Western perception of precious African resources usually tends to focus on the diamond trade. However, amid an ongoing pandemic, gold usually surfaces as both one of the most in-demand and discussed assets in the world. Historically known as a risk-off asset, meaning its price is decoupled from most financial markets, gold is a safe-haven asset sought by financial institutions and retail traders alike. While the COVID-19 fallout has sparked widespread losses across global markets, with the price of gold also falling, the precious metal usually weathers financial storms better than most assets. This is in tune with the 2008 financial …

It has been nearly two decades since the world saw the introduction of a new multinational currency bloc that would alter the balance of global power. Just like the euro, a new currency is taking shape that can compare in scope and vision. Only this time, it’s happening in Africa, and shockingly it’s not digital. The West African Monetary and Economic Union state countries are currently in transition to adopt a new currency that will be used in a single market across a dozen or more West African countries — the Eco. Pegged to the euro, it is designed to …

For many, Africa represents the final frontier of untapped economic growth. Across its diverse countries, growth rates continue to outpace those achieved in long-developed economies. Collectively, growth on the continent stabilized at 3.4% in 2019, and is forecast to reach 3.9% in 2020 and 4.1% in 2021. While these numbers remain below historical highs, fundamentals continue to improve as economies shift from local consumption to external investments. Of the 30 fastest growing cities in the world, 21 are in Africa. Jack Dorsey, the CEO of Twitter and Square, said: “Africa will define the future (especially the Bitcoin one!)” In step …

Last month, the value of Bitcoin (BTC) nosedived to around the $6,500 mark after having stayed above the $8,000 threshold for a considerable period before that. This downturn showcased Bitcoin’s worst market performance over the past seven months — with the flagship crypto asset’s last stoop below the $6,500 mark occurring in May. However, even with this aforementioned reversal in BTC’s fortunes, data available on Google Trends suggests that global interest in the premier cryptocurrency seems to increase every time the asset witnesses sudden price movements — positive or negative. Also, it bears mentioning that last month, the term “Bitcoin” …

Ghana is maintaining a cautious approach to cryptocurrencies despite its central bank’s plans to launch a digital currency in the new year. Over the past five years, the West African country has become the fastest-growing mobile money market on the continent. The burgeoning number of mobile money users is proof that digitized payments systems are providing a means for people to become financially active. According to a 2019 economic analysis by the World Bank, the number of registered mobile money accounts in the country exploded from just 3.8 million to 23.9 million between 2012 and 2017. The statistics alone speak …

The Republic of Ghana is exploring the benefits of issuing a central bank digital currency (CBDC), the governor of the country’s central bank says. Ernest Addison, a Ghanaian economist currently serving as the governor of the Bank of Ghana (BoG), revealed that the bank is working with key stakeholders to explore a pilot CBDC project. In a keynote address within the 23rd National Banking Conference on Nov. 26, Addison stated that the CBDC project would be carried out in a sandbox “with the possibility of issuing an e-cedi in the near future.” The cedi is Ghana’s national fiat currency. The …

American journal Time Magazine has included a blockchain startup in its recent top 50 “Genius Companies 2018" list, published Thursday, October 4. In putting together the list, the magazine asked their editors and correspondents to name "businesses that are inventing the future." Influence and success were among the criteria for the choice. Bitland, a blockchain startup based in Ghana, joined the list along with giants like Apple, Netflix, SpaceX and Domino’s. As Cointelegraph reported earlier, Bitland, founded by Ghana native Narigamba Mwinsuubo, uses blockchain to register local land. Bitland cooperates with local authorities to help record property rights in a …

Bitcoin and blockchain tech are ripe for mainstream adoption in Africa, where the population is well positioned to embrace the innovative technologies as alternatives to the expensive and/or outdated banking systems scattered across the continent. Lack of economic infrastructure paired with inadequate financial education has left a large portion of Africans without bank accounts or basic monetary means. However, in many countries the proliferation of smartphones has allowed access to alternative financial services which have become a dominant means of payment, especially among the high proportion of millennials. Bitcoin’s appeal is in large part due to its accessibility and inclusivity, …

Bitcoin core developer Jeff Garzik has signed a deal to have his full-node satellites built, ready to be launched into orbit. IBM is rumored to be working on its own version of Bitcoin designed to introduce instant euro and dollar payments. Large sybil attack discovered as huge node network found to be working to undermine blockchain anonymity, and much more that happened on March 13. Garzik signs deal to deploy his BitSats to space Bitcoin core developer Jeff Garzik has brought his plans to deploy blockchain full nodes into space on mini satellites a step closer to reality. Garzik's Dunvegan …

Beam is a brand new bitcoin company looking to shake up the African remittance industry. They are utilizing Bitcoin’s payment system and borderless nature to give Ghanaians cheaper and quicker remittances. When bitcoins are sent to Beam, Beam will immediately turn the bitcoins into Ghana’s fiat currency, the Ghana cedi, and deliver the money to the recipient through one of Ghana’s various mobile money services. According to their website, recipients get an extra GHS 55.55 and save £8.90 in transfer fees by using their service compared to MoneyGram or Western Union. Beam is made up of two core members - …