Call for Creation of Common African Digital Currency, Kenyan Activists Turn to Crypto Funding, Ghana on Precipice – Africa Bitcoin News

In News’ inaugural newsletter, featuring the biggest crypto and economic news from Africa, the head of an African regional central bank, Herve Ndoba, begs the bank’s board to launch a common digital currency. At the same time, the regional bank warned that the CAR’s bitcoin law was inconsistent with regional laws. Meanwhile, Kenyan activists have said that cryptocurrencies can potentially create new opportunities for young people to make money. The latest Visual Capitalist rankings of countries most at risk of default in 2022 places Ghana first in Africa and second globally.

Central African Republic’s bitcoin law forces the head of the regional central bank to call for the creation of a common digital currency

The head of the Bank of Central African States (BCAS), Herve Ndoba, has told the board of the regional central bank that it needs to create a common digital currency to be used by six Central African Monetary Union (CAMU) countries. Ndoba reportedly wants the BCAS to create a common legal framework for regulating crypto as well.

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As traditional funding dries up, Kenyan activists believe cryptocurrencies offer an alternative fundraising channel

According to some Kenya-based activists, raising funds by selling cryptocurrencies and non-fungible tokens (NFT) is not only faster, but also less costly. The activists added that the digital currency also has the “potential to create new ways for young people to make, spend, save and send money.”

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Ghana is ranked as the African country most likely to default on its debt obligations

After inflation rose to over 29% in June, Ghana, West Africa’s second largest economy, is now ranked as one of the countries most likely to default this year, according to Visual Capitalist’s latest sovereign debt vulnerability rankings. According to the data, Ghana now ranks first in Africa and second in the world, right behind the Central American nation and the first country to adopt bitcoin as legal tender, El Salvador.

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Terence Zimwara

Terence Zimwara is an award-winning Zimbabwean journalist, author and writer. He has written extensively on the economic woes of some African countries and how digital currencies can provide an escape route for Africans.

photo credit: Shutterstock, Pixabay, WikiCommons

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