Slow Starts and Accelerator Programmes: This Weeks African Crypto Update
Another two weeks have passed since we last updated our public with fresh news from the African crypto ecosystem, and it is time for a new round of information. Our team is constantly searching for relevant news to help you understand what is happening in a market that never stops. Scroll down to read some of the highlights we curated for you!
Data from a consumer survey recently published by Merchants, a management company from Johannesburg, shows that crypto adoption in South Africa could surge if banks in the country finally decide to fully embrace crypto services. Most of the participants involved in the study shared that they would feel more comfortable with the idea of investing in bitcoin or other crypto alternatives if local financial institutions legitimized the way they offer these services. The study also revealed that less than 15% of the entire population in South Africa has solid knowledge about cryptocurrencies or understands details of how the cryptocurrency sector works, which may explain why some citizens still feel unsafe when it comes to moving their assets into the crypto market. Currently, South Africa ranks second regarding crypto adoption rates in Africa, falling behind Kenya.?
We already talked a lot about the fact that the Central African Republic (CAR) became the first nation in Africa to make bitcoin legal tender. Since the official announcement in April, the country has been working to implement the Sango project and launch its own token. The Sango coin went online on Monday (18) but started slowly in the market. A few hours after the launch, CAR’s digital token attracted buyers who, together, invested around $1.09 million in it. The number is only 5% of CAR’s initial goal of raising around $21 million with its new project, but it is still too soon to predict if it will stagnate. As always, we will keep an eye on it.?
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Herve Ndoba, Head of the Financial institution of Central African States (BCAS), has come forward with some plans for the regional central financial institution’s board about the creation of a standard digital foreign exchange system that can be used by six international locations that are part of the Central African Financial Union (CAMU), including Cameroon, Chad, Equatorial Guinea, Gabon, the Republic of Congo, and the Central African Republic. The idea is that this new digital forex can promote monetary inclusion and modernize exchange rates and fees between these countries. However, there are still no details about the design of this new system or when it would be implemented.
We have mentioned Nigeria many times in our news digest as the country keeps embracing crypto possibilities. Since 2020, Nigerians have been engaging with crypto as a way to dribble issues with their national currency, the Nigerian naira. As the crypto exchange rate of the naira becomes more popular,? Nigeria's dual exchange rate system becomes triple. Aminu Gwadabe, President of the Association of Bureau de Change Operators of Nigeria, mentioned that “More people are buying cryptocurrencies because they are losing confidence in the naira.” Although the Central Bank of Nigeria is responsible for controlling the official rate of the country’s currency, the USD rate on the crypto floor is currently determining the value of the naira. Furthermore, the currency's value in the black market also affects naira’s real value, making it even more unstable.?
Crypsense Digital Group, a Kenyan-based digital assets and management company, is the first African Web 3 startup to qualify for the Draper VeChain Web 3 Accelerator Program. This collaborative program is a great opportunity for new entrepreneurs to obtain support to enter the blockchain market and develop their solutions. Crypsense Digital Group wants to offer end-to-end solutions for institutional adoption of blockchain and digital assets all over the African continent and is focused on developing new Learn to Earn and Play to Earn platforms. As the company will now obtain full support from experts in the market, we will likely see more news from Kenya very soon.?
We will be back in two weeks with more! Our social channels are always updated with information, knowledge, and news about our projects, crypto initiatives in Africa, and curiosities about the market. Make sure to follow us!