In this week’s news roundup, you will read about a new report by Chainalysis revealing how crypto payments are flourishing in Sub-Saharan Africa, the Bank of Namibia’s inclusion of virtual assets in its regulatory framework, the conversion of Namibian uranium into NFTs, and more.
Chainalysis: Crypto Retail Payments Thriving in Sub-Saharan Africa
A new report released by Chainalysis , a blockchain data firm, has revealed that cryptocurrency is quietly thriving in Sub-Saharan Africa despite the continent having the least cryptocurrency transaction volume in comparison to any other region.
The region recorded volumes of $100.6 billion in on-chain volume received between July 2021 and June 2022, which represented a global activity of 2%, but a growth of 16% compared to the previous year. Despite the low transaction volumes, the report revealed that Africa has some of the most well-developed crypto markets of any other region, with deep integration and penetration into everyday financial activity for users in Nigeria and Kenya.
Additionally, both Nigeria and Kenya rank 11 th and 19 th on Chainalysis’ Global Crypto Adoption Index, respectively, with both countries showing strong crypto adoption when weighted for population and purchasing power, mostly for P2P exchanges. Retail-sized transfers under $10,000 make up 6.4% of the transaction volumes, which is higher than any other region. Looking at the number of individual transfers, retail transfers in that aspect make up 95% of all the transfers, while small retail transfers below $1,000 increase the share to 80% more than any other region. According to the report, the number of small retail transfers started growing at the onset of the crypto bear market.
The Sub-Saharan region also witnessed heavy adoption of P2P exchanges, which accounted for 6% of all virtual currency transaction volumes in Africa, more than double the share of the three next-closest regions.
Bank of Namibia Adds Virtual Assets as Part of Its Fintech Innovations Regulatory Framework
The Bank of Namibia (BON) recently announced that it has included virtual assets and virtual assets services providers under its Fintech Innovations Regulatory Framework in a phased approach through its innovation hub despite the fact that cryptocurrencies are not legal tender in the country.
The bank also said it was considering making changes to applicable laws and regulations in consultation with the relevant authorities. Furthermore, the bank noted that while virtual currencies aren’t legally recognized, merchants and traders were free to accept them as a form of payment provided both parties willingly participated in such a trade or exchange.
The bank’s new position on cryptocurrencies seems to suggest that the bank is warming up to digital currencies despite prior warnings to citizens not to utilize or trade in cryptocurrencies.
Further, Johannes Gawaxab, the BON Governor who has in the past criticized cryptocurrencies, revealed that the bank is exploring and studying the feasibility of rolling out a CBDC. He, however, cautioned that the bank will not be rushed into it and added that the BON plans to release a consultation paper on CBDCs this month.
“ If CBDCs are explored and implemented with due care and caution, they could hold immense potential benefit for a more stable, safer, more widely available, and less expensive means of payment than private forms of digital money ,” said Gawaxab.
Namibian Uranium to be Converted to NFTs
Madison Metals , a mining and exploration firm operating uranium mines in Namibia, has reached a first-of-its-kind agreement with the Lux Network of blockchains to tokenize up to 20 million pounds of uranium in the next five years.
Madison will deliver 20 million pounds of U308 uranium oxide from its project in Namibia to the Lux Network as soon as it commences commercial production. However, interested individuals will be able to mint uranium non-fungible tokens on the Lux Market as of October 15, 2022. While the mining will only occur exclusively on LUX Network, the NFTs will be available on every major blockchain with the fulfillment of the delivery backing the first-ever uranium-backed NFTs.
The token sale is expected to generate revenue for corporate use.
Luno Appoints Johan Hetzel as Head of Compliance for Africa
Crypto investment app, Luno , has announced the appointment of Johan Hetzel as Head of Compliance for Africa.
Hetzel’s immediate focus will be to continue building on Luno’s high compliance standards as one of the world’s most regulated digital asset service providers. With operations in Nigeria, South Africa, and Uganda, Hetzel will also participate in the development of regulatory frameworks and the associated licensing applications in both Nigeria and South Africa.
The incumbent’s past experience has largely been in compliance at various banks in South Africa, with the most recent being at Mama Money, where he serves as the Head of Compliance for the fintech’s global operations.
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