Call To Create Common African Digital Currency, Kenyan Activists Turn To Crypto Finance, Ghana On The Brink – Africa Bitcoin News
In Bitcoin.com News’ first newsletter featuring the biggest crypto and financial news stories from Africa, the head of an African regional central bank, Herve Ndoba, calls on the bank’s board to introduce a common digital currency. At the same time, the regional bank warned that the Central African Republic’s bitcoin law is incompatible with regional laws. Meanwhile, Kenyan activists have said that cryptocurrencies could potentially create new ways for young people to earn money. The latest Visual Capitalist rankings of countries with the highest default risk in 2022 show Ghana ranked first in Africa, and second globally.
Central African Republic’s Bitcoin Law Forces Head of Regional Central Bank to Call for Common Digital Currency
The head of the Bank of Central African States (BCAS), Herve Ndoba, has told the regional central bank’s board that it must create a common digital currency to be used by six countries belonging to the Central African Monetary Union (CAMU). Ndoba reportedly wants BCAS to also establish a common legal framework for the regulation of crypto.
read more
As traditional funding dries up, Kenyan activists believe cryptocurrencies provide an alternative fundraising channel
According to some Kenya-based activists, raising money through the sale of cryptocurrency and non-fungible tokens (NFTs) is not only faster but also less expensive. The activists added that digital currency also has “the potential to create new ways for young people to earn, spend, save and send money.”
read more
Ghana is rated as the African country most likely to default on its debt obligations
After seeing inflation rise above 29% in June, Ghana, West Africa’s second largest economy, is now ranked as one of the countries most likely to default this year, Visual Capitalist’s latest sovereign debt vulnerability rankings show. According to the data, Ghana is now ranked first in Africa and second globally, just behind the Central American state and the first country to make bitcoin legal tender, El Salvador.
read more
Register your email here to get a weekly African news update delivered to your inbox:
What are your thoughts on this week’s Africa-focused newsletter? Let us know what you think in the comments section below.
Image credit: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or an endorsement or recommendation of products, services or companies. Bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on content, goods or services mentioned in this article.
