Bitcoin, Ethereum, and other top coins are slowing down in early February. Of note, BTC is struggling for momentum below $100,000. Amid this choppy price action, startups in Africa are making moves as regulators and entrepreneurs scramble to benefit from the crypto boom in countries like Nigeria and South Africa. These, and more, make the Africa crypto news roundup for the week.
South Africa Crypto News: Startup Introduces Car Purchases Through Crypto
Crypto payments startup 6DOT50 has partnered with car financing platforms Seriti Solutions and BTS to allow crypto car purchases in South Africa. This solution will be available in about 1,400 motor vehicle dealerships across South Africa.
6DOT50 ensures that crypto owners can seamlessly purchase cars through instant fiat voucher conversions to the car dealers. Buyers can then redeem their vouchers. This effectively means the dealers get fiat payments while the crypto owner does not need to convert crypto first themselves.
Regulatory clarity has allowed platforms like these to thrive. 6DOT50 supports eight major cryptocurrencies for this utility, including Bitcoin. South Africa already boasts a high crypto ownership rate and such convenience should allow more of its citizens to participate in the modern crypto economy.
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Nigeria Crypto News: Stablecoin Debuts To Mixed Reviews
The Compliant NGN stablecoin (cNGN) has obtained regulatory approval in Nigeria, marking a significant turning of the tide in the country.
However, the main concern for analysts is that the Naira, Nigeria’s national currency, is one the most unstable globally. Stablecoins like the USDT and USDC rely on the USD, which has global use and relative stability.
Nonetheless, this is a milestone from the perspective of Nigeria’s regulatory shift. In 2024, Nigeria was in the headlines for its fight with mega-exchange Binance, which exited the Nigerian market for months following the arrest of one of its senior executives.
The approval for African Blockchain Consortium is a turnaround from this deadlock and crypto enthusiasts in the country are hopeful that this development will unlock more progress.
Africa Crypto news : How The Blockchain Could Transform Mining In Africa
Absa Bank’s Vice President product (digital assets), Nkahiseng Ralepeli, has proposed that blockchain technology be used to improve the efficiency of the mining sector. In an online publication, he proposed that the blockchain can be used for tracking the licensing, tracking, compliance, payments, and logistics in the sector.
Mining is a strong sector in South Africa, and the country is the world’s largest producer of gold and diamonds. Ralepeli believes the blockchain can both bring transparency and efficiency to licensing and supply chain tracking. Minerals usually have additional scrutiny especially considering that some mineral rich regions in the continent have conflict and child labour concerns.
This usage could transform the sector by effectively tracking every mined mineral from its extraction to eventual sale. Such input means the blockchain can go over and above its usage in cryptocurrencies to more real-world benefits.
This comes as StarkWare, an Ethereum layer-2 developer, launched a $4 million fund to support startups in Africa. Eli Ben-Sasson, the CEO, believes Africa is an “exciting market” that will drive innovation in the coming years.
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