Experts Believe a Common African Cryptocurrency Can Boost Trade and Sustain G...
Some economic experts from Africa have suggested that the continent now needs a common cryptocurrency and an integrated capital market to boost trade and sustain growth. The Importance of a Common Crypto Experts on the African economy have argued that a common cryptocurrency along with an integrated capital market is needed to boost trade and to sustain growth on the continent post the Covid-19 crisis. According to a press statement released by the African Development Bank Group (ADBG), these experts had made their arguments during a discussion on reforming Africa’s financial....
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The secretary-general of the African Continental Free Trade Area (AFCFTA) secretariat, Wamkele Mene, says Africa will “one day have a common currency” via a proposed “Pan-African Payment and Settlement System (PAPSS).” He adds that such a currency will help “ease constraints of settling intra-African trade in foreign-denominated currency.” Challenges Ahead In comments recently carried by regional news outlet This Day, Mene admits that challenges will be encountered before the dream of a common currency is finally realized. However, to illustrate his own....
A new continent-wide payment system that seeks to strengthen African fiat currencies, as well as to boost intra-Africa trade, recently went live. Discussions about onboarding more African countries are still ongoing. SMEs the Main Beneficiaries of the Payment System A new African payment system, the Pan-African Payment and Settlement System (PAPSS), recently went live in Ghana, setting the stage for its rollout across the continent. The payment system seeks to strengthen African fiat currencies as well as to boost intra-Africa trade. The payment system — the brainchild of the....
The head of the Bank of Central African States (BCAS), Herve Ndoba, has told the regional central bank’s board that it must create a common digital currency which will be used by six countries belonging to the Central African Monetary Union (CAMU). Ndoba reportedly wants the BCAS to establish a common legal framework for regulating cryptocurrencies as well. Digital Currency to Modernize Payment Structure In a move seemingly aimed at countering the Central African Republic (CAR)’s recent decision to embrace bitcoin, the head of the BCAS, Herve Ndoba, has reportedly urged the....
In Bitcoin.com News’ inaugural newsletter featuring the biggest crypto and economic news stories from Africa, the head of an African regional central bank, Herve Ndoba, implores the bank’s board to introduce a common digital currency. At the same time, the regional bank warned that the Central African Republic’s bitcoin law is incompatible with regional laws. Meanwhile, Kenyan activists have said cryptocurrencies can potentially create new ways for young people to earn. The latest Visual Capitalist rankings of countries with the highest default risk in 2022 show Ghana....
The AfCFTA is an intra-African trade agreement that offers opportunities to bring prosperity to Africa with the potential adoption of bitcoin.