Africa has emerged as the world’s second-largest region for cryptocurrency investment, with three countries – Nigeria, Morocco and Kenya – among the top 20 in the world for cryptocurrency use, according to the 2022 Global Crypto Adoption Index by Chainalysis. However, while digital currencies offer the potential to improve financial inclusion in Africa, a regulatory framework is necessary for their implementation. Mamadou Kwidjim Touré, founder and CEO of Ubuntu Tribe, sees the digital revolution in Africa as a positive development, but warns against the need to protect citizens’ privacy.
In other African business news, the Democratic Republic of Congo’s President Félix Tshisékédi has said he plans to renegotiate a 2008 mining contract with China that is deemed to favour China at the expense of the DRC. Meanwhile, South African economists are calling on foreign rating agencies to include the country’s vast mineral wealth as a performance indicator in their ratings.
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