Kenya’s golf stablecoin highlights need for Africa-wide regulations
A stablecoin that will be used to pay entrance fees for the golfing tournaments of a Kenyan 'entrepreneurs network’ has started testing under the local regulatory sandbox. YENTS, an unusual stablecoin developed by the Kenya’s Young Entrepreneurs Network (YEN), has entered into testing under the local regulatory sandbox.YEN, which organizes golfing tournaments to facilitate networking opportunities for Kenyan entrepreneurs, plans on initially using the stablecoin as a means of payment for sporting events and training programs. The network’s CEO, Kamau Nyabwengi, told The Africa Report that....
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Par for the course: The LinksDAO golfing startup could drive DAO adoption at the country club. No sector of the economy or indeed life is safe from nonfungible tokens (NFTs) or tokenization. Golf is the latest sport to succumb to the lure of NFTs and a round of decentralization thanks to the efforts of LinksDAO. In a sold-out NFT drop, LinksDAO raised $10.5 million to fund its golfing aspirations. More than 9,000 “leisure membership” and “global membership” NFTs were purchased on the OpenSea platform, exchanged for Ether (ETH). It would seem that while 2021 was a thriving year of....
Joe Mucheru, the secretary of Kenya’s Ministry of Information and Communications and Technology (ICT), resigned from the board of BitPesa, Africa’s largest bitcoin trading platform, and started to offload his shares to prevent any conflict of interest, according to technmoran.com, an African news site. While some Africa bitcoin observers might view his departure as another setback for BitPesa, which has faced several challenges following its promising beginning as a bitcoin pioneer in Africa, his action demonstrates a commitment to integrity and impartiality that could bode well for....
One of South Africa’s largest financial services groups, Old Mutual, has reportedly been appointed manager of the ZARP stablecoin project’s cash reserves. Founders of the stablecoin are hopeful that the appointment of one of the country’s oldest financial services companies will help bolster confidence in the digital currency.
Enhancing Credibility of the Stablecoin
The South African financial services giant Old Mutual has reportedly been designated the manager of the cash reserves of the local currency-backed stablecoin — the zarp. By appointing Old....
KenGen, Kenya’s largest energy producer, plans to deliver excess geothermal energy to bitcoin miners in the region.
Safaricom, the mobile network operator behind M-Pesa has released an Application Programming Interface (API) for all developers who want to create solutions tied directly into their payment systems. M-Pesa is Kenya’s largest mobile money service and world’s most successful to date. About 43 percent of Kenya’s GDP flows through the service and close to 70% of Kenya’s adult population has an account for the service. Safaricom’s website reads: “The new M-PESA platform dubbed G2 (for M-PESA 2nd generation platform) offers versatile integration capabilities that our development partners can....