According to a BBC report published last year, many Kenyan businesses have started accepting bitcoin as payments for their services and products, despite warnings issued by the Central Bank of Kenya in regard to the volatile nature of cryptocurrencies. The number is expected to significantly increase as cryptocurrencies gain popularity on the continent.
Even Nigeria is experiencing a surge in the adoption of cryptocurrencies. Interestingly, the country has a number of local platforms that support purchases and sales of cryptos with the national currency. One such notable platform is Nairaex which is the largest local cryptocurrency exchange supporting several payment methods to buy and sell BTC including bank transfers and bitcoin remittance platform Bitpesa. According to buybitcoinworldwide. Bitcoin drives crypto adoption in Africa Bitcoin is a digital or virtual currency created in —and has evolved to become one of the most widely used cryptocurrencies over the years.
The popularity of cryptocurrencies in Africa has much to do with the popularity of bitcoin. Also, since the inception of bitcoin, over different alt-coins have been created similar to it. What makes bitcoin interesting and risky is the fact that the digital currency is run by a decentralised network of computers owned by private individuals and not by a centralised system such as a bank. This means that no single institution controls the currency in contrast to other physical currencies such as the dollar or the pound.
While central banks around the globe regulate and oversee the process of currency creation, bitcoins are created in a process called mining. Mining is a process where privately held computers provide processing power to the network to verify transactions that occur directly between users.
In this process, these computers build a publicly available list of transactions called blockchain. As a reward for verifying this blockchain, miners are issued with a small number of newly created bitcoins released incrementally based on the original code. That was one of the main reasons why many countries have banned the digital currency.
According to reports, around , businesses across the globe accepted bitcoin in —and of the most notable companies include Microsoft. These factors have contributed heavily to the popularity of bitcoin in Africa. Over the last few years, a few African countries have seen exponential growth in cryptocurrencies. To them, bitcoin is seen as an opportunity and not as a threat.
It is reported that 15 cryptocurrency-related operations began in Africa in the past year. Luno Exchange which was established in in South Africa is now boasting 1. Luno Exchange was the first of its kind to be based in Africa.
Others, particularly cryptocurrency-based remittance services, are sprouting across the African continent. Industry experts believe that cryptocurrency will be around for years. With that, bitcoin users can send money to just about anywhere there is an internet connection for relatively small fees and with no third-party interference is an advantage that standard government-issued currencies cannot offer.
It appears that there is a little possibility of identity theft which is common with other forms of digital payment. This has to do with various factors such as the willingness of Africans to adopt new technological changes when it comes to finance. The fintech sector has been growing in Africa and this is especially true in sub-Saharan countries such as Nigeria, Kenya or even South Africa.
This stems from the fact that Facebook is seeking to disrupt the global financial system by launching its own cryptocurrency. The users will also be able to pay bills, share tabs in restaurants, buy a cup of coffee and ride the local public transit without the need to carry cash.
Libra, which is a type of stablecoin, is backed by traditional money and other securities. While Libra is a cryptocurrency like bitcoin, the latter is not backed by traditional money and is more volatile in nature. Facebook launched Libra in collaboration with 27 other companies and says the digital currency would be overseen by a Switzerland-based independent non profit organistation called the Libra Association.
Considering that a large number of Africans still use Facebook in Africa, the announcement of Libra has helped the concept of cryptocurrencies gain popularity in Africa. Facebook recorded million users a month in Africa in , of which, 98 percent were connected to the social media platform through their mobile phones. Costly remittances and cross-border payments is also another factor plaguing many Africans.
Cryptocurrencies, on the other hand, can enable lower-cost and faster remittance payments. It is estimated that over 25 million people are expats from sub-Saharan countries as of Remittances also account for a large share of gross domestic product GDP in sub-Saharan Africa countries. These higher percentages are attributed to inefficient and uncompetitive banking markets — and are reliant on legacy financial communications systems such as SWIFT.
Lack of crypto infrastructure is a challenge Even though Africans are opening up the ideas of cryptocurrencies, the continent lacks adequate infrastructure on this front. If the adoption of cryptocurrencies were to be fast tracked in Africa, what it needs is the government to declare its stance regarding cryptocurrencies. As things stand, over 60 percent of the African regulators are yet to clarify their position on cryptocurrencies, given many non-African nations have placed a ban on bitcoin and other cryptocurrencies.
According to a report titled The State of Crypto in Africa, 20 of the 10, bitcoin nodes worldwide are located in Africa. For Ethereum nodes, the number is even smaller, with only 12 of them existing on the continent. Africa Renewal. Africa could be the next frontier for cryptocurrency Get monthly e-newsletter. Africa could be the next frontier for cryptocurrency. Experts say conditions on the continent are great for virtual currency.
From Africa Renewal:. April - July Pavithra Rao. Bitcoin spreads That African governments are not now regulating cryptocurrency may be a factor spurring its growth on the continent; however, there is no guarantee that governments will not change their current mindset. Also in this issue. Cover Story. African youth demand a seat at the table. By Busani Bafana. Africa Watch.
By Africa Renewal. Youth Leadership. The hashtag revolution gaining ground. By Eleni Mourdoukoutas. Nurturing young leaders. By Franck Kuwonu. Youth can be agents of positive change. By Zipporah Musau. Youth Profile. Raphael Obonyo: From poverty to the pinnacles of power. By Raphael Obonyo. By Gayane Alikhanyan. Gwendolyn Myers: A peace advocate. By Gwendolyn Myers. Eric Kaduru: Agripreneur with a passion. By Shu Zhang.
Gogontlejang Phaladi: A social change activist. Bringing rural women to the frontline. By Kingsley Ighobor. Mission accomplished: 15 years of peacekeeping success in Liberia. How we disarmed Liberian fighters. By Pavithra Rao. UN signals new era of partnership with Africa. By Lansana Gberie.
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Experts say conditions on the continent are great for virtual currency. From Africa Renewal:. April - July Pavithra Rao. Bitcoin spreads That African governments are not now regulating cryptocurrency may be a factor spurring its growth on the continent; however, there is no guarantee that governments will not change their current mindset.
Also in this issue. Cover Story. African youth demand a seat at the table. By Busani Bafana. Africa Watch. By Africa Renewal. Youth Leadership. The hashtag revolution gaining ground. By Eleni Mourdoukoutas. Nurturing young leaders. By Franck Kuwonu. Youth can be agents of positive change. By Zipporah Musau. Youth Profile. Raphael Obonyo: From poverty to the pinnacles of power. By Raphael Obonyo. By Gayane Alikhanyan. Gwendolyn Myers: A peace advocate.
By Gwendolyn Myers. Eric Kaduru: Agripreneur with a passion. By Shu Zhang. Gogontlejang Phaladi: A social change activist. Bringing rural women to the frontline. By Kingsley Ighobor. Mission accomplished: 15 years of peacekeeping success in Liberia. How we disarmed Liberian fighters. By Pavithra Rao. UN signals new era of partnership with Africa. By Lansana Gberie. Cape Town water taps running dry. By Masimba Tafirenyika. South African tourism holding steady. Parscale would then play through a reel of campaign ads, including many inspired by "young, pro-Trump fans who sent their ideas" to him, Axios continues.
Trump would often "burst out laughing" at some of the wilder spots, but then conclude they were too "brutal" or "weren't worth the backlash" he'd get, the source told Axios. One subject Trump particularly avoided was Biden's inappropriate touching of women, Axios reports. At one point, Trump's campaign drew up an ad featuring clips of women who'd accused Biden of inappropriate contact, and then finished with a clip of Vice President Kamala Harris declaring "I know a predator when I see one.
More stories from theweek. But his impeachment lawyer Bruce Castor did, several times. Britney Spears is reportedly working on her own documentary. Hours after the WHO team revealed preliminary findings at a Wuhan news conference on Tuesday, Washington said it wants to scrutinize data used by the team, which concluded that the virus causing COVID did not originate in a laboratory in Wuhan, and that bats remain a likely source.
An attorney for Thomas Caldwell, a Virginia resident accused of participating in the Jan. Caldwell's lawyer, Thomas Plofchan, wrote about his work history in a motion filed on Monday, which stated that because Caldwell has "been vetted and found numerous times as a person worthy of the trust and confidence of the United States government," he should be released from jail as he waits for his trial to start. Authorities have said Caldwell, 66, is a leader of the right-wing Oath Keepers militia group, and helped plan the attack on the Capitol.
On Jan. He denies being involved with the Oath Keepers, and Plofchan said Caldwell is a " percent disabled veteran," and because of his "physical limitation," could not have forced his way into a building. The charging documents show that during the attack, Caldwell received messages about lawmakers being "in the tunnels" under the Capitol. After the riot, he also allegedly shared video of the incident on Facebook, saying it was time to "storm the capitol in Ohio.
Trump the phone guy is back. Mexican President Andres Manuel Lopez Obrador on Monday said he would not wear a face mask after his recovery from COVID, in spite of widespread support from top officials and the public for the measure. Unlike many of his top officials, Lopez Obrador has shunned face masks throughout the pandemic.
The robbery suspect told the officer he had stopped taking medications for his mental disorder. Anti-Terrorism Special Tribunal Judge Majibur Rahman announced the verdicts in a packed courtroom in the presence of six defendants. Another two, including sacked military official Sayed Ziaul Haque Zia, remain at large. The judge had earlier issued arrest warrants for them. Stephen J. Maranian has been suspended until the completion of an investigation.
A former campus police officer convicted of manslaughter in the death of his wife, an adult model who posted racy photos online, was sentenced to 16 years in prison Monday by a judge who said the man still hadn't taken responsibility for the death. The Senate voted 56 to 44 on Tuesday to hold a second impeachment trial for former President Donald Trump, rejecting his legal team's argument that it's unconstitutional for the Senate to try a former president impeached in his waning days in office.
McConnell, one of the 44 Republicans who voted to dismiss the trial, "has also suggested that he hasn't made up his mind how he'll vote," Bloomberg's Jennifer Jacobs reports, a "starkly different" position than he held during Trump's first impeachment trial a year ago, when McConnell did not even pretend he would be an impartial juror. It probably won't matter, Politico's Playbook team predicts. The "House impeachment managers nailed it," and "Trump's attorneys blew it," but only one Republican, Sen.
Bill Cassidy R-La. If Cassidy and the other five Republicans who voted yes Tuesday also vote to convict Trump, that still leaves the Senate 11 votes short of the 67 needed for conviction. And, Politico surmises, "if the compelling presentations of the managers — and shoddy work by Trump's — weren't enough to move the GOP senators Tuesday, it's not going to happen. YouTube users who claim to be in the class reported that they had done "all sorts of things" to get his attention, but he simply ignored them.
The lawsuit, filed in state district court, also claims Chauvin received special treatment from a white lieutenant. Nearly four years into their odyssey at sea, the five-member crew of oil tanker MT Iba is tantalisingly close to shore, yet still unable to set foot on dry land. What started out as a regular seafaring job turned into what the men call a nightmare, when the tanker's owner, Alco Shipping, fell into financial trouble and stopped paying their salaries 32 months ago.
Life aboard the ship has been arduous, said Indian engineer Vinay Kumar. Ten million births were registered in , 15 per cent lower than the previous year, and hitting a new record low since the s, when China was in the middle of a famine. In recent years, Chinese couples have become less willing to have children due to the rising cost of housing, health care and education.
Others talked about how was all about figuring out how to stay alive — not the best backdrop for bringing new life into the world. Quarantines in China, like elsewhere, have also created friction between couples. But fewer babies and a fast-aging population means soon China could feel the economic impact of a shrinking working-age population. As such, China has encouraged people to produce more offspring, a message that has largely fallen flat.
Republican Sen. Cassidy was among six Republican senators who sided with Democrats on the question of whether a former president can be tried after leaving office. The Louisiana senator's position was a switch from January, when he voted to end the proceedings on the grounds that they were unconstitutional. After five long years, Merrick Garland finally has a date for a confirmation hearing before the Senate Judiciary Committee. Dick Durbin D-Ill.
Lindsey Graham R-S. Graham had objected to a quick confirmation hearing for Garland, arguing that the Judiciary Committee typically waits 28 days after receiving paperwork to begin considering nominations. When Sen. Chuck Grassley R-Iowa took over as the committee's top Republican, he agreed to waive the day rule and "accelerate the post-committee hearing markup," he said in a statement, citing "the significance of this role.
Court of Appeals in Washington, D. McConnell is now minority leader. Impeachment Trial: Democrats to show previously unseen security video of the deadly U. Capitol riot, aides say. Close this content.
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