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 as the first ranked in Africa,
and second globally.
The Central African Republic’s Bitcoin Law Compels Head of Regional Central Bank to Call for Creation of Common Digital Currency
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 crypto as well.
As Traditional Funding Dries Up, Kenyan Activists Believe Cryptocurrencies Provide an Alternative Fundraising Channel
According to some Kenya-based activists, raising funds through
cryptocurrency and non-fungible token (NFT) sales is not only faster but
less costly as well. The activists added that digital currency also has
the “potential to create new ways for young people to earn, spend, save
and send money.”
Ghana Is Rated as the African Country Most Likely to Default on Its Debt Obligations
After seeing its inflation rate surge to over 29% in June, Ghana,
West Africa’s second-largest economy, is now ranked as one of the
countries most likely to default this year, Visual Capitalist’s latest
sovereign debt vulnerability rankings have shown. According to the data,
Ghana is now ranked first in Africa and placed second globally, just
behind the Central American state and first country to make bitcoin
legal tender, El Salvador.
