This week in Africa Crypto news, the Kenyan crypto scene is in Coinbase’s crosshairs for a new M-PESA agreement aimed at boosting crypto Africa. The reversal of Moroccan crypto policy could see the launch of a new CBDC on the continent.
Africa is not left out in the cryptocurrency boom. With cryptocurrency prices rising, the continent is now a hotbed of cryptocurrency innovation and adoption.
This week, the key events revolved around adoption, driven by Telegram. At the same time, Coinbase intends to expand its operations in Kenya. Morocco’s regulatory advances in North Africa recognized crypto after its initial ban.
Africa Crypto News: Telegram, engine of crypto growth on the continent
Telegram is a popular messaging app. Although there are fears that the app is being used to promote crypto illegalities, a new discovery shows otherwise. According to the report, Telegram has played a crucial role in transforming and increasing the use of crypto in content.
Between January 2023 and August 2024, Telegram welcomed more than 3 million users in Africa, mostly under the age of 25. THE study also found that most users used Telegram to explore DeFi and games, such as NotCoin and Hamster Kombat.
The explosion in Telegram users could be due to economic instability and low penetration of banking services. So, most of them opt for crypto and blockchain solutions. By 2025, more than 54 million African users will hold cryptocurrencies, using these tokens for trading and remittance purposes.
Morocco Crypto News: Regulators Prepare for Crypto – Ban Reversed Amid CBDC Plans
After years of banning the use of crypto, Morocco made an about-face this week.
The country is currently preparing what analysts consider to be the “groundwork” for a more regulated crypto market. According to reportsthe country’s central bank is considering a bill aimed at better managing and regulating crypto transactions.
A plan to launch a central bank digital currency (CBDC) is also on the agenda. With clearer regulations, authorities will be able to more easily protect users while promoting crypto innovation.
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Kenya Crypto News: Coinbase could partner with M-Pesa
Coinbase, one of the largest crypto exchanges in the world, plans to expand into Kenya.
In a recent interview, one of the leaders of the exchange, Jesse Pollak, said they would “strengthen” its presence in East Africa by collaborating with the country’s largest telecommunications network, Safaricom.
Through its payments wing, M-Pesa, the exchange will develop initiatives such as “Based Africa” to support local developers. Coinbase will also consider creating a Kenyan shilling stablecoin, similar to USDC, which will launch on Base, a layer 2 of Ethereum backed by the exchange.
With Coinbase in the picture, they will play an important role in streamlining transactions and transitioning crypto to TradFi.
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South Africa Crypto News: Compliance with strict FATF standards
South Africa, the continent’s crypto leader, is stepping up efforts to ensure compliance. They thus hope to escape the formidable gray list of the Financial Action Task Force (FATF).
To do this, the country’s regulators implement “Directive 9,” an initiative that will require regulated crypto platforms to collect user transaction data. They hope to effectively combat money laundering and terrorist financing.
This directive will come into force from April 2025.
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Africa Crypto Week Roundup: Telegram Drives Growth, Coinbase Eyes Kenya as Morocco Overturns Crypto Ban, But Will South Africa Win? appeared first on .
