Author: Elijah Muhendo

Elijah is an editor at Koin Times. With M.A. in Mass Communication, he is pursuing his dream of creating a positive difference in the media industry. He also likes riding bikes and writing poems.

According to reports from Nigeria, the official website for the Central Bank of Nigeria (CBN)’s e-naira digital currency is now up and running. The reports come just a few days before the start of the central bank digital currency (CBDC) rollout. E-Naira Similar to Physical Currency An analysis by regional news outlet This Day suggests that the website had recorded more than a million hits barely 24 hours after it went live. Such a reaction, according to the publication, points “to the level of interest in the proposed digital currency.” As explained on the website, the CBN’s e-naira is expected to serve as…

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The lack of smartphones, misinformation about cryptocurrencies, and poor net connectivity are some of the main reasons why the number of digital currency users is not growing as some crypto proponents would have wanted. As a consequence, some players in this space are now working hard to find solutions to help those that presently cannot use digital currencies. One such player is Kotani Pay, a Kenya-based fintech start-up that is focused on providing a reliable blockchain on-ramp and off-ramp service for users in Africa. In the recent interview, the CMO, Katani pay, Brian Kimotho shared the following insights. Question 1:…

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According to the findings of a study by KLA, a market research and data specialist firm, some 47% of South African adults are holders of cryptocurrency, with the majority of this number holding low-value investments. In addition, the study shows that 36% plan to invest in crypto in the future. South Africans Still Experimenting With Cryptocurrency Though the KLA findings report that 47% of South Africans are holders, the Businesstech report quoting KLA’s Tessa Nowosenetz explains the value of crypto assets held is still very low. This low average value suggests that many are still trying to understand crypto. To emphasize this…

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The Central Bank of Nigeria (CBN) has named the fintech firm Bitt Inc. as a technical partner for its digital currency project, the e-naira. As a technical partner, Bitt is expected to use its “technological competence and implementation experience” to help the CBN successfully launch the central bank digital currency (CBDC). E-Naira Draft Guidelines The CBN’s unveiling of the Barbados-based firm as its partner comes shortly after reports suggested that the central bank had released draft guidelines for the e-naira. In justifying the selection of Bitt, Osita Nwanisobi, the CBN’s director of communications, touted the fintech’s “tested and proven digital…

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A Ghanaian blockchain and crypto association, Afroblocks, has warned the Bank of Ghana (BOG) to resist the urge to develop a central bank digital currency (CBDC) that is based on the “old traditional siloed financial thinking.” Afroblocks Not Consulted Afroblocks (formerly Blockchain Society Ghana) instead wants the central bank to emulate “financial projects that are borderless and decentralized like modern-day cryptocurrencies.” According to Omar Majdoub, one of the association’s co-founders, doing this will increase the likelihood of the CBDC’s success. These remarks by Afroblocks’ Majdoub follow the BOG’s recent release of a press statement in which it reaffirms the central…

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Multinational cybersecurity software company Trend Micro published a report Wednesday warning about deceptive cryptocurrency cloud mining apps that trick victims into watching ads and paying for subscription services. The firm wrote: We recently discovered eight deceptive mobile apps that masquerade as cryptocurrency cloud mining applications … where users can earn cryptocurrency by investing money into a cloud-mining operation. The apps’ names are Bitfunds, Bitcoin Miner, Bitcoin (BTC) – Pool Mining Cloud Wallet, Crypto Holic, Daily Bitcoin Rewards, Bitcoin 2021, Minebit Pro, and Ethereum (ETH) – Pool Mining Cloud. Trend Micro explained that these malicious apps “trick victims into watching ads, paying for…

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Bank of Thailand (BOT) intends to start testing a central bank digital currency (CBDC) in the second quarter of next year. The retail currency will be implemented as an alternative payment option for the public, a high-ranking official told media in Bangkok. The CBDC will not affect the country’s monetary policy or the money supply in its financial system, said Assistant Governor Vachira Arromdee, quoted by Reuters. The BOT expects increasing demand for its digital currency in the future and believes it will partially substitute paper cash and current electronic money. Arromdee presented results from a study on the implications of a retail…

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Alejandro Zelaya, the Salvadoran Finance Minister, stated that the use of Bitcoin in the country as a payment method will be fully optional and that there is no obligation for citizens to download the state offered wallet if they don’t desire to. The statements were offered in an interview given on a local television station. However, this seems to contradict one of the key articles in the Bitcoin Law. Article seven talks about the mandatory acceptance of bitcoin for payments. The article states: Every economic agent must accept bitcoin as a form of payment when it is offered by whoever acquires a good or service.…

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A young South African electronics engineer has rued his decision to delete a text document containing the keys and password to a crypto wallet that held some 20 bitcoins. According to the engineer, the lost coins had been mined more than ten years ago using a modified personal computer that “boasted an AMD Phenom X3 processor and 512MB RAM.” Low BTC Price and Lack of Exchanges According to a Mybroadband report, the 24-year-old engineer whose pseudonym is Mark Michaels, started mining the cryptocurrency “after reading about the technology on the internet.” At the time, the engineer was only in seventh grade. Although the report…

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Blockchain data platform Chainalysis has published its 2021 Cryptocurrency Adoption Index, which ranks 154 countries by crypto adoption. According to the firm, global crypto adoption has grown by over 2,300% since Q3 2019 and over 881% in the last year. According to the 2021 Global Crypto Adoption Index, Vietnam ranks first, followed by India, Pakistan, Ukraine, Kenya, Nigeria, Venezuela, and the U.S. The top 20 countries in Chainalysis’ 2021 Global Crypto Adoption Index and their rankings in the component metrics that make up the overall ranking. Source: Chainalysis. China and the U.S. dipped in the new overall ranking. Last year,…

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