News Digest - A Step Closer to Full Adoption

As we know, Africa has been on a constant rise in its road to adapting to crypto and this week is no different. We gathered some of the most important news from this week and we’ve got to say, the African economic revolution just seems closer and closer.

Starting with a good one, World Mobile, together with IOG, the company behind the Cardano blockchain, has entered into a collaboration agreement to create long-term blockchain solutions for Zanzibar and build a blockchain hub and center that will help implement a system of more efficient and effective governance practices to bridge the digital gap.

The collaboration positions Zanzibar as a blockchain leader by developing a tech research and development centre, as well as a hub for events, conferences, and experts who will flock to Zanzibar from all over the world.

The long-term collaboration will roll out 4 initiatives that will help create blockchain solutions in 2 phases:

  • Phase 1 – Focuses on education by launching a blockchain academy, developing a joint program for students, and bringing back talent to Zanzibar. Starting in Spring 2022, the blockchain academy will hold conferences attracting experts from around the world
  • Phase 2 – Creates an E-gov solution, with IOG implementing blockchain in registry systems in the form of digital identifications with traceability. The integration of back-end government systems will enable business-process automation and facilitate communication

This next one is an amazing proof of the benefits of crypto and blockchain technology for the continent. Nigeria’s central bank digital currency (CBDC), the eNaira, has gone live after an official launch by President Buhari on Monday.

The launch took place at the State House in Abuja. An earlier plan to unveil the digital currency on October 1 was shelved. Nigeria is one of only a few countries in the world to develop an official digital currency. The eNaira was developed by fintech company Bitt, which is also behind the creation of CBDC in some East Caribbean countries.

At the launch Monday, the Central Bank of Nigeria governor, Godwin Emefiele, said 500 million eNaira ($1.21 million) has already been minted. The CBDC’s digital currency app and its merchant wallet are now live and available for download. The two apps, eNaira speed wallet and eNaira merchant wallet, are now available on Google PlayStore and Apple store. A notice on the enaira website gives details into how the currency and the wallet will work. “Get Ready With Your Accurate BVN Data For Your Hitch-Free Enrolment,” it says.

Next up, the Stellar Development Foundation (SDF) has announced that it will facilitate a new remittance channel between Europe and Africa using the USD Coin (USDC) stablecoin.

On Monday, the SDF announced that global payments technology company Flutterwave will use the USD Coin (USDC) stablecoin on the Stellar network to simplify remittances between Africa and Europe.

Flutterwave will work alongside Stellar’s principal European Union payments partner, Paris-based money transfer operator, Tempo Payments.

Olugbenga Agboola, CEO at Flutterwave, commented that it is more expensive to send money to sub-Saharan Africa than to any other region in the world. He added that the new partnership will help to expand the network and “bring all-important, cost-effective money transfer services to African business owners.”

Flutterwave claims to have processed more than 140 million transactions worth over $9 billion to date, serving over 290,000 businesses, including Uber, and Facebook. The firm already has an infrastructure in more than 33 African countries, including Nigeria, Rwanda, Uganda, Kenya and South Africa.

To finish off this week’s News Digest, we want to share the first part of our Crypto 101 guide. Aimed for beginners, this guide is created with the intent of educating everyone who wants to be part of the future of the African economy, and because we want people from any background to benefit from the marvels of DeFi. So make sure to check it out and let us know what we should talk about next.

That’s it  for this week’s News Digest. Make sure to keep an eye out for upcoming news and don’t forget to follow us on our social media, so you don’t miss out on the updates on the project, as well as a lot of fun content coming your way.  

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