Weekly Review of African Crypto Developments: South Africa Sees Payment Growth, Kenya Abolishes Crypto Tax
A summary of recent crypto news in Africa, highlighting South Africa's increase in crypto payments and Kenya's removal of a digital asset tax.
Weekly Review of African Crypto Developments: South Africa Sees Payment Growth, Kenya Abolishes Crypto Tax
In the current overview of African crypto news, South Africa’s cryptocurrency transactions have surged to 2 million Rand monthly, while Kenya has successfully removed a 3% tax on crypto transactions. Yellow Card is working to enhance stablecoin usage across the continent.
South Africa Crypto News: Payments Exceed 2 Million Rand Monthly
South Africa is showing a strong inclination towards cryptocurrency. According to a study by Luno, the average monthly crypto payments through its payment platform are around 2 million Rand over the last half-year. This increase is impressive considering only one retail payment provider operates in the country.
Christo de Wit, Country Manager at Luno, stated:
“The appetite for digital currency transactions in everyday commerce is growing. The wide transaction spectrum indicates that cryptocurrency payments are becoming more common for everyday purchases and significant expenses. Our data shows that many customers use Luno Pay regularly for routine purchases and services.”
Kenya Crypto News: Legislators Drop 3% Digital Asset Tax
Following coordinated lobbying efforts, including actions by PricewaterhouseCoopers (PwC), the Kenyan Parliament has abolished a proposed 3% tax on digital assets. Kimani Kuria, the Chairperson of the Finance Committee, claimed that advocacy by industry stakeholders played a crucial role in this decision. The new policy is pending presidential approval.
Africa Crypto News: Yellow Card Expands Stablecoin Usage in Francophone Africa
Yellow Card aims to expand its services in Francophone Africa, addressing the low adoption rates of stablecoins, which currently hover below 20%. Lowe Sall, the Regional Deputy Director, noted:
“Most Francophone countries still rely heavily on the CFA Franc for commerce, which opens up an opportunity for stablecoins to serve as a viable trading alternative.”
This push for stablecoin acceptance is supported by significant investments in the platform, aiming to increase crypto transactions across these regions.
