Sub-Saharan Africa has no doubt suffered many regulatory setbacks in adopting cryptocurrencies. With most countries in the region struggling not to buckle under economic uncertainties and pressures looming over them even as the ripple effects of COVID-19 set in, it would appear that many Africans, especially millennials, aren’t waiting for the government anymore. The main issue inhibiting regulation seems to be a combination of resistance and indecision both from regulators, which has majorly been a result of little or no understanding of cryptocurrencies. Speaking to Cointelegraph on the attitude of regulatory bodies in Africa toward cryptocurrencies, Andrew Nevin, partner and …
The Central Bank of Nigeria (CBN) is moving ahead with plans to upgrade the country’s central bank digital currency (CBDC) to be used on a wider range of goods and services. It is also maintaining harsh crypto restrictions that cripple the country’s fintech sector. The CBN branch controller Bariboloka Koyor spoke at a campaign aiming to “sensitize” businesses to the eNaira at a market in the country’s most populous city of Lagos on Monday, according to a report from Vanguard. Koyor stated: “Starting from next week, there is going to be an upgrade on the eNaira speed wallet app that …
The Nigerian government has held a preliminary meeting with crypto exchange Binance to potentially establish a special economic zone aimed at supporting crypto and blockchain-related businesses. According to a Sept. 2 post from the Nigeria Export Processing Zones Authority (NEPZA), the authority has held preliminary talks with Binance and technology infrastructure company Talent City to discuss the proposed digital city, referred to as a “Virtual Free Zone.” NEPZA managing director Adesoji Adesugba said the proposed zone will be a first in West Africa and act similar to Dubai’s virtual zones, which are designed to provide crypto-friendly laws, regulations, and tax …
Effective regulations are one of the key gateways to cryptocurrency’s mainstream adoption. Due to greater compliance, crypto businesses saw broader acceptance from regulators worldwide. While the crypto ecosystem was awarded countless operational licenses and exposure to new markets, the fall of Terraform Labs, FTX and Celsius, among others, had a negative impact on the industry's reputation with investors and regulators alike. As we look back on 2022 and all it brought for the cryptocurrency industry, we're highlighting how the regulatory landscape has changed for cryptocurrencies and the blockchain industry as a whole. North America China’s blanket ban on crypto mining …
The Central Bank of Nigeria (CBN) continues with its attempts to create its central bank digital currency (CBDC), the eNaira, but this time it’s calling in for backup. In a Bloomberg report on Feb. 21, the CBN is in talks with new “technology partners” for the development of a new and improved system to manage the eNaira. The Nigerian financial authority has discussed these plans with the New York-based technology firm R3, according to sources close to the matter. New software for the eNaria will be created with the intention for the CBN to keep full control over the initiative, …