Gadgets Africa
  • News
    Senegal blocks internet access amid clashes

    Senegal blocks internet access amid clashes

    Sony CEO warns against 'tricky' cloud gaming

    Sony CEO warns against ‘tricky’ cloud gaming

    AI can wipe out human race - US prof

    AI can wipe out human race – US prof

    Canada warns of increase in cyber attacks

    Canada warns of increase in cyber attacks

    Amazon, Verizon, others to provide free phone services

    Amazon, Verizon, others to provide free phone services

    Digital currency not a 'compelling priority,' says Kenyan Central Bank

    Digital currency not a ‘compelling priority,’ says Kenyan Central Bank

    Japan warns ChatGPT maker OpenAI over data collection

    Japan warns ChatGPT maker OpenAI over data collection

    Twitter's top executive Ella Irwin resigns

    Twitter’s top executive Ella Irwin resigns

    Starlink wins pentagon contract for satellite services to Ukraine

    Starlink wins pentagon contract for satellite services to Ukraine

  • Apps
  • Cryptocurrency
  • featured
  • Telecommunications
  • Gadgets
  • FinTech
  • Tech leaders
Gadgets Africa
No Result
View All Result

Bitcoin not panacea for Africa’s economic woes, says IMF

by Enitan Daramola
April 28, 2022
in Cryptocurrency
Reading Time: 1 min read
Despite CBN’s clampdown, Nigerians traded N316.9bn bitcoin in 2021
Share on FacebookShare on TwitterShare on Telegram

Bitcoin is not a cure-all for Africa’s economic woes, the International Monetary Fund warned Thursday, after the Central African Republic adopted the cryptocurrency as legal tender.

The head of the IMF’s African Department, Abebe Aemro Selassie, said that a “robust” payment system with financial transparency and a governance framework must be in place when adopting cryptocurrencies.

“It is really important to not see such things as a panacea” for the challenges that countries face, he said.

The Central African Republic has become the second country in the world to adopt bitcoin as official currency after El Salvador, which did so last year.

The CAR is one of the planet’s poorest and most troubled nations, locked in a nine-year-old civil conflict and with an economy heavily dependent on mineral extraction, much of which is informal.

It is among six central African countries that share the CFA franc — a regional currency that is backed by France and pegged to the euro.

The office of CAR President Faustin Archange Touadera said Wednesday that lawmakers passed bitcoin legislation and that he had signed it into law.

Touadera’s chief of staff, Obed Namsio, said Wednesday that the move “places the Central African Republic on the map of the world’s boldest and most visionary countries.”

The IMF had heavily criticised El Salvador’s adoption of the cryptocurrency last year, warning of “large risks associated with the use of bitcoin on financial stability, financial integrity, and consumer protection”.

Other countries have already initiated legislative processes to adopt bitcoin, according to the specialised site Coinmarketcap.com.

Bitcoin’s value has swung wildly, soaring by 150 per cent last year to reach a record $68,991 before falling sharply in recent months. It was worth almost $40,000 on Thursday.

AFP

Tags: AfricaBitcoinIMF
ADVERTISEMENT

Related Posts

Bitcoin soars above $30k mark amid investors optimism
Cryptocurrency

Bitcoin soars above $30k mark amid investors optimism

by Joy Onuorah
April 11, 2023
US judge rules on FTX founder's bail conditions Friday
Cryptocurrency

US judge rules on FTX founder’s bail conditions Friday

by Joy Onuorah
March 10, 2023
Crypto shares slump after Silvergate crash
Cryptocurrency

Crypto shares slump after Silvergate crash

by Joy Onuorah
March 9, 2023
Crypto shares slump after Silvergate crash
Cryptocurrency

Illicit crypto transactions hit $20b in 2022

by Joy Onuorah
January 22, 2023
Next Post
Lagos govt urged to create coding facilities in LGs

Lagos govt urged to create coding facilities in LGs

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended.

How crypto assets regulation can increase govt revenue

Central African Republic to launch crypto hub

May 26, 2022
Uber pays New Jersey $100m over driver status dispute

How France’s Macron secretly helped Uber – Report

July 10, 2022

Trending.

TikTok plans paywall for content creators

February 14, 2023
Chinese EV giant BYD to acquire Yi’an Insurance

Chinese EV giant BYD to acquire Yi’an Insurance

January 31, 2023
How crypto assets regulation can increase govt revenue

How FG’s ban on crypto, Twitter crippled Nigeria’s FDI – Report

May 9, 2022
Twitter user jailed 45 years for challenging Saudi royals

Twitter user jailed 45 years for challenging Saudi royals

September 7, 2022
Musk, Twitter legal battle still on - Judge

Musk to close Twitter deal at original price – Report

October 4, 2022
Gadgets Africa

© 2023 Gadgets Africa.

Navigate Site

  • News
  • Apps
  • Cryptocurrency
  • featured
  • Telecommunications
  • Gadgets
  • FinTech
  • Tech leaders

Share

No Result
View All Result
  • News
  • Apps
  • Cryptocurrency
  • featured
  • Telecommunications
  • Gadgets
  • FinTech
  • Tech leaders

© 2023 Gadgets Africa.

Go to mobile version