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In African cryptocurrency news this week, the Kenyan cryptocurrency scene is in the crosshairs of Coinbase for its new M-PESA transaction aimed at supercharging cryptocurrency Africa. Morocco’s cryptocurrency policy reversal could lead to the launch of a new CBDC on the continent.
Africa is not left behind in the cryptocurrency boom. With cryptocurrency prices rising, the continent has now become a hotspot for cryptocurrency innovation and adoption.
This week, major events centered around adoption on Telegram. At the same time, Coinbase plans to expand its operations into Kenya. In North Africa, regulatory developments in Morocco have led to the recognition of cryptocurrencies after an initial ban.
African Crypto News: Telegram Drives Cryptocurrency Growth on the Continent
Telegram is a popular messaging app. There were concerns that the app was being used to promote cryptocurrency illegality, but new research shows this is not the case. According to the report, Telegram has actually played a significant role in changing and enabling the use of cryptocurrency in content.
Between January 2023 and August 2024, Telegram gained more than 3 million users in Africa, most of whom were under the age of 25. that study We also discovered that most users utilize Telegram to explore DeFi and games like NotCoin and Hamster Kombat.
The explosive growth in Telegram users can be attributed to economic instability and low penetration of banking services. Therefore, most choose cryptocurrency and blockchain solutions. By 2025, more than 54 million African users will become cryptocurrency holders and use these tokens for commerce and remittances.
Morocco Crypto News: Regulators Warm Up on Cryptocurrencies – Reverse Ban Among CBDC Plans
After years of banning cryptocurrencies, Morocco made a U-turn this week.
The country, analysts say, is now laying the “foundation” for a more regulated cryptocurrency market. According to reportThe country’s central bank is reviewing draft laws to better manage and regulate cryptocurrency trading.
The card also contains plans to launch a central bank digital currency (CBDC). Clearer regulations will make it easier for authorities to protect users while fostering cryptocurrency innovation.
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Kenya Cryptocurrency News: Coinbase May Partner with M-Pesa
Coinbase, one of the world’s largest cryptocurrency exchanges, plans to expand its business to Kenya.
In a recent interview, Jesse Pollak, one of the exchange executives, said: said They will “strengthen” their presence in East Africa by partnering with Safaricom, the country’s largest telecommunications network.
The exchange will develop initiatives such as “Based Africa” to support local developers through its payments arm, M-Pesa. Coinbase is also considering creating a Kenyan shilling stablecoin, similar to USDC, which would be launched on Base, the Ethereum layer 2 supported by the exchange.
Using Coinbase will play a big role in streamlining transactions and connecting your cryptocurrency with TradFi.
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South African Cryptocurrency News: Complying with Strict FATF Standards
South Africa, the continent’s cryptocurrency leader, is stepping up its compliance efforts. In this way, they hope to escape the dreaded Financial Action Task Force (FATF) gray list.
To this end, domestic regulatory authorities implement “Directive 9”, an initiative to force regulated cryptocurrency platforms to collect transaction data from users. They hope to effectively curb money laundering and terrorist financing.
This guideline will come into effect from April 2025.
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Disclaimer: Cryptocurrencies are a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You may lose all your capital.
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