African cryptocurrency space is buzzing with exciting developments from Kenya to Nigeria to South Africa. Here’s a look at this week’s most notable stories:
Jack Dorsey Returns to Africa for Bitcoin Conference in Kenya
Former Twitter CEO and billionaire entrepreneur, Jack Dorsey, is set to attend the 3rd Africa Bitcoin Conference in Nairobi, Kenya, from December 9 to 11 marking his second appearance at the conference, having previously participated in its inaugural edition in Accra, Ghana. He recognizes the event’s importance in spreading cryptocurrency awareness across the continent.
Now a prominent crypto entrepreneur, Dorsey, spends his time supporting the Bitcoin ecosystem. Ever since he stepped down as Twitter’s CEO, he has focused on crypto ventures, leaving Elon Musk to manage what is now rebranded as X.
Kenyan lawmakers are being urged by analysts to prioritize crypto regulation and allow banks to work with crypto firms warning that following Nigeria’s restrictive stance could backfire, especially as global adoption grows. Analysts believe supportive laws, as seen in regions like the U.S. and Europe, could lead to long-term economic benefits.
Algorand Targeting Nigeria’s Taraba State for Blockchain Development
In Nigeria, the blockchain platform Algorand is taking significant steps to boost crypto adoption as the company has partnered with the Taraba State government to organize events like hackathons and training sessions aimed at increasing blockchain awareness.
Algorand sees this as an opportunity to provide innovative, sustainable solutions for blockchain developers and users as Taraba was chosen because of its underdeveloped financial infrastructure and limited connection to global financial systems.
With a large youth population in the region, Algorand aims to tap into this resource to advance blockchain adoption and awareness.
Crypto Swindler Ruja Ignatova Allegedly Hiding in South Africa
One of the most infamous figures in cryptocurrency history, Ruja Ignatova, known as the “Crypto Queen,” is reportedly hiding in Cape Town, South Africa which according to an investigation by German publication Der Spiegel, Ignatova lives in an affluent neighborhood. She is infamous for her involvement in the OneCoin scam, a massive blow to the crypto sector, which defrauded investors of billions in 2018, however, the industry has since moved on, adopting more robust measures to prevent fraud.
Valr Crypto Exchange Hits 1 Million Users
South Africa-based crypto exchange Valr announced that it now serves over one million users of which 500,000 of these clients joined within the past 10 months.
Although most of Valr’s users are from South Africa, about 25% of its clientele comes from other countries, showcasing the exchange’s growing influence beyond its home base.
From high-profile conferences to grassroots adoption and intriguing scandals, the African crypto scene continues to evolve, with countries like Kenya and Nigeria exploring their paths in the blockchain revolution, the continent remains a key player in the global crypto conversation.
Discover more from DiutoCoinNews
Subscribe to get the latest posts sent to your email.
