Morocco joined the meeting: a new addition to the list of African nations outlining official crypto regulations and more updates from the African crypto community
Welcome, Morocco! This past week, the country officially announced that it would be implementing an official framework to regulate the crypto market, which marks its place in the list of countries that are formally investing in reinforcing the functional dynamics of the crypto sector. Bank Al-Maghrib,Morocco’s central bank, has partnered with a crypto consulting company to design and soon implement new regulations for this specific market. BAM’s president Abdellatif Jouahri announce that the bank has connected with the World Bank and the International Monetary Fund to better understand the standards that would work in Morocco as it walks toward crypto adoption. The idea is to create regulations that do not ban crypto users in any instance and promote innovative methods to guarantee the safety of crypto consumers, which is particularly important in countries like Morocco with high rates of financial crimes.
Mara, a pan-African provider of crypto-related services is about to launch a new e-wallet service and acknowledged the challenges that are behind implementing and popularizing such technologies in Africa. Mara has also identified a phenomenon that we have been discussing in our blog and business modell since the beggining of our journey with Kampay: crypto education does not come without literacy, access to basic financial education and to a more balanced capital distribution system. Especially in Sub-Saharan countries, the success of technologies like the Mara Wallet and Kampay Wallet depends on citizens knowing how to leverage resources to engage with modern financial systems and structures and understanding the minutes that new technologies like cryptocurrencies may bring when it comes to opportunities for financial inclusion and growth. The way African countries have been engaging with or walking towards crypto adoption vary considerably according to the aforementioned factors and the ups and downs of the worldwide market.
And speaking about fluctuations, one of the world’s most used stablecoin USDC is making its way into the Libering crypto market. The cryptocurrency exchange Bybit, is arranging new options in the market to promote financial trades based on USDC, which is good news for low-risk investors that are looking for price stability. Currently in the country, crypto-based transactions are still divided into different options of cryptocurrencies that are still highly volatile due to the instability of the global market. The fact that one of the most popular crypto platforms in the region is paying attention to the bear market and its losses may restore the sense of trust investors have in the crypto negotiations and attracted more interested users to a sector that is still in the early stages in Liberia.
And the Central African Republic still remains as an important name in our news digest. President Touadera is invested in making CAR a name to remember in the crypto market and it keeps creating initiatives that will guarantee that the future unfolds the way he expects it to. Last week, he announced via his official Twitter account the launch of Sango Genesis, an online event set to happen on July 3rd, in which he will inform all the plans the country has to officially start the implementation of the Sango crypto hub. The Sango project will open more possibilities for CAR’s nationals to have access to resources in the form of digital tokens and implement systems and regulations to protect crypto investors in the country. President Touadera made public his idea to “tokenize” CAR’s financial system to boost the profits of the country’s national market. It is expected that Sango will add $3trillion to the Central African Republic economy.
And when questioned about the risk that the investments in crypto might represent, especially in a moment of extreme volatility like the recent months in the crypto market, Touadera claimed that truly understanding the potential of crypto implementation is what sustains his motivation to keep betting on it. He shared that he is making movements that are likely to benefit the future generations of the country and that “mathematics do not account for human emotions”. This is why the numbers and rates trending in the market right now do not stop the president from choosing to remain in the same path even amidst a crisis. CAR’s crypto situation has been trending for the past couple of months and, if President Touadera is the one in charge of it all, we might be writing many other news digests involving the name of the Central African Republic.