How una dey Bankless Fam!

As we dey open show, we go look at bitcoin price sharp sharp. For dis week, en jus dey 22,000 USD, we no too sabi where the price go dey next.

The Ethereum merge nah for September, but e no too dey certain sha. Whether nah dip or continuation of downward trend we go see? Abi nah uptrend wey go reach new peaks we go see?

Nah time go tell.

Our official name now na Bankless Africa (e get space for middle) and na the community vote am, but before en be BanklessAfrica (e no get space for middle).

For our editorial, we been look how CBDCs dey rise for African continent. Dey get centralized alternative for decentralized cryptocurrency space. Dem get potential wey fit change how people go dey look moni for Africa.

For oda news, Anna stone wey co-found GoodDollar join our podcast, she tok wetin E go take, so we fit build an equitable world. She also tok how significant impact DAOs be, through incentive model wey dey new, dem dey solve wahala, dem dey also function like driver for equitable wealth distribution.

For our current affairs update, we tok how Central African Republic (CAR) wan start sale of their sango coin. E go start July 25, 2022. For oda updates wey we get, LBank Ceo believe say if African fit adopt blockchain, E go solve economic problems in different ways. Nigerian central bank governor tok say fintech and cryptocurrencies among others technologies Don force bank and financial institutions make dem change how dem dey operate.

Finally, for learning centre : liquidity pools, wetin dem be? How dem dey take work?

Barka (welcome).

Contributors: Eliza, Vibrantty, anointingthompson1, Paulito, SpiritedF, Oge, Miss Purple, Trewkat, Yofi.

Pidgin Translators: Og, Oge, Paulito, Vibrantty, SpiritedF, Great.

📈 Historical Snapshots

As en bin dey as of July 17, 2022.

Assets Wey be Oga Dem According to Market Cap

Name: Bitcoin (BTC) Price: $20,994.71 Market Cap: $401,058,826,983

Name: Ethereum (ETH) Price: $1,337.46 Market Cap: $162,617,401,558

Name: Tether (USDT) Price: $0.9997 Market Cap: $65,858,745,207

A Centralized Alternative to Cryptocurrencies?

CBDC Development for on top African Continent

Author: Eliza

Cover: Vibrantty

For the tori wey happen For Bankless Africa Newsletter article wey comot June 27th, we bin dey give readers full tori on crypto regulation landscape for Africa. The tori been start from the ban matter wey dey happen for Egypt, to where Bitcoin been dey as na en be legal tender for Central African Republic, the way wey African nation states been dey respond to fast fast technology with all the matter wey dey happen for financial system, dey widely varied and en bin come dey grow dey go.

Government don dey face better hot questions about wetin cryptocurrency fit mean for state sovereignty, control and better waka into global financial system. This one no dey like traditional financial institutions wey bin dey under regulatory frameworks wey dey transnational, official global governance body no dey for Cryptocurrencies; en come remain for state make dem sabi how dem go yarn for wetin dey shele.

CBDC Development Stages Wey Dey Across Africa

As dem continue to dey bombard questions and doubts ehn wey people dey ask about regulation of decentralized cryptocurrencies wey hin go contain, governments plenty wey been dey explore the creation of centralized alternative for Cryptocurrencies, wey people dey call Central Bank Digital Currencies (CBDCs). Dem state- be dey create electronic cash systems we dey operate on top technology wey dey similar for computing principles as Cryptocurrencies; wetin come dey different be say this one na government dey control am.

Overall Tori for CBDC development for Africa fit dey four stages:

Research
Pilot
Launched
No CBDC plans announced

Na Nigeria be the only country for the continent wey don launch CBDC; wey happen for October 2021, Central Bank of Nigeria (CBN) bin officially launch e-Naira and na from better technical collabo with global Fintech company Bitt Inc. For global matter, Nigeria na the second country wey don fully launch CBDC wey don dey loud for public, after wey Bahamas don launch. The reason wey dem say dem launch am be say e-Naira join increased financial inclusion, hin go dey facilitate seamless remittance processes, hin go reduce informal payments (i.e. transparency regarding payment go increase for informal economy), and hin go improve efficiently for cross-border payments.

Country we dey in line for the CBDC, and wey don dey even develop am already na Ghana and South Africa; both of dem dey pilot phase for their development.

The Bank of Ghana dey partner with ‘G+D technology provider’ to test the e-Cedi wey Central Bank regulators talk say must work seamlessly with mobile money to “complement and enhance [the] existing payment systems.” The South African Reserve Bank dey also run experiment but dem dey do am with wholesale CBDC, wey dem dey call Project Khokha, wey go involve some of the major South African banks. Dis CBDC project dey introduce one kin interbank payment settlement system based on a Distributed Ledger Technology (DLT).

E get as e be on how say wetin dey surprising for CBDC adoption across Africa na say countries wey dey for the research stage include both nations wey no get problem with crypto (e.g. Kenya) and nations wey get problem with crypto (e.g. Egypt). In addition to Kenya and Egypt, the other 12 countries we dey their research stage na Burkina Faso, Côte d'Ivoire, Guinea-Bissau, Madagascar, Mauritius, Rwanda, Togo, Tunisia, Tanzania, Uganda, Zambia, and Zimbabwe.

The remaining 35 African countries, mainly those ones wey plenty for Central and Southwest regions of Africa, the Sahara Desert and the Sahel region, never announce any plan at all to wan develop or even consider to adopt a CBDC and e never sure say them go try am at all.

CBDC Development Versus Crypto Regulation

Omo, e dey interesting to dey compare the status wey dey ground of cryptocurriencies to CBDCs for each country; as en come be sey the approaches wey dem dey take follow up regulation dey mixed, we dey use eye take confirm variations like that wey dey inside the development of CBDCs for the continent. E get some cases wey the development of CBDCs be the better response to the way wey cryptocurrency dey take loud, but person fit drag am sha. E get some cases wey be better sharp move to dey target some kin socio-economic issues wey done really dey worry countries for a long time like that; CBDCs fit play better ogbonge part sha in making better point of inflation.

The 2x2 table wey you dey see for down, dey place countries wey don ban cryptocurriencies side by side, whether them don already start to dey develop a CBDC oo, or not. To break things down eh, if dem talk sey a country get “crypto ban’ eh, en include both absolute and implicit bans. The development wey dey inside CBDC dey include any stage of development (i.e, the one dem still dey find out about, the one wey dem still dey do one or two for, or the one wey don dey ground already).

E dey burst brain to see say e get 5 countries wey dey develop a CBDC even as dey already get either implicit or absolute ban concerning cryptocurrencies. Egypt now for example, don already ban crypto under their Islamic law like that, dem dey call am “haram.” Well sha, the Central Bank of Egypt (CBE) wey dem announce for December 2018 sey dem dey find out info on a CBDC, and e bin see say this kin thing fit help dey keep issuance and transaction costs to a very small amount when you compare am to the normal banknotes. Well one explanation wey a country wey don ban crypto but still dey develop a CBDC fit give be say, the country wey we dey talk about fit com favour the way to dey put eye and control CBDCs even as dem dey benefit from the better things wey blockchain technology fit provide to their various financial sector.

The list of countries wey no get CBDC development and crypto ban, like Ethiopia, South Sudan, or even Gambia, get states wey get; one kin low level of development, no better institutional capacity, and inside some cases seff, civil wahala. Well sha, this thing dey suggest say the consideration of any one of these blockchain-related initiatives no dey move forward at all when you compare am to other serious important matter.

Countries wey ban crypto and wey no get CBDC development in sight, such as Algeria and Mali, fit dey wary toward any type of digital currency wey dey based on blockchain technology or wey dey simply resistant to technological change. In Algeria, for example, President Tebboune recently don fire their Central Bank governor because sey the country dey face national fiscal problems including high inflation; well sha for this case, the government no trust the central bank based on say them no fit develop CBDC properly. President Tebboune bin don dey vocally talk of the potential dangers wey cryptocurrencies fit carry come as en dey try justify Algeria’s ban on Bitcoin and other digital currencies, and a 2018 Algerian finance bill bin cite sey dem fit dey use digital currencies for illegal activities such as drug trafficking, money laundering and tax evasion.

On the other hand, countries wey no ban crypto and wey dey actively develop a CBDC, such as Kenya, Mauritius, or Zambia, fit dey characterized as being more open based on say the economic growth benefits wey dey in association with cryptocurrency adoption go get potential gains. This one fit come from central tracking capabilities offered by CBDC. Regulators wey dey kenya’s Capital Market Authorities (CMA), for example, don note the kain inevitable rise of crypto assets and bin issue a report wey dey talk about the things wey dey surround the kain approach wey dem carry come; how CBDC adoption go help equip government regulators to combat money laundering and the financing of terrorism, “them also dey note how national CBDC go fit, “inspire innovative business solutions” wey dey in association with cryptocurrencies.

Ground Wey Dey Fertile for Further Exploration

See eeh, these speculations wey dey fly about, wey dey on wetin make some African countries bin choose one particular combination of CBDC development and crypto regulation really deserve better examination on case-by-case basis, and by systematically controlling for other alternative explanations. In general, e go make sense to dey follow the evolution of these trajectories from time to time and to continue to dey trace those trend lines wey really dey obvious.

For the meantime sha, we go like hear the perspective wey our readers get— why you think say certain countries fit choose one particular path of crypto regulation and CBCD adoption?

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📰 Tori and Aproko Wey Dey Inside and Around Africa

LBank CEO: Africa Fit Make Society Wey Get Blockchain and Everything Wey Relate With Am

Author: Adegboyega Olowoporuko

The level wey people da accept cryptocurrency for Africa da increase well well according to wetin Lbank CEO, Allen Wei talk. As Africa be the biggest continent way gather people pass, the way them take accept cryptocurrency well well, get better effect on top the general crypto economy.

The way them take accept blockchain go make am easier to settle all Africa economic wahala as them plenty reach.

Allen Wei come talk say, ‘Africa go fit provide society wey get blockchain with strong economy wey go get better high standard of living, wetin him mean by all this things wey him yarn be say the kin plenty money way Africa fit get as them accept blockchain go mad everybody because e go big wella.

Bitcoin Self-custody Dey Necessary for person to Dey Alright Financially

Kudzai Kutukwa been write something and for wetin him write him be dey reason say the value of Decentralisation, las las, if person no dey in control of wetin him get, Bitcoin no go too dey different from centralized exchange IOUs. The slang "no be your keys, no be your coins" dey serve as reminder to dey financially alright no be just normal talk.

He come dey remind person way dey read this stuff way him write say anybody wey dey manage your money, dey manage how you go dey spend am and e dey manage you too. All this centralized financial systems wey get non-self custody/hosted wallets dey created to dey allow the state get control on how funds dey take flow. To separate person money from government, them create Bitcoin with plan say person go get power over him money, self-custody wallet dey make sure say na so e be.

E dey very important to get payment systems and tools wey dey very very decentralized and effective to make sure sey person personal matter dey secure, for world where digital payments don turn normal thing rather than something wey no follow.

Ghana Don Dey Listed For Inside the Top 10 African Countries Wey Get Plenty Cryptocurrency Holders

As Africa da now, upon say them no da lead the list of continents way don accept crypto the most, them don show face as one of the places wey da better and very alright for everything wey concern crypto.

Even as the crypto prices and value dey fall dey go, Bitcoin still get rep as one of the crypto coins wey dey lead.

As Nigeria still be boss for matter wey concern cryptocurrency for Africa, e get other countries like South Africa, Kenya and Egypt wey dey come up; Ghana don turn to one of the African countries wey get the highest number of people wey dey use crypto.

Nigerian Central Bank Governor Talk Say Fintechs and Cryptos Dey Change the Way Financial Systems Dey Operate

The Nigerian Central Bank governor, Godwin Emefiele, been call for the Central Bank's Monetary Policy Committee (MPC) retreat. Him believe say the rise of fintechs and cryptocurrencies don changed how the financial system dey work and he feel sey them need get some changes wey go show am.

Godwin been dey reason say the financial system regulations, supervision and monetary policy implementations go need better rethinking so e go fit apply to wetin dey sup now.

Them talk talk say the meeting been hold on July 18th - 19th, wetin them been carry for mind na to make sure say the things wey Central Bank MPC feel say dey important to better Nigeria’s monetary policy. The governor been also talk say the MPC policies go add to capacitating technologies and innovations wey go lead to the continued upgrade of Nigeria.

Plenty benefits like access to financial services, poverty reduction, and employment creation go dey.

He been advise the members of the MPC to study and Sabi the monetary policy tools and objectives wey dey important for our digitalized world. Them been use the retreat to track how MPC’d dey perform for the past 3-4 years.

The Central African Republic Talk Say the Sale of 210 Million Sango Crypto Tokens Go Start in Late July

Author: Terence Zimwara

As e de be on top Sango coin website, 210,000,000 sango tokens go da available to users wey dey interested to participate for the project.

Investors wey dey take part for wetin the country dey call the first digital monetary system wey go dey “powered by the bitcoin blockchain,” go get opportunity to receive e-residency status if them go gree ‘lock-in’ their tokens.

E get something wey go start for end of July end, the thing be say each coin go dey around $0.10 for this first round, the smallest buy way you go fit do na $500 per transaction (~ 5000 coins). You fit run this transaction with cryptocurrencies like Ethereum and Bitcoin.

[FTX go launch Ghana Cedi Deposits] If you been dey trade on FTX in Ghana, you wetin know wetin dey on board? you go fit deposit Ghana cedi for FTX, you fit use the website or the app. FTX still dey roll out products and packages around Africa.

FTX launches Ghana Cedi Deposits

If you bin dey trade on FTX in Ghana eeh, guess wetin sup? You fit dey deposit Ghana cedi in FTX now through the website or the app. FTX don continue to dey roll out products and packages across Africa.

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📚 Learning Centre

Liquidity Pools

Credit: Defi Download Newsletter

Liquidity pools na one better integral part for decentralized finance, as en dey allow make trading of assets on decentralized exchanges to dey possible. Liquidity pools na the gathering of token pairs or groups wey dem lock into smart contracts. Try reason USDC/ETH or DAI/USDC/USDT/FEI. These pools dey provide liquidity for trades wey happen on the protocol and en dey really help people wey dey use am to swap in and out of tokens wey dey specific wey dey within the pool.

The deeper the liquidity pool eeh, like wetin we mean be say, the more of each token wey dey inside the pool, the less a trade go affect the kain number of tokens wey dey inside the pool and the price movement of the token when dem trade am. You fit see am like say, more tokens for a pool dey mean less slippage with each trade. Slippage na the amount of value wey bin loss in a trade from one token to another.

😂 Meme Wey Go Make You Laff

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CBDC Development Wey Dey On the African…