Naira worth less than Bitcoin’s Satoshi, Zimbabwe reviews cryptocurrencies, while Rwanda announces CBDC plans

Dig deeper into African cryptocurrency news as the Nigerian Naira is devaluing – now worth less than 1 Satoshi. This comes as Zimbabwe reviews cryptocurrency regulation and Rwanda reveals plans to launch CBDCs.

Africa is growing and the events of the last five years have been impressive. The continent is at a crossroads of financial and even technological transformation, particularly with emerging technologies such as cryptocurrencies, blockchain and artificial intelligence.

As of mid-June, several nations, especially in sub-Saharan regions, are still grappling with dire economic challenges and the bite of drought. Their leaders are now exploring digital and cryptographic innovations in an effort to rapidly stabilize and modernize their economies.

Last week, the Naira currency problems began to manifest. Meanwhile, Zimbabwe plans to regulate cryptocurrencies, while Rwanda unveils plans to develop a Central Bank Digital Currency (CBDC).

Nigeria Cryptocurrencies: Naira Devalues ​​as Bitcoin Emerges as King

Nigeria is mixed when it comes to cryptocurrency technology and adoption.

Although it is one of Africa’s largest economies, it has come under enormous pressure with the Naira now floating freely but rapidly devaluing.

Recently, the Naira has fallen deeper, worth less than a satoshi, or 0.00000001 BTC, the smallest unit of Bitcoin.

Nigerian authorities have since implemented several measures to stabilize the Naira. One of these famously involved cracking down on cryptocurrency exchanges and asking them to remove Naira pairs.

Despite protests, Nigeria has yet to release a Binance executive. The authorities support it Binance is behind their currency problems, claiming that they enable money laundering and tax evasion.

The worrying decline has attracted figures such as Ricardo Salinas, the Mexican billionaire.

Taking X, he urged his followers to consider BTC as a sufficient shield against fiat currency devaluation.

Zimbabwe Cryptocurrencies: Nick Mangwana is looking into cryptocurrencies and plans to regulate the local industry

Even though some Nigerian agencies prefer to regulate cryptocurrencies, there have been concrete steps to follow.

Zimbabwe, which is facing a similar situation, is more proactive and seeks to regulate the sector instead of outright banning it, marking a more proactive approach to the growth of crypto-Africans.

For this reason, the government recently launched a global initiative to evaluate the local cryptocurrency industry. The aim is to map the key players in the country and clearly understand their scope and scope.

The reports show it Nick Mangwana, the Permanent Secretary for Information and Publicity, highlighted the identification of potential risks associated with cryptocurrencies. At the top of the list is how cryptocurrencies enable illicit activities, money laundering, or terrorist financing.

The outcome of this review will be crucial.

However, most country watchers believe Zimbabwe will adopt accommodating laws that will foster innovation while ensuring its financial systems are safe and transparent.

Rwanda Cryptocurrencies: National Bank of Rwanda to Develop a CBDC

In the United States, Congress has rejected proposals to develop and implement a CBDC, but things are shaping up differently in the African crypto scene.

However, this does not stop Rwanda from pursuing plans in this regard develop a CBDC, the digital franc, within the next two years.

The CBDC initiative will be led by the National Bank of Rwanda (BNR). However, the central bank will collaborate with the Ministry of Finance and the Ministry of ICT and Innovation to conduct a feasibility study.

Before that, the government urged citizens to share their opinions on CBDC. Some concerns include privacy issues and the potential for poor adoption, as in Nigeria.

Besides that, the Rwandan government believes that the digital franc will strengthen their financial system. This currency will provide citizens with a secure alternative to physical cash, improving financial inclusion.

Soraya Hakuziyaremenye, deputy governor of the BNR, also added that CBDC it will be a step in the right direction for crypto Africa, especially as Rwanda aims to eliminate cash.

To explore: What is Blum Crypto? The cryptocurrency market goes crazy for this cryptocurrency linked to Telegram

Disclaimer: Cryptocurrencies are a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all your capital

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