Authorities in South Africa appear to be paying closer attention to the cryptocurrency space in 2021 in the wake of a major Bitcoin (BTC) Ponzi scheme and increased trading activity. As a result, the South African Financial Sector Conduct Authority has called for tighter controls of the crypto space following the collapse of what has been described as the biggest Ponzi scheme the country has ever seen. In December 2020, Mirror Trading International went into provisional liquidation after one of its directors allegedly skipped the country, taking with him access to a copious amount of Bitcoin that investors had entrusted …

Kenya’s planned Digital Service Tax, or DST, came into effect at the start of 2021. The DST is part of the country’s 2020 revamped Finance Act that focuses on the digital services market among other sectors. Based on the provisions of the new tax regime, e-market transactions including cryptocurrency payments now attract a 1.5% levy. Reginald Alango, a Kenya country representative at noncustodial peer-to-peer crypto exchange Bitzlato, told Cointelegraph that the new tax policy prescribes a 1.5% tax on the gross transaction value of every crypto sale. Commenting on the potential impact of the policy on crypto adoption in the …

Electroneum (ETN) has announced the expansion of its service coverage to four additional West African countries: Benin, Togo, Côte d'Ivoire, and Sierra Leone. The move brought the company’s African service coverage to nine nations, with Nigeria, Senegal, Mali, Gambia and Guinea-Bissau already in the mix. With over 4 million registered users, Electroneum’s African push has focused on utilizing its ETN token for utility bill payments and mobile airtime subscriptions via the company’s mobile app. Nigel Pooley, head of business development at Electroneum, told Cointelegraph: “We are very pleased with the hundreds of electricity top-ups that have been completed in Nigeria, …

A crypto-focused freelancing site says it gives opportunities to thousands of people who may be unable to find work on more established platforms. AnyTask says talented individuals in some emerging economies have found it difficult to benefit from remote working opportunities on mainstream sites because they need to have access to a bank account. And in nations where millions live on less than $2 to $3 a day, commission fees of 20% mean it often isn’t viable to work on the likes of Upwork and Fiverr. But unlike rival services, AnyTask doesn’t charge freelancers any fees for their hard work …

In one of his frequent Youtube missives to his following, CEO of IOHK — the developers behind the Cardano Blockchain — Charles Hoskinson revealed that the company’s long-term developmental focus will hinge on Africa, going so far as to say the world’s second-most populous continent might be the future for decentralized finance (DeFi) development. ““When we ask ourselves, ‘who will be the consumers of DeFi who will be in need of identity systems and payment systems and new ways of representing equities’ — will it be the ossified, highly regulated markets of the western world, which are invitation-only […] or …

A crypto payments network has unveiled a range of new use cases for its flagship token — expanding its global footprint even further. Electroneum customers can now purchase top-ups for mobile data and airtime in more than 160 countries worldwide. Among the latest nations where the service has gone live include Australia, Cuba, Japan, Namibia, Lebanon and Belgium, underlining the company’s ambition to achieve an international presence. Meanwhile, Guinea Bissau has become the fifth African country where electricity top-ups can be bought from within the Electroneum app. A partnership has also been struck up with a new third-party supplier, unlocking …

As global interest in stablecoins explodes, a number of key players are pushing especially hard for more adoption in Sub-Saharan Africa. On Thursday, the Center for Strategic and International Studies' Africa Program published new analysis advocating more options for crypto users in sub-Saharan Africa. CSIS is a well-known Washington, DC-based think tank. The authors of the analysis, Judd Devermont and Topaz Mukulu, are extremely optimistic about the future role of crypto, specifically predicting that "Digital currencies almost certainly will become more common in general and in sub-Saharan Africa in particular." They conclude their analysis with a series of recommendations, including …

Following the announcement of a disappointing closure of a Ugandan subsidiary in October, Binance — the world’s largest cryptocurrency exchange — released a blog post yesterday indicating that another initiative, Binance P2P, is making strong inroads across the world’s second-most populous continent. Titled “P2P Merchants: Facilitating Freedom of Money in Africa,” the post highlighted the peer-to-peer trading program’s growth in the region throughout the year — most notably stating that Binance P2P has processed a total of $280 million equivalent local African currencies since March, when the program introduced coverage for the Nigerian Naira (NGN). Binance also claims that the …

Nigeria’s Federal Ministry of Finance is reportedly in talks with the country’s securities regulator to develop a new framework for blockchain and cryptocurrencies — a move that could accelerate adoption in Africa’s largest economy. Business Day, a Nigerian market intelligence publication, reported Tuesday that the Ministry of Finance is working with the Abuja-based Securities and Exchange Commission, or SEC, to “provide a regulatory environment for blockchain” and digital assets. The publication cites Ministry adviser Amstrong Takang speaking at an industry event in Lagos on Tuesday. Digital assets are recognized as commodities and governed by appropriate securities law in Nigeria following …

As technological innovations continue to spread across Africa, the continent could provide some unique use cases for blockchain technology. African has been continually driving innovation in a number of spaces, with mobile payments a prime example of the potential for technology to drastically improve the lives of everyday Africans. While many countries in Africa are still considered to be developing economies, some of its most prominent states have been at the forefront of technological innovation. The use of blockchain technology is becoming part of the equation as it permeates different industries and institutions. Michelle Chivunga, CEO and founder of digital …

Today the Chainlink Community Grant program announced funding for a low-cost insurance collaboration between Etherisc, a decentralized insurance protocol, and ACRE Africa, a microinsurance issuer focused on the second-most populous continent on the planet. According to an announcement from Chainlink, the project aims to build a blockchain-based insurance platform that delivers affordable coverage for the nearly 250,000 smallholder farmers in Kenya, many of whom are expected to be disproportionately affected by climate change over the next three years. The planned platform will also provide insurance policies with payment installments valued as low as the equivalent of 50 cents in local …

Akoin, the cryptocurrency project of American-Senegalese musician Akon is launching imminently in the $2 billion Mwale Medical Technology City, or MMTC, in western Kenya. As a newly built city centered around a state-of-the-art medical and technology complex, MMTC would seem to be the ideal proving ground for the currency, ahead of it becoming the official currency of Akon City, currently under development in Senegal. During the pilot stage, starting later this month, residents will be able to pay and be paid using Akoin, and instantly convert the currency into cell phone minutes or other forms of exchange. While the initial …