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After eNaira’s slow uptake, African Central banks are proceeding cautiously with digital currencies

After eNaira’s slow uptake, African Central banks are proceeding cautiously with digital currencies

AS more African countries look to pilot regulated digital currencies, central banks are embarking on 'comprehensive tests' before full-scale rollouts. Mauritius and Tunisia -the only two African countries currently in the development stages of Central Bank-backed e-money are among over 20 countries globally expected to take significant steps towards piloting a Central Bank Digital Currencies (CBDC) this year. Mauritius has already indicated plans to start piloting its digital currency by the end of 2023 after setting up a CBDC "sandbox" -a secure computer-based testing environment- in December 2022 to experiment with various features and design attributes of the currency. "We…
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South Africa moves to regulate crypto assets

South Africa moves to regulate crypto assets

SOUTH Africa's financial watchdog has classified cryptocurrency assets as financial products, a notice in the government gazette said on Wednesday, enabling them to be regulated. In the brief notice, the Financial Sector Conduct Authority (FSCA) said a crypto asset, which it referred to as "a digital representation of value", must be regulated in South Africa from the date of publication. Regulations that the authorities have said they planned to introduce include applying foreign exchange controls and licensing crypto trading companies. Financial watchdogs across the globe have been grappling with how to regulate new digital currencies and tokens, the prices of…
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More African central banks consider digital currencies – a possible game-changer for the continent

More African central banks consider digital currencies – a possible game-changer for the continent

CONRAD ONYANGO, BIRD STORY AGENCY THE foray into central bank digital currencies (CBDC's) in Africa is seen intensifying in 2022, following the roll-out and widespread uptake of the e-Naira, the continent’s first virtual currency backed and issued by a central bank. More than 80 percent of world’s central banks are now considering launching CBDC's, according to PwC’s 2022 CBDC Global Index. “This year, central banks are ramping up activity in the digital currency space. The success of Nigeria’s eNaira is likely to spur CBDC development in countries where financial inclusion is one of the key desired outcomes,” said PwC UK,…
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Africa’s race for the future of money heats up

Africa’s race for the future of money heats up

CONRAD ONYANGO AFRICA’S appetite for digital currencies is growing significantly. Private cryptocurrency providers are also increasing on the continent and even central banks are making sure they are not left behind, by exploring better ways to create and own virtual money, inside secure ecosystems. A number of African countries are looking to launch their own virtual money, backed and issued by central banks, as appetite for digital currency grows exponentially across the continent. A Central Bank Digital Currency tracker from US think-tank, Atlantic Council, shows six African countries are among 81 countries in the race to revolutionize global finance. The…
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