Africa – Page 14 – Ƀitsell X

Investors in Collapsed Ponzi Scheme Resist Liquidator’s Attempts to Force Repayment at Current BTC Prices

February 20, 2024

Investors in the bitcoin Ponzi scheme Mirror Trading International are reportedly resisting liquidators’ attempts to have them repay digital assets withdrawn before it collapsed. According to the investors’ lawyer, MTI liquidators are intentionally misinterpreting the Insolvency Act for their benefit. Liquidators Face Accusations of Prolonging the Settlement Process A group of Mirror Trading International (MTI)…
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Nigeria’s Headline Inflation Increases as Central Bank Intensifies Foreign Exchange Controls

February 18, 2024

In the first month of 2024, Nigeria’s headline inflation rose from nearly one percent to 29.9%. However, on a year-on-year basis, the January 2024 headline inflation rate was 8.08 percentage points higher than the January 2023 rate. Many commentators identify foreign exchange shortages as the root cause of the naira’s poor performance against major currencies.…
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Licenced Stablecoin on/off Ramp Yellow Card to Introduce USDC on Stellar Network

February 16, 2024

The African stablecoin on/off ramp, Yellow Card, is set to introduce the stablecoin USDC on the Stellar network. This partnership has the potential to transform global payments and accelerate the adoption of digital assets. Lightning Fast Transfer Speed Yellow Card, a major licensed stablecoin on/off ramp in the African continent, recently announced plans to introduce…
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Zimbabwe to Launch ‘Structured Currency’ Linked to Gold, Says Finance Minister

February 14, 2024

The Zimbabwean government plans to launch what it calls a “structured currency.” Some commentators and social media users have expressed skepticism over the government’s latest currency plans. Zimbabwe’s Structured Currency The Zimbabwean Finance Minister, Mtuli Ncube, has said his government plans to halt the local currency’s freefall by linking it to gold and establishing a…
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Expert Calls for Full Cryptocurrency Regulation in Nigeria to Mitigate Digital Asset-Related Financial Crimes

February 12, 2024

Nigeria must fully regulate crypto activities if it wants to curb financial crimes associated with digital assets, a forensic expert has said. The co-founder of A&D Forensics also called on Nigeria to enact laws that would mandate banks to vet service providers before granting them account access. Curbing Crypto-Related Financial Crimes According to a blockchain…
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Kenya Advances Toward Digital Asset Hub Ambition With Virtual Assets Bill – Kenya Blockchain Association

February 9, 2024

The Blockchain Association of Kenya (BAK) is reportedly on the verge of launching a community-led draft bill, a significant stride towards its objective of transforming Kenya into a hub for digital assets. BAK has expressed its intention to integrate feedback from stakeholders into a revised draft. This updated version of the draft bill is due…
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Nigerian Currency Depreciation: Central Bank Head Reaffirms Commitment to Reviving Confidence in the Economy

February 8, 2024

The Nigerian central bank remains committed to building confidence in the economy but that hinges on the implementation of “bold reforms” and residents’ help in easing pressure on the naira. However, critics have faulted the central bank’s policies including the devaluation of the local currency in 2023 for worsening the plight of millions. Ordinary Nigerians…
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Egypt Aims to Ease Pressure on Forex Reserves via $1 Billion Treasury Bill Auction

February 6, 2024

Barely a month after raising $850 million from an auction of dollar-denominated treasury bills, the CBE was reportedly poised to raise $1 billion via similar instruments. The decision to hike overnight interest is said to be part of the central bank’s ongoing efforts to stabilize Egypt’s teetering economy. Easing Pressure on the Egyptian Pound On…
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Kenyan High Court Unfreezes $3 Million Belonging to Nigerian Fintech Giant Flutterwave

February 5, 2024

A recent ruling by the Kenyan High Court in favor of the Nigerian fintech startup Flutterwave will see it finally get access to $3 million which has been frozen since July 2022. The judge slammed the Assets Recovery Agency for continuing to hold onto the funds even after it withdrew its suit against Flutterwave. Flutterwave’s…
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Crypto Fraud-Accused Denver Pastor Preaches Finance in Zambia Just Days After Skipping U.S. Court

February 4, 2024

A Denver pastor, accused of crypto-fraud, has been spotted in the Zambian capital just days after he reportedly failed to appear in court. The pastor, Eligio Regalado, said about half of the misappropriated $1.3 million went to the IRS. Denver Pastor’s Assets Frozen The Denver pastor accused of misappropriating $1.3 million raised from members of…
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Tag: Africa