Africa and the Middle East
Welcome to our weekly roundup of all important blockchain and cryptocurrency news from around the world. Follow the latest developments in the cryptocurrency space continent by continent, country by country.
Bitcoin’s biggest use case in Khayelitsha township: Despite being one of the largest and poorest townships in the country, Khayelitsha is becoming one of the best-known use cases of Bitcoin in the country and the continent.
As people are becoming more and more aware of cryptocurrencies and their power of transferring money from one place to another, the adoption of Bitcoin is increasing in this part of the world.
Reserve bank looking to regulate crypto: The Central Bank of Nigeria is looking to regulate cryptocurrencies in the country and has set up a committee comprising of blockchain experts from around the world to look into it.
The move has been positively received in Nigerian crypto circles as regulations have been missing. While the Central Bank has warned about using cryptocurrencies before, this unprecedented move to involve blockchain professionals in the legislation matters are expected to bring the positive change needed to reinvigorate the country’s economy.
Blockchain-based crypto to be launched: Kenya is preparing to welcome the first blockchain-based cryptocurrency platform in the country in the form of the TMX Global coin. This is the first attempt at developing an indigenous cryptocurrency in the country.
According to the CEO of TMX Anthony Njoroge:
“We are using blockchain technology to enhance cargo logistics business to have more open, transparent and democratic process using a decentralized system, where all the users are able to talk to each other on an open platform.”
The platform is expected to increase transparency in ordering goods online.
Microsoft to boost construction sector with blockchain apps: Microsoft is getting in the blockchain side of things as the big IT company has announced projects in Zimbabwe.
The company is partnering with Zimbabwe firm Africa-IDG to create cutting-edge blockchain applications to revolutionize the construction industry. According to CEO Tatenda Chifamba:
“The blockchain movement is one that we must join in its early phase if we are to be relevant as a country not only internally but both regionally and internationally.”
United Arab Emirates
First Shariah-compliant exchange to be launched in Dubai: The United Arab Emirates are now going to be the home of the first Islamic cryptocurrency exchange in the world that is fully compliant with non-interest-based Shariah law.
UAE-based fintech company ADAB solutions came forward with the idea and announced plans to launch the first shariah-compliant exchange in the country. The world is its main target, with the 1.8 billion Muslims and other investors who believe in the non-interest-based exchange operations.
According to their official website:
“Many cryptocurrencies, due to their characteristics, are haram (forbidden in Islam). Today, no one can guarantee that the coins and projects listed on conventional cryptocurrency exchanges comply with the norms of Islam.”
The exchange expects a turnover of USD 4.4 billion in the first 18 months in operation.
Government planning national crypto to avoid US sanctions: The Iranian government has announced plans to launch its own cryptocurrency in response to the impending US sanctions on the Middle Eastern country.
The Central Bank of Iran has finalized details regarding an indigenous cryptocurrency according to official Iranian news channel Ibena which will be backed by the Iranian rial. The state cryptocurrency will be similar to Bitcoin regarding transfers using blockchain technology.
This is not the first time a national cryptocurrency has been launched. Venezuela launched its Petro cryptocurrency but it has had minimal success.
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