Heath Muchena’s Post

Here I discuss Building a Digital Economy in a Post-Sanction World specifically the recent revocation of U.S. economic sanctions against Zimbabwe, which presents a significant opportunity for the country’s financial services industry w/ crypto exchanges. https://lnkd.in/dNcWWgxh #crypto #cryptoexchanges #sanctions #zimbabwe #economics #opportunities

International Monetary Fund SAYS CRYPTO POSES THREAT TO FINANCIAL STABILITY Read: https://lnkd.in/d8e_jvsr Follow Business World Africa for exciting news updates in the African business space #business #africa #imf #crypto #news

Great post. I especially liked the quote: “This regulatory ambiguity makes it very difficult for professional entities that allow people to buy and sell cryptocurrency easily, known as centralised exchanges, to operate in Africa. So instead, what happens is that people buy and sell cryptocurrency to each other.” There’s a nugget of knowledge in that quote that US regulators might find valuable.

Nigeria sees the highest crypto transaction volumes on the #africa continent, approaching $58 billion annually. I see this figures doubling 6months from now. #BTC hits above $40k after a long period of #bear dominance . The bulls are returning back, interesting times ahead. Which of the financial divides are you on, paper fiats #money or #bitcoin #cryptocurrency ?

It is prospering in Africa owing to regulatory arbitrage. You might be surprised to learn that according to #chainalysis latest report, Sub-Saharan African countries transacted a staggering $117 billion using cryptocurrencies between July 2022 and June 2023, an increase from $100.1 billion for the same period in the previous year whichni reckon is even more when u add #P2P and #OTC trades in unconventional groups.Who checks where these monies went, #money #laundering, #terror #finance, other illicit activities or simply using #stablecoins to #hedge against #inflation. Not sure many authorities in #Africa can confidently say https://lnkd.in/dSxBKhXz

New Post: Web3 Experts: Hong Kong Government-Backed Stablecoin Can Become a Global Currency, Challenge Dollar Dominance - https://lnkd.in/eEkApvKu to Wang Yang and Wen Yizhou, a stablecoin issued by the Hong Kong government has the potential to become an international currency and may challenge the U.S. dollar in certain places. However, in their latest opinion piece, Yang and Yizhou said the envisaged stablecoin will only succeed if Hong Kong acts before the currency’s […]

Is the future of finance rooted in Africa? Explore how cryptocurrencies are reshaping African economies. #TheAfricanCrypto #CryptoNews #BlockchainAfrica #DigitalCurrency #FinTechAfrica

Discover the latest IMF recommendations on regulating crypto trading platforms in Nigeria to enhance financial stability and combat illicit flows. Learn more about the evolving landscape of digital assets in Africa. #IMF #Crypto #Nigeria #FinancialStability

Digital currencies are the hot new weave-ons of global monetary infrastructure. Due to their edgy use-cases surrounding speed, interoperability and inflation-resistant design, many individuals and governments are currently employing a variety of approaches to creating and holding digital monies. And Nigeria wants in on the land-grab, too. On January 4, 2024, the Africa Stablecoin Consortium (ASC) announced that the Central Bank of Nigeria (CBN) has approved the development of a national stablecoin project, the cNGN, for launch sometime in 2024. The consortium, composed of pan-African banks, fintechs and blockchain businesses promise that the cNGN can provide an innovative solution for digital asset transactions in Nigeria, subject to participation in the CBN’s regulatory sandbox program. The cNGN will be pegged 1:1 with the fiat naira and it will complement the eNaira in acting as a digital bridge to ensure a fast, secure and seamless cross-border remittance rail across the isles of the Niger. Aside from the technical mechanics surrounding the workings of the cNGN itself, ifs and buts about public adoption remains the major issue. Given that the value of the naira has plunged by more than 48 percent to the dollar within a year, any perceptive observer should wonder how well the naira can gain general acclaim by attempting to innovate itself out of instability. Although a digital contemporary to the naira in the form of a ‘stablecoin’ can potentially serve as a safe haven currency during periods of cryptocurrency market distress, it is the continued devaluation of the naira against more stable currencies like the dollar that worries. In essence, a stablecoin pegged to the naira only spotlights many grey areas regarding the role of the stablecoin as a store of value and as a medium of exchange. For more of my thoughts on the naira and its many recent virtual mutations, kindly revise my essay on Foreign Policy—the global magazine of news and ideas, on the outsized potentials of the eNaira, and most importantly, its economic limitations. https://lnkd.in/dRjkpEEh

New Post: Web3 Experts: Hong Kong Government-Backed Stablecoin Can Become a Global Currency, Challenge Dollar Dominance - https://lnkd.in/eEkApvKu to Wang Yang and Wen Yizhou, a stablecoin issued by the Hong Kong government has the potential to become an international currency and may challenge the U.S. dollar in certain places. However, in their latest opinion piece, Yang and Yizhou said the envisaged stablecoin will only succeed if Hong Kong acts before the currency’s […]