Weekly Review of Africa’s Crypto Activity

Highlights:

• Zimbabwe has introduced a blockchain-based carbon credit registry aimed at increasing transparency in the sector, reinforcing the trust of international investors.
• Meanwhile, in Nigeria, ZAP Africa is striving to rebuild faith in local crypto exchanges following the meltdown of the CBEX platform, which has left numerous investors in uncertainty.

Zimbabwe’s Blockchain Initiative

The Zimbabwe Carbon Markets Authority has launched a blockchain registry which marks the country’s commitment to revamping its carbon market. This innovation comes in the backdrop of fluctuating policies that have deterred foreign investments.

The goal of this digital framework is to enhance investor confidence within the industry.

ZAP Africa’s Restoration Efforts

In Nigeria, cryptocurrency exchange ZAP Africa is on a mission to restore trust in the market post-CBEX collapse. Co-founder Tobi-Asu Johnson emphasizes the necessity for a consistent strategy to counter the adverse effects of scandals involving major exchanges like FTX and Celsius.

Through crypto swaps and bank-to-crypto services, ZAP provides investors with exposure to numerous opportunities, enhancing security through reduced custodial risks.

Impacts of U.S. Remittance Tax Proposal

The U.S. administration is considering a 5% tax on remittances sent home by non-citizens, a move that could heavily influence remittance-dependent nations such as Nigeria. This unexpected tax may encourage greater adoption of crypto as a remittance alternative, shifting many to explore better options like Bitcoin.

This blend of developments highlights the dynamic growth of cryptocurrency across Africa, indicating potential resilience enhancing confidence among stakeholders.