While originally spruiked as a futuristic city inspired by the Marvel movie Black Panther that would emerge as a “beacon of innovation and human development” and bolster the West African and Senegalese economies by Akon in 2018, there are few signs of the city’s development beyond a ceremonial stone that was laid in a field near Mbodiene 12 months ago. According to a report from Agence France-Press, the project has not progressed beyond the stone’s erection, with a small placard promoting Akon City having since fallen from its perch on top of the block. Akon had predicted that the city …

Vietnam, India and Pakistan are leading the world in terms of cryptocurrency adoption, underscoring the resilience of peer-to-peer monetary systems in emerging economies. Chainalysis’ 2021 Global Crypto Adoption Index evaluated 154 countries based on three key metrics: on-chain cryptocurrency value received, on-chain retail value transferred and peer-to-peer exchange trade volume. Each metric was weighted by the purchasing power parity. Vietnam received the highest index score for its strong performance across all three metrics. India was a distant second, but still performed exceptionally well for on-chain value received and on-chain retail value received. Pakistan came in third with a strong showing …

The latest central bank digital currency (CBDC) initiative from the Bank of Ghana (BoG) has been met with skepticism as Afroblocks, an in-house independent association, speculates the lack of clarity on the central bank’s intentions. Afroblocks (previously Blockchain Society Ghana) has warned the BoG to steer away from “old traditional siloed financial thinking” while planning and developing its digital currency. Rather, Afroblocks co-founder Omar Majdoub said that the success of a CBDC in Ghana will be in its ability to emulate modern-day cryptocurrencies — i.e., being borderless and decentralized. The BoG has partnered with German securities printing firm Giesecke+Devrient (G+D) …

Akoin, the cryptocurrency project developed by Senegalese-American singer Akon, has achieved success in its initial pilot testing at western Kenya’s Mwale Medical Technology City, or MMTC, setting the stage for a national rollout beginning next month. The pilot, which began in November 2020, is expected to pave the way for $5 million worth of transactions per month at MMTC, according to a spokesperson for Mwale Medical Technology City. As Cointelegraph reported, the pilot stage allowed residents to pay and be paid using Akoin and have the transactions converted immediately into cell phone minutes or other forms of exchange. Full implementation …

For much of 2021, the Central Bank of Nigeria (CBN) has been in the headlines for its anti-cryptocurrency measures. Yet, the institution has this week redoubled its investment and research into crypto’s underlying technology, blockchain, and has set a clear date for the pilot scheme of its blockchain-powered central bank digital currency (CBDC). On Oct. 1, CBN will reportedly launch a pilot scheme for “GIANT,” a CBDC project in development since 2017 that runs on the open-source blockchain Hyperledger Fabric. Rakiya Mohammed, CBN’s information technology director, said the bank might conduct a proof-of-concept before the end of 2021. In a …

An insurance collaboration between decentralized protocol Etherisc and microinsurance issuer ACRE Africa has allowed thousands of farmers in Kenya to receive coverage for weather-related risks. Etherisc and ACRE Africa said they had processed insurance payouts for some of the more than 17,000 smallholder farmers in Kenya covered under the collaboration. The Chainlink Community Grant, the Ethereum Foundation and the Decentralized Insurance Foundation helped fund the project, which was first announced in November 202. “We’re thrilled that after months of hard work on this initiative, we’re seeing the fruits of our labour — which has a tangible social impact on farmers …

Two South African brothers are facing mounting pressure to come forward to authorities as investigators delve into one of the biggest cryptocurrency thefts in the country. Raees and Ameer Cajee are central figures in the now infamous Africrypt cryptocurrency investment scheme saga. Local investors have been left in the dark and out of pocket following what the Cajee brothers claimed was a hacking incident that saw the company’s cryptocurrency holdings stolen. The brothers headed up the purported investment firm which promised lucrative returns on investments, as per its 2020 investment presentation. Clients could either make South African rand or Bitcoin …

A crypto payments gateway says that it now makes it easy for online merchants in Africa to accept Bitcoin at the checkout. Paychant says its tool can be easily integrated into websites, WooCommerce, Magento, PrestaShop and an array of other online stores with a single line of code. This gives retailers access to a growing number of consumers who want to pay using cryptocurrencies. According to Paychant, its infrastructure is simple, secure and convenient — and is geared toward small and large businesses alike. Nonprofit organizations can also accept crypto donations with ease. Customizable widgets are offered that can be …

Twitter CEO and crypto proponent Jack Dorsey has highlighted the efforts of a group entrepreneurs who are pushing the Ethiopian government to embrace Bitcoin (BTC). In a Wednesday tweet, Dorsey shared a Twitter thread from Project Mano, a group of Ethiopian-based entrepreneurs that are trying to get the government to consider mining and storing Bitcoin. #bitcoin https://t.co/jQSnJr5bv8 — jack (@jack) June 15, 2021 Dorsey appears to have given the project some helpful exposure, with Project Mano’s Twitter followers doubling from 500 when he shared the thread to around 1,000 at the time of writing. Project Mano noted in a Tuesday …

Tanzania appears to be the latest emerging economy poised to embrace Bitcoin (BTC) and crypto assets. On Monday, Tanzanian president Samia Suluhu Hassan urged the country’s central bank to begin exploring crypto assets. Hassan emphasized the increasing impact of digital assets on global finance, stating, “We have witnessed the emergence of a new journey through the internet.” She highlighted the lack of crypto adoption and development in the East African region, stating, “Throughout the region, including Tanzania, they have not accepted or started using these routes.” “My call to the Central Bank is that you should start working on that …

Uganda’s Financial Intelligence Authority wants the government to come up with clear-cut crypto regulations. According to a report by Ugandan media outlet Daily Monitor on Monday, the FIA has asked the country’s finance ministry to develop a legal framework for cryptocurrency regulations in Uganda. Sydney Asubo, executive director of the FIA, made the call during a meeting with stakeholders over the weekend. According to Asubo, the need for crypto regulations in Uganda has become of paramount importance given the noncompliance of industry participants to the agency’s licensing requirements. Indeed, the FIA amended the country’s Anti-Money Laundering laws to include crypto …

The Blockchain Research Institute (BRI) has revealed plans to expand into several continents mid-year through partnerships with several banks, foundations, and organizations. The independent global think-tank for distributed ledger research already operates in Europe and Brazil, and will establish hubs of innovation and research in new regional centers. The goal is to educate and strategize how blockchain and other emerging technologies can be implemented across business, government, and society. The Blockchain Research Institute is opening up an African branch in collaboration with Standard Bank Group, a financial institution that offers banking and financial services to individuals, institutions, and corporations in …