Zambia exploring CBDC, but warns against digital currencies: report
The Zambian central bank has been conducting research on a central bank digital currency, an executive told Bloomberg, weeks after it issued a warning against digital currencies.
The Zambian central bank has been conducting research on a central bank digital currency, an executive told Bloomberg, weeks after it issued a warning against digital currencies.
2021 had it all in Africa for digital currencies—adoption soared by 1,200% as Kenya led global P2P trades, but there was the bad as well, like a $3.8B scam.
The Bank of Tanzania is looking to expand its digital currency research and development team capacity, following the footsteps of Nigeria’s e-Naira, according to central bank Governor Florens Luoga.
The Bank of Ghana is seeking to avail the digital currency to as many Ghanaians as possible. As such, the bank is exploring how to make the e-cedi available offline, according to a central bank official.
Africa has seen massive growth since June last year, with the need for cheap remittances, rise of P2P platforms, and savings needs leading the adoption, according to Chainalysis.
Kenya has ranked first in the world for P2P volume for the second year in a row and fifth for adoption – local traders and startup founders share their views.
Kaspersky found that investors in Rwanda and Ethiopia have the highest ratio of targeted attacks at over 3%, with Nigeria and Kenya also ranking highly.
The Bank of Ghana recently announced that it had partnered with a German firm for the design and implementation of the digital cedi.
There are gaping holes in Africa’s response to the deadly virus, and according to Kayode Babarinde, the executive director of the Africa Blockchain Institute, blockchain could be the solution.
On this episode of The Bitcoin Bridge, Domineum founder Mohammed Ibrahim Jega talks about the issues and opportunities in Africa and how the blockchain-as-a-service firm plans to tackle them.
Dr. Mahamudu Bawumia stated that adopting a single central payment would finally rectify the challenges that stifle cross-border trade in the region.
The central bank has been working on Project GIANT since 2017, conducting research on the opportunities and risks it poses to the Nigerian economy, which is the largest in Africa.