In Bitcoin.com News’ first newsletter featuring the biggest crypto and economic news stories from Africa, Herve Ndoba, head of the African Regional Central Bank, has urges its board of directors to adopt a common digital currency. At the same time, the regional bank warns that the Central African Republic’s Bitcoin law is incompatible with regional law. Meanwhile, Kenyan activists say cryptocurrencies could create new ways for young people to earn income, and the latest Visual Capitalist ranking of countries most at risk of default in 2022 ranks Ghana first in Africa and second globally.
Central African Republic’s Bitcoin Law Leads Regional Central Bank Chiefs to Call for Creation of Common Digital Currency
Herve Ndoba, head of the Bank of Central African States (BCAS), has told the board of the regional central bank that there is a need to create a common digital currency to be used by the six countries belonging to the Central African Monetary Union (CAMU) Ndoba has told the BCAS that a common legal framework to regulate crypto It also reportedly wants to establish a common legal framework for regulating crypto.
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As traditional funding dries up, Kenyan activists believe cryptocurrencies offer an alternative funding channel
According to some Kenya-based activists, fundraising through cryptocurrency and non-financial token (NFT) sales is not only faster, but also less expensive. Activists added that digital currencies could also create “new ways for young people to earn, spend, save, and send money.”
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Ghana Rated Most Likely to Default in Africa
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Ghana, West Africa’s second-largest economy, where inflation surged above 29 percent in June, is most likely to default this year ranked as one of the countries most likely to default this year, Visual Capitalist’s latest Sovereign Debt Vulnerability Ranking reveals. According to the data, Ghana currently ranks first in Africa and second in the world behind El Salvador, the first Central American nation to make bitcoin legal tender.
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