4 / 17 Relevant items tagged with #Africa

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Nigerian Civil Society Groups Praise Crypto Tax Proposal

[Aug 29, 2024 3:30 AM] A coalition of Nigerian civil society organizations has applauded the plan by Zacch Adedeji, head of the Federal Inland Revenue Service, to include cryptocurrencies in the tax system. The CSOs believe this move will boost confidence in the crypto…

Experts Question Ghana VP’s Gold-Backed Currency Pledge

[Aug 21, 2024 10:30 PM] A Ghanaian banking consultant, Richmond Atuahene, has expressed concerns about Vice President Mahamudu Bawumia’s pledge to back the cedi with gold. Atuahene believes Ghana needs a stable economic environment before implementing this policy…

Bank of Ghana Unveils Proposed Virtual Asset Regulations

[Aug 20, 2024 4:30 AM] The Bank of Ghana has released draft regulations aimed at creating a framework for the cryptocurrency industry. The rules are designed to protect consumers, prevent financial crimes, and encourage financial inclusion. Virtual asset service…

Nigeria Aims to Include Cryptocurrencies in Tax System Overhaul

[Aug 20, 2024 12:30 AM] The Nigerian government is looking to impose taxes on the cryptocurrency industry. The Federal Inland Revenue Service (FIRS) plans to introduce a new tax law to achieve this. Despite being a major crypto market, Nigeria currently receives minimal…

Egyptian AI Startup Gets $2M for GCC, Africa Expansion

[Aug 6, 2024 11:20 AM] Egyptian artificial intelligence firm Synapse Analytics has secured $2 million to expand into the Gulf Cooperation Council region and Africa. The company has partnered with major banking product providers such as AWS, Crealogix, and TUMM. Using AI…

Nigeria Acts to Stabilize Currency with Forex Auction

[Aug 4, 2024 3:20 PM] The Central Bank of Nigeria (CBN) will reintroduce a foreign exchange auction system as part of efforts to ease pressure on the local currency. The CBN has called on authorized dealer banks to share their respective lists of outstanding forex…

Russia-Linked Banknotes Blamed for Libyan Dinar Plunge

[Jul 25, 2024 9:30 PM] The Libyan dinar’s recent devaluation has been blamed on a flood of illicit banknotes exchanged for U.S. dollars. A report identified the Russian state money printer as a potential source of the banknotes, which the Central Bank of Libya has…

South African Startup Neonomad to Launch Rand-Backed Stablecoin

[Jul 24, 2024 5:20 AM] Neonomad, the South African hybrid exchange platform, is set to launch Zarcoin, a stablecoin tied to the South African Rand. This innovative stablecoin epitomizes the seamless integration of regulatory safety with decentralized efficiency…

Nigeria Acts to Defend Naira After Currency Hits New Record Low

[Jul 20, 2024 8:30 PM] The Central Bank of Nigeria recently sold U.S. dollars to Bureaux de Change (BDC) at a flat rate of NGN1,450 per greenback. The central bank stated that eligible BDCs can sell the dollars to end-users at a margin of no more than 1.5% above the…