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Like El Salvador, Central African Republic passes law to make Bitcoin legal tender

Published

1 year ago

April 25, 2022

The National Assembly in the Central African Republic has passed a law to accept Bitcoin as legal tender. Thus, going the way of El Salvador who became the first country in the world to accept Bitcoin as legal tender on September 7, 2021.

The country’s minister of finance and budget, Calixte Nganongo, along with Gourna Zacko, minister of the Digital Economy, Postal Services, and Telecommunications, initiated and introduced the legislation establishing the legal framework for cryptocurrency regulation in the Central African Republic, as well as Bitcoin as an official currency.

One of the main knocks against cryptocurrency has always been that it will never gain universal adoption, meaning its usefulness will always be limited.

The law to make the digital currency legal tender in CAR was unanimously supported by the National Assembly to assist the country’s economic recovery and peacebuilding efforts.

The recent move by CAR is against odds, particularly in Africa where some governments have decisively frowned at the use of digital currencies. For instance, in Nigeria, in February last year, the Central Bank of Nigeria (CBN) directed all banks to desist from transacting in and with entities dealing in cryptocurrency. The bank also directed banks to close accounts of persons or entities involved in cryptocurrency transactions within their systems.

Will other African countries follow the path of CAR to adopt cryptocurrencies? Time will tell.

VenturesNow

Nigeria’s central bank governor, Godwin Emefiele suspended by President Tinubu

Published

15 hours ago

June 9, 2023

Ifeoluwa Dada

Nigerian president, Bola Tinubu has suspended the country’s central bank governor, Godwin Emefiele.

The office of the Secretary to the Government of the Federation announced the suspension of the Central Bank of Nigeria (CBN) head on Friday evening.

The director of information at the SGF office, Willie Bassey, in a statement, said the suspension was with immediate effect.

The CBN under Emefiele announced new designs of the N200, N500, and N1,000 notes in December. The implementation of the policy was however controversial as it launched an era of cash scarcity which some observers say was targeted at then ruling party’s candidate, Bola Tinubu, and some believe limited his chances.

Tinubu has signalled going in a different direction. During his inauguration speech, he pledged to pursue unification of the exchange rate windows and backed ease of repatriation of funds for foreign investors, policies that have not been favoured by the CBN under Emefiele.

Former president Muhammadu Buhari reappointed Emiefele for a second and final term of five years in 2019. He was appointed by former President Goodluck Jonathan in February 2014, hours after he announced the suspension of his predecessor, Sanusi Lamido.

He was the managing director of top Nigerian bank, Zenith Bank before his appointment .

VenturesNow

Ghana records 32% increase in gold production in 2022

Published

16 hours ago

June 9, 2023

Ifeoluwa Dada

West African country, Ghana has returned to top of gold production on the continent after displacing South Africa following a 32% increase in 2022.

According to the president of the mines chamber, gold output rose to 3.7 million ounces in 2022 from 2.8 million ounces the previous year, as a result of growth in the output of both large and small-scale sectors.

Joshua Mortoti, while addressing members of the Ghana Chamber of Mines at an annual general meeting revealed that “The large-scale gold sub-sector recorded its highest output in the country’s history in 2022.”

He further revealed that the expansion of production at existing mines facilitated the large-scale sector’s gold output up by 13% to 3.1 million ounces last year from 2.7 million ounces in 2021.

Over 77,620 ounces of gold were sold in 2022 under the Domestic Gold Purchase Programme, a scheme launched by the Bank of Ghana to boost reserves.

Mining is a major economic activity in Ghana and a key contributor to the Ghanaian economy. Gold mining accounted for 48.4% of gross merchandise exports in 2020.