Highlights from Africa's Crypto Week: Nigeria, OKX, and Tether's Innovations
A review of significant developments during Africa Crypto Week, focusing on Nigeria's crypto market growth and Tether's new partnership.
Africa is becoming a focal point in the cryptocurrency landscape. Nigeria is increasingly adopting crypto solutions as OKX invests heavily in the region. In a notable move, Tether enters a partnership with Guinea to be a part of its “Innovation City.”
Nigeria Crypto News: Cardex Launches Debit Card, Government Reviewing Tax Regulations
The launch of the crypto debit card service, Cardex, in Nigeria marks a significant shift towards Web3 solutions in the country. This development aims to facilitate the increase of crypto payments in Africa’s most populous nation.
Nigeria features a substantial informal market with various peer-to-peer exchanges; however, many such transactions rely on trust and can be prone to scams. Cardex provides a regulated alternative to ensure security for users. Additionally, the company is promoting stablecoin usage in a country with one of the most unstable currencies globally.
The Nigerian government is also reviewing its tax regulations as part of its broader embrace of cryptocurrency.
Morocco Crypto News: Crackdown on Crypto Buyers Purchasing Real Estate Abroad
Morocco’s Foreign Exchange Office has initiated investigations into citizens buying real estate in countries like Spain and the UAE using cryptocurrencies. This action comes as authorities express concern over capital flight and potential money laundering linked to crypto transactions.
Despite a generally hostile stance toward cryptocurrencies in North Africa, the peer-to-peer interactions continue to thrive without government oversight.
Guinea Crypto News: Tether Partners with Government
Tether has signed a memorandum of understanding (MOU) to join Guinea’s “Innovation City” initiative, emphasizing technological growth within the country. This move could enhance Guinea’s digital economy through Tether’s involvement.
The company, known for its stablecoin USDT, has previously engaged in similar partnerships globally to foster growth in emerging economies.
Other Africa Crypto News: OKX Expanding Operations
The global crypto exchange, OKX, is expanding its presence in Africa. To boost adoption, it has introduced the Exclusive Africa OKX Champions Program providing incentives for crypto traders and offering rewards for referrals, targeting the youthful and rapidly increasing adoption rates in the region.
