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In the latest BRICS developments, China is advancing to generate a trade deal worth $19 billion with Africa and use the Chinese Yuan as payment. The ongoing China-Africa Economic and Trade Expo aims to defy the Western ‘debt trap’ and usher in a new era fostering trade ties, according to a report. The move comes when a handful of African countries are looking to join BRICS and accept the new currency. The annual trade expo aims to strengthen long-term trade partnerships and is expected to generate $19 billion in deals. Also Read: BRICS : 5 New Countries To Join BRICS Alliance in August The multi-billion dollar BRICS trade deal could be settled in the Chinese Yuan and not the U.S. dollar. The development comes at a time when Kenyan President William Ruto urged Africa n nations to stop using the U.S. dollar for global trade. Ruto asked African countries to pay with the U.S. dollar while settling cross-border transactions with the U.S. only. He advised Africa...

The central bank reportedly emphasized that the addition of NFC technology will play a crucial role in boosting the adoption rates for the CBDC. Despite the former governor’s ousting nearly two months ago, the Central Bank of Nigeria (CBN) continues to be committed to its central bank digital currency (CBDC) project, showing no indications of abandoning it. According to a report by local news outlet The Sun, the central bank recently enhanced the CBDC mobile app by incorporating Near Field Communication (NFC) technology. This upgrade enables mobile devices and payment terminals to interact when in close proximity, facilitating convenient and contactless eNaira payments . Despite previous versions incorporating QR codes, the CBN reportedly emphasizes that the latest addition of NFC technology will play a crucial role in boosting the adoption rates for the CBDC. Joseph Angaye, the deputy director of the CBN’s risk management department, reportedly revealed that the banking regulato...

Chris Maurice, founder and CEO of crypto exchange Yellow Card said in Africa, crypto isn't the "casino" that it can sometimes feel like in the West. While many investors in the West may look to crypto to speculate the next biggest trend, blockchain technology is actually solving “real-world problems” in Africa such as hyper inflation and " corruption ," executives told Cointelegraph. Speaking to Cointelegraph, Chris Maurice, founder and CEO of Yellow Card — Africa’s largest cryptocurrency exchange — said crypto in Africa “is growing at the speed of light” because it allows many Africans to escape from the traditional financial system’s failures and transact more freely. “Crypto solves real-world problems with banking and currencies on the continent, and it isn't the casino that it can feel like sometimes in the West.” Maurice said the most common use cases in Africa are to make international payments, to send money to friends and family and to “save money ...

For the past few years, Africa has registered significant activity with respect to Bitcoin. Several reports by Chainalysis revealed that between 2020 and 2021, the cryptocurrency market in Africa experienced a remarkable growth of more than 1200%. Additionally, Kenya, Nigeria, South Africa, and Tanzania, four African nations, have all secured positions within the top 20 countries globally in terms of cryptocurrency adoption. In addition to the aforementioned data, Africa is also recognized as the region with the second-largest number of crypto currency holders globally. This highlighted the significant presence and participation of Africa n individuals in the world of crypto currencies. Africa and its internet woes The COVID-19 pandemic accelerated the process of digitalization, with increased reliance on digital technologies due to limited physical interactions. However, Africa n countries, as well as other nations with weak power infrastructures, faced challenges in keeping up w...

A Bitcoin mining project in a remote corner of Malawi, a landlocked country in southeastern Africa, connects more families to the grid while delivering economic empowerment to an impoverished region. A Bitcoin (BTC) mining project that taps into clean, stranded and excess hydro energy in Malawi has picked up steam. The company behind the project, Gridless, shared that there are now “1600 families connected to this remote hydro mini-grid in the mountains of southern Malawi.” 1600 families connected to this remote hydro minigrid in the mountains of southern Malawi. They have 50kW of stranded energy that we are testing out as a new Bitcoin mining site. Videos for context. Still working on venting, wiring, etc. pic.twitter.com/Sxf8ABGPWH — Gridless (@GridlessCompute) January 21, 2023 The project exploits 50 Kilowatt (kW) of stranded energy to test out as a new Bitcoin mining site. Erik Hersman, CEO and co-founder of Gridless, told Cointelegraph that while it’s a brand new mining...