Cryptocurrency

Unicef to issue funding in bitcoin and ether cryptos. www.theexchange.africa
  • Startups will receive crypto worth US$100,000 each from UNICEF’s Cryptofund
  • Cryptofund is part of UNICEF’s innovation fund, which allows the organization to hold, receive and disburse funds in cryptocurrency
  • Startups registered in 190 countries and have an operational, open-source blockchain prototype or are willing to make their startup open source are eligible to get the fund.
  • The deadline for application is March 8, 2022, and each qualified 

The UNICEF Venture Fund, in partnership with Giga (an Internet connection initiative), is calling for Blockchain-based software solutions for capacity building and community empowerment.

The collaboration is looking to make up to US$100,000 equity-free investment in cryptocurrency to provide early-stage seed funding and mentoring programs to profit-oriented technology startups that have the potential to benefit the larger population.

The applicants for the fund will receive the funding in cryptocurrency, either in bitcoin or ether, through UNICEF’s recently launched CryptoFund.

Read: Sweden boosts UNICEF

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  • Traders holding the Cardano token will obtain loans of up to 70 per cent of the ADA tokens they hold.
  • The concept of decentralization and blockchain technology can replace traditional financial services such as commercial banks. Cryptocurrencies can also be used as an investment tool, and so can Cardano (ADA). 
  • The government of Ethiopia and Cardano Development had sealed an agreement to introduce 5 million secondary school students and 700,000 teachers on the Cardano blockchain app.
  • The downside of taking loans on Cardano is that the borrowers will have to self-manage the risk of the fluctuating Cardano price.

Cardano (ADA) is proof to take blockchain led by Ethereum co-founder Charles Hoskinson. Charles initial purpose in designing the token Cardano was to create competition for the Ethereum token. Cardano launched on September 29, 2017, after two years of development.

Cardano combines pioneer technologies to provide unparalleled security and sustainability to decentralized

  • The Central Bank of Kenya has published a discussion paper on a CBDC for the public to submit their views
  • CBK governor is optimistic about the country adopting a central bank digital currency
  • Written representations and submissions should be sent to the Central Bank of Kenya by May 20, 2022, at 5.00 p.m.

The Central Bank of Kenya has published a discussion paper on a central bank digital currency (CBDC) for the public to submit their views.

The discussion paper has invited comments from the public to be reviewed when assessing the potential use case of a CBDC in Kenya. The paper also scrutinizes the applicability of a CBDC in Kenya, if adopted, as part of the Central Bank’s initiative to ensure informed policy decisions regarding innovations.

The public’s written representations and submissions should be sent to the Central Bank of Kenya by May 20, 2022, at 5.00 p.m.

  • Twitter Founder and American rap star Jay-Z dump 500 bitcoins yet to be distributed in Africa
  • Despite the regulatory ban, bitcoin is still popular among retail investors
  • The popularity of cryptocurrencies in Africa encourages policymakers to embrace the crypto revolution

Most crypto experts believe that bitcoin is experiencing its lowest value, as they project the currency will hit the US$100,000 mark by 2050.

The currency fell below US$34,000 on Monday, with bitcoin selloff nearing a 50 per cent drop from the record high of US$69,044 recorded in November.

Read: Tanzania going round in circles over cryptocurrency adoption

However, the African market looks promising as retail crypto traders rise daily. Crypto Investors are also looking to create awareness in the almost untapped market that promises to increase bitcoin’s value through popularity adoption.

Five hundred bitcoins are set to be released to Africa’s crypto market by Btrust.

Twitter founder Jack Dorsey and …

  • Non-fungible tokens (NFTs) are digital assets that can be traded like any other piece of property.
  • NFTs don’t have a physical form of their own to speak of.
  • Cryptocurrency and blockchain are the foundations of NFTs.

Non-Fungible Tokens (NFTs) are the new opportunity for anyone with anything they can monetise and access to the internet to reap the benefits of minting money on the World Wide Web.

NFTs are “one of a kind” digital assets that can be traded like any other piece of property, but NFTs do not exist in any tangible form. It is possible to think of virtual or real assets as tokens that may be exchanged for tokens.

Therefore, an NFT is a digital title for a piece of content that may be sold on auction sites but is non-returnable because it is unique and irreplaceable. Because of this, its value fluctuates and it is useless …

  • On Monday morning, the value of the world’s cryptocurrencies stood at US$1.9 trillion, which was more than US$1 trillion below the all-time high of US$3 trillion in November 2021.
  • Over the last five years, the value of bitcoin has increased by nearly 4,300 percent. Currently, however, the digital currency is down by roughly 40 percent from the USUS$69,000 set in November 2021.
  • The value of bitcoin could hit USUS$100,000 in the next five years.

The popularity of Cryptocurrency is on the rise in Africa but despite this, it is still plummeting.

Cryptocurrency in South Africa

According to the Cryptocurrency Adoption index from Finder.com, South Africa ranks 21st in countries with the most cryptocurrency users globally.

In the research carried out in December 2021 by Finder, 11 per cent of South African internet users, approximately 4.5 million people, claimed that they owned cryptocurrencies, a one per cent increase from October …

  • Out of the 174 central banks surveyed by the IMF, 40 allowed the issuance of digital currencies.
  • For a currency to qualify as legal, it must be included in the country’s laws and classified in its monetary unit.
  • Legal tender status is granted to a currency in a country only if it is accepted by the larger population and can be received with ease. 

A lot of people are transitioning from the traditional way of holding money (notes and coins) to digital electronic money (digital currency, stable coins, and e-money).

This has been caused for a number of reasons:

  • Difficulties in gaining access to traditional financial services
  • Advances in African technology
  • The services provided can be paid for with digital currency.
  • Covid-19: Regular money was discouraged as it was viewed as an agent for transmitting the virus. As a preventive measure, e-money was widely encouraged.

Read: Africa is cryptocurrency-friendlier than

  • The West African region has approximately 385 million people
  • Adopting a regional currency would aid in the removal of trade and monetary barriers.
  • Have Nigeria and Ghana who are examining their own central bank digital currencies lost faith in the common currency project?

Digital currencies are killing the ambition of having a common legal tender, the Eco, in Western Africa.

Work that has been done for over two decades to realize the Eco appears to have gone down the drain as Nigeria surfaces its central bank digital currency, the eNaira, and Ghana prepares to launch its own, the e-cedi.

What is a central bank digital currency (CBDC)

It is the virtual, electronic, or digital currency of a country. CBDCs are regulated by the Central Bank of a state.

Read: Copper gives Zambian Kwacha’s muscle against the US Dollar

Nigeria and Ghana are the first countries to roll out such projects …