Nigeria's currency is collapsing because of financial mismanagement. Now, two Binance employees have been entangled in the government's search for scapegoats.
Africa News
Africa is the second largest continent in the world in terms of both territory and population. There are 55 states located on the continent. Economies in Africa differs from country to country. In Africa, cryptocurrency tends to be sold with a large trade margin which can even reach 100% due to several reasons. Firstly, Bitcoin in Africa is very difficult to mine because of the climate and lack of infrastructure. Also, cryptocurrency is in big demand in Africa as national currencies are vulnerable to hyperinflation. Besides that, since there are only a small number of virtual currency retailers they are able to set high prices. The relative financial stability of digital money and the opportunities for profit make cryptocurrencies very popular in Africa.
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Senior Binance execs Tigran Gambaryan and Nadeem Anjarwalla have been detained at a government property since Feb. 26.
7407A deep-rooted distrust toward banks in many developed countries subsists, so crypto and fintech firms will first need to regain their trust.
5852Crypto exchanges have been suspected of destabilizing the Nigerian naira fiat, but the country’s top central banker said Binance moved billions from unidentified users in 2023.
4553South Africa’s 2024 budget review highlighted the need for structural reforms and a focus on improving public financial management.
3484Representative Maxine Waters revealed both political parties are now “getting very close” to a joint stablecoin vision.
2435Professionals reportedly informed the National Assembly committee that stakeholders in the AI and robotics field were not consulted during the drafting of the bill.
2687Code Green co-founder Inna Modja explains how Web3 and art are at the vanguard of social activism and raising awareness about climate change.
1680The hookup between Celo and Circle will benefit both sides as Celo continues to advance real-world use cases and Circle expands its reach.
3656Cartesi developer advocate Jathin Jagannath expressed the importance of improved digital literacy, stating that a skilled workforce and user base are crucial for successfully integrating Web3 technologies.
3390Coinbase integrated Yellow Card’s payment rails, enabling Coinbase customers in Africa to more easily on and off-ramp between fiat and crypto, including USD Coin.
4805African nations were busy introducing various initiatives for cryptocurrencies in 2023. Read about the most significant innovations and crypto-related progress made during the year.
2163Crypto exchange MEXC has been enforcing its terms of service to freeze funds and restrict accounts in response to “abnormal trading activities.”
16870The tethered, lighter-than-air balloon will provide up to 100,000 people in the southeastern African country with a high-speed connection.
15479Bitcoin is proving its value as an inflation hedge and store of value by hitting repeat all-time highs in multiple currencies.
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