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

ByHazel R. Lang

Jul 29, 2022

In Bitcoin.com News’ inaugural newsletter featuring the biggest crypto and economic news from Africa, the head of an African regional central bank, Herve Ndoba, implores the bank’s board to introduce a common digital currency . At the same time, the regional bank warned that the Central African bitcoin law is incompatible with regional laws. Meanwhile, activists in Kenya have said cryptocurrencies have the potential to create new ways for young people to earn money. The latest Visual Capitalist ranking of countries with the highest risk of default in 2022 shows Ghana ranked first in Africa and second globally.

Central African Republic’s bitcoin law requires regional central bank chief to call for common digital currency

The President of the Bank of Central African States (BCAS), Hervé Ndoba, told the board of directors of the regional central bank that it must create a common digital currency which will be used by six countries belonging to the Central African Monetary Union (CAMU). Ndoba would like BCAS to also establish a common legal framework to regulate crypto.

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

Raising funds through cryptocurrency and non-fungible token (NFT) sales is not only faster, but also cheaper, according to some Kenya-based activists. The campaigners added that the digital currency also has the “potential to create new ways for young people to earn, 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 seeing its inflation rate soar to over 29% in June, Ghana, West Africa’s second largest economy, is now ranked among the countries most likely to default this year, according to the latest rankings from Visual Capitalist sovereign debt vulnerability. According to the data, Ghana is now ranked first in Africa and second globally, just behind the Central American state and the first country to have bitcoin legal tender, El Salvador.

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Terence Zimwara

Terence Zimwara is an award-winning journalist, author and writer in Zimbabwe. He has written extensively on the economic problems of some African countries as well as how digital currencies can provide Africans with an escape route.







Image credits: Shutterstock, Pixabay, Wiki Commons

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