Bankless Africa presents Sats & Gwei, a podcast for your weekly crypto news update from all around Africa!
Cryptocurrency adoption continues to grow in Africa, but some countries have banned its use due to concerns about safety and legality. In many cases, these fears stem from a lack of regulatory policies in the industry. An October 2022 report by the International Monetary Fund (IMF) showed that at least two-thirds of African countries have some form of restriction or policy in place regarding cryptocurrency.
Meanwhile, The Nigerian government is currently reviewing its taxation policies and plans to permit the taxation of cryptocurrency transactions through new provisions in its finance bill. There are currently six countries, including two African countries, that levy taxes on transactions involving digital assets.
The Africa Bitcoin conference recently took place in Ghana, with speakers discussing the potential for Bitcoin to provide a common currency that is free from traditional systems of control. Farida Nabourema, the Director of Togolese Civil Aid, argued that Bitcoin could offer easy access to funding and easier international trading. CEO of Bitnob, Bernard Parah, added that independent financing and development cannot occur without an independently functioning currency.
In partnership with Paxful, the Africa Bitcoin conference has created a training center in Kumasi to educate individuals on the current and potential use cases of Bitcoin. Gridless, a company that builds, designs, and operates Bitcoin mining sites alongside small-scale renewable energy producers in rural Africa, has secured a $2 million seed investment round to help accelerate growth in the sector and distribute and secure the Bitcoin network.
Bitcoin company Strike announced a strategic partnership with Bitnob at the conference. Bitnob is a platform that allows users to send and receive money instantly from any app with Bitcoin support, and the partnership will take advantage of the Lightning Network on Bitcoin. Strike's "Send Globally" feature is currently available in Nigeria, Ghana, and Kenya. Remittance is a major source of foreign exchange for countries in Africa, with Nigeria's recorded remittances contributing more to their GDP than oil. However, a significant portion of these funds is lost in fees.
These and more in this episode of Sats & Gwei. Stay updated👍.
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Sats & Gwei is a Bankless Africa podcast that brings you weekly crypto/web3 headlines about the Africa continent. Stay up to date with the most relevant crypto happenings across Africa.
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Sats & Gwei | 6 African Countries banned Crypto | Africa Bitcoin Conference ignites hope| Strike Partners with Bitnob to improve remittance| And more!