Morocco Cracks Down on Crypto Crime: 5 Arrested in Phishing Scam
Moroccan authorities arrested five people suspected of running a cryptocurrency phishing scam. Email Phishing Scam Moroccan authorities have arrested and detained five individuals suspected of involvement in a cryptocurrency fraud operation. Police also recovered an unspecified amount of money allegedly linked to the scheme, as well as mobile devices used in the crimes. According to […]
Recursive Capital Closes Funding Round to Support Bitcoin Companies in Africa
The fundraising is to expand Recursive Capital’s investments in bitcoin companies exclusively on the African continent. More Support for Bitcoin Companies in Africa Recursive Capital, a venture capital firm that specializes in funding bitcoin businesses in Africa announced the Fund I’s first close on Saturday, Nov. 30. Block Chairman Jack Dorsey, chairman of Fortress Investment […]
Trump’s 100% Tariff Threat: South Africa Denies BRICS Currency Plan
South Africa has denied reports that the Brazil, Russia, India, China and South Africa (BRICS) economic bloc is planning to create its own currency. Trump Demands BRICS Nations Shun Alternative Currencies Rattled by U.S. President-elect Donald Trump’s 100% tariff threat, South Africa has dismissed as false reports that the BRICS economic bloc is planning to […]
AI Hysteria Ignores Africa’s Harsh Reality: Lack of Internet Access Remains the True Threat
While discussions about AI’s societal impact dominate globally, Africa’s limited internet access and other realities make widespread AI adoption on the continent unlikely. This points to the need for practical solutions before debating theoretical risks. AI Threat Debate Misses the Mark The debate surrounding artificial intelligence (AI) and its potential societal impact dominates headlines. However, […]
African Payment System Gets Banker’s Endorsement, but Viability Questions Linger
The Pan-African Payments and Settlements System aims to formalize $50 billion in informal trade and save the continent $5 billion in processing costs. Boosting Local Currencies Africa’s recently launched Pan-African Payments and Settlements System (PAPSS) could potentially bring $50 billion of informal trade into the formal economy, Tunde Macaulay, head of Africa and offshore regions […]
Kenyan Securities Exchange Joins Hedera to Bolster Tokenization Ambitions
The Nairobi Securities Exchange has joined the Hedera Council to accelerate tokenization initiatives in Africa, leveraging the Hedera network’s technology and global reach. Expediting Uptake of Digital Assets Kenya’s main securities exchange, the Nairobi Securities Exchange (NSE), has joined the Hedera Council to accelerate tokenization initiatives using the Hedera network. By joining Hedera, the Kenyan […]
Nigeria’s Currency Plunges as Dollar Liquidity Dries Up: Will a Naira-for-Crude Oil Swap Revive It?
The Nigerian naira recently hit a new low against the U.S. dollar, ranking among the three worst-performing currencies globally. Dollar Liquidity Dries up The Nigerian naira, which has already lost over 70% of its value in 2024, recently dropped to a record low of NGN1,670.65 per U.S. dollar on the official foreign exchange market on […]
World Bank: Nigeria Loses $8B on Foreign Exchange Subsidies Over 3 Years
The World Bank reports that Nigeria lost over $8 billion due to the Central Bank of Nigeria’s (CBN) refusal to float the naira between 2021 and 2023. This foreign exchange subsidy, along with the fuel subsidy, deprived the government of revenue. The World Bank acknowledges the suffering caused by the government’s policies but insists they […]
Revving Up Innovation: Zanzibar Introduces Blockchain Sandbox Program
The Zanzibar government has introduced a blockchain sandbox program to encourage entrepreneurship and technological advancements. The program, powered by the Xinfin XDC network and designed by Ledgerfi IT solutions, allows startups to safely test their blockchain-based solutions within the National Blockchain Network. Zanzibar’s sandbox follows a similar initiative in Tanzania, which aims to streamline regulations […]
South African Bank Blocks Crypto Payments, Faces Industry Backlash
South African bank Capitec has blocked electronic funds transfers and real-time payments to cryptocurrency exchanges as a security measure. While Capitec acknowledges growing interest in cryptocurrencies, the bank maintains that the measure is necessary to protect clients from fraud. Some industry players view this move as an attempt to restrict crypto trading. Crypto Payments Blocked […]