Another week, another set of fascinating developments to look at on the Africa crypto scene. Nigeria continues to open up to crypto investors as a significant debit card service is now operational in that market.
Meanwhile, OKX is betting on Africa’s future as Tether signs a deal with Guinea to be part of its “Innovation City.” Let’s explore these in detail:
Nigeria Crypto News: Cardex Launches Debit Card, Government Reviewing Tax Regulations
Crypto debit card service Cardex has launched in the Nigerian market, further accelerating the positive shift of that market to Web3 solutions. The debit card launch could be another significant step in adopting crypto payments in Africa’s most populous nation.
Nigeria has a large informal market with significant peer-to-peer cryptocurrency exchanges. However, some of these arrangements rely on trust between users and are often susceptible to scams.
Cardex offers a regulated and credible alternative for users in this market. The service will also look to boost the adoption of stablecoins. This utility is helpful for a country with one of the most unstable currencies globally.
Meanwhile, Nigeria is set to review its tax regulations to accommodate crypto transactions. This is part of the country’s growing embrace of crypto and the government’s identification of more opportunities therein.
Morocco Crypto News: Crackdown on Crypto Buyers Purchasing Real Estate Abroad
Morocco’s Foreign Exchange Office has launched an investigation into its citizens purchasing real estate in countries like Spain and UAE using crypto.
Crypto purchases bypass the Foreign Exchange Office as they don’t use normal banking channels. Moroccan authorities are concerned with capital flight and potential money laundering.
North Africa is generally hostile to cryptocurrencies, with countries like Egypt and Algeria having outright bans. Nonetheless, this does little to dissuade users who interact in a peer-to-peer setting without government oversight.
It will be fascinating to track Morocco’s direction in enforcement.
Guinea Crypto News: Tether Partners with Government
Leading stablecoin issuer Tether has signed an MOU to participate in Guinea’s “Innovation City” project, which aims to boost technological advancement in the West African country.
Tether issues USDT, a popular stablecoin, and sees this opportunity to build a resilient digital economy for a developing country as an opportunity for growth.
Tether has entered into similar MOUs with countries like Uzbekistan, Turkey, and UAE and looks to boost its global outlook through such partnerships with emerging economies.
As of mid-February, Tether is the largest issuer of USDT, a stablecoin pegged to the USD. It has expanded operations, diversified into crypto mining, and offered more stablecoin varieties.
Other Africa Crypto News: OKX Expanding Operations
Global crypto exchange OKX is making a strategic push into the African market. To increase adoption rates across the continent, the exchange has set up the Exclusive Africa OKX Champions Program.
The program offers exciting rewards for African crypto traders who use the platform. It includes a referral program to earn USDT for new users onboarded.
The African market is important because it is largely youth-driven and has increasing adoption rates. OKx is betting on the future, where Africa will continue to have some of the highest crypto adoption rates globally.
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