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

In News’ inaugural newsletter featuring the biggest crypto and economic news stories 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 Republic’s bitcoin law is incompatible with regional laws. Kenyan activists claim that cryptocurrency could open up new avenues for young people seeking to earn. In the latest Visual Capitalist rankings, Ghana was ranked first in Africa (and second globally) for countries that have the highest default risks in 2022.

The Central African Republic’s Bitcoin Law Compels Head of Regional Central Bank to Call for Creation of Common Digital Currency

The head of the Bank of Central African States (BCAS), Herve Ndoba, has told the regional central bank’s board that it must create a common digital currency which will be used by six countries belonging to the Central African Monetary Union (CAMU). Ndoba wants to see the BCAS establish a standard legal framework that regulates crypto.

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Traditional funding is drying up, Kenyan activists believe cryptocurrencies provide an alternative channel for fundraising

According to activists from Kenya, cryptocurrency sales and NFT (non-fungible token) sales are faster than conventional methods of raising money. The activists added that 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 rated the most likely African country to default on its debt obligations

After seeing its inflation rate surge 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, Visual Capitalist’s latest sovereign debt vulnerability rankings have shown. The data shows that Ghana ranks first in Africa, and second worldwide, behind El Salvador, the Central American country and the first to legalize bitcoin.

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Terence Zimwara

Terence Zimwara, a Zimbabwean journalist, writer and author who has been awarded the Zimbabwe Booker Prize. His writings have covered the economic problems of several African countries and how digital currency can offer an escape route.

Images CreditsShutterstock. Pixabay. Wiki Commons

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