows to the country surged to $1.75 billion in the first six months of 2021. This figure represents a nearly 20% increase from the $1.46 billion recorded in the same period last year. </strong> 2021 Inflows Set to …

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Tanzania Announces Plans to Create Blockchain Advisory Team as Country Moves to Adopt Crypto

<div class=”featured_image_container”> </div> <strong>In a follow-up to Tanzanian President Samia Suluhu Hassan’s call for cryptocurrency action, a government minister has now announced plans to set up a crypto advisory team. This team, according to the Information and Communication Technology (ICT) minister Faustine Ndugulile, will consist of not more than 10 experts. </strong> Advisory Team to …

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Africa Will ‘One Day Have a Common Currency’ Says Secretary General of African Continental Free Trade Area

<div class=”featured_image_container”> </div> <strong>The secretary-general of the African Continental Free Trade Area (AFCFTA) secretariat, Wamkele Mene, says Africa will “one day have a common currency” via a proposed “Pan-African Payment and Settlement System (PAPSS).” He adds that such a currency will help “ease constraints of settling intra-African trade in foreign-denominated currency.”</strong> Challenges Ahead In comments …

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Parliament of West Africa Economic Block Cautions Against Use of Cryptocurrencies

<div class=”featured_image_container”> </div> <strong>The parliament of the Economic Community of West African States (ECOWAS) has joined the list of African organizations that have cautioned against the use of cryptocurrencies. In its warning to West Africa crypto users, the legislative body insists these digital assets are too volatile and as such “their use on the African …

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Bank of Tanzania Hints at Possible Crypto Ban Reversal as Spokesman Confirms Bank Is ‘Working on the Directives Given’

<div class=”featured_image_container”> </div> <strong>In a hint that Tanzania might soon reverse its 2019 crypto ban, an unnamed spokesperson of the Bank of Tanzania (BOT) recently suggested the apex bank is “working on the directives given.” The remarks by the spokesperson follow Tanzanian President Samia Suluhu Hassan’s call on the country’s finance chiefs to prepare for …

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Bank of Uganda Launches Regulatory Sandbox Framework — One Fintech Firm Already Approved

<div class=”featured_image_container”> </div> <strong>The Bank of Uganda (BOU) has announced the launch of a regulatory sandbox that will allow fintech start-ups to test their innovative financial solutions in a controlled environment. Already, one firm, M/S Wave Transfer Limited, has received approval to test its quick response (QR) technology under this sandbox arrangement. </strong> BOU Launches …

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Out of All the American States Study Shows Hawaii Expressed the Most Crypto Demand This Year

<div class=”featured_image_container”> </div> <strong>A report published by the independent marketing intelligence company, Miq Digital, explains that Hawaii has seen the most crypto demand of all the states in the U.S., with a 687% increase since 2020. As far as increased cryptocurrency demand since last year, Nevada, California, Florida, and Colorado followed the island state with …

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Experts: Regulatory Uncertainty and Slow Embrace Hampering Crypto Growth in Kenya

<div class=”featured_image_container”> </div> <strong>Regulatory uncertainty and the slow embrace of cryptocurrencies continue to be key impediments to the growth of Kenya’s digital currency market, experts say. They also assert that without speedy regulation, which they believe will hasten the adoption of digital currencies, Kenya’s sector will remain open to fraud.</strong> Kenya’s Embrace of Crypto Slow, …

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A Look at Why Venezuela Is the Third Country With the Most Crypto Adoption

<div class=”featured_image_container”> </div> <strong>Venezuela has been listed as the third country with the most cryptocurrency adoption in the world by Chainalysis in its 2020 report. With its citizens coping with crippling inflation and losing purchasing power, the country has taken a turn for these assets to survive. But what are the real numbers behind this …

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Central Bank of Nigeria Governor Says “Digital Currency Will Come to Life” but Attacks Volatile Cryptocurrencies

<div class=”featured_image_container”> </div> <strong>Central Bank of Nigeria (CBN) governor, Godwin Emefiele, says digital currency “will come to life even in Nigeria” just a few months after the central bank ordered banks to stop serving the crypto industry. While acknowledging his country’s position as one of the leading crypto markets in the world, Emefiele however insists …

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