Africa continues to be one of the prime regions of the world for significant developments relating to cryptocurrency and blockchain technology. Here are a few of the most recent pieces of crypto news in Africa.
- South Africa, a country known for increasing crypto adoption, has faced criticism from a local law firm for a draft of new tax legislation published earlier this year.
- A regulatory body in Nigeria announced its plans to closely monitor developments in the crypto space going forward.
- Africa’s largest e-commerce store launched a partnership that will allow its customers to pay with crypto.
These developments are mostly positive for both Africa and the crypto community at large. Even though a local law firm has criticised South Africa’s approach to crypto taxation, an ongoing dialogue is a sign of progress.
South African Law Firm Publishes Essay on New Crypto Tax Law
A law firm based out of Durban known as Cox Yeats Attorneys has published an essay arguing that a law drafted by the National Treasury of South Africa earlier this year will be bad for the African crypto economy.
News.bitcoin.com provides some background on the law:
“South Africa’s National Treasury published the draft virtual currency law on July 16 in response to rising public interest in bitcoin and other cryptocurrencies. The bill is the country’s first attempt to regulate the use of crypto assets, which have been largely unregulated until now. It includes proposed changes to both the Income Tax Act and the Value Added Tax (VAT) Act for cryptocurrency taxation purposes.”
Wade Ogilvie, a partner at Cox Yeats Attorneys, wrote that the proposed legislation could “deter the use of cryptocurrency in South Africa” with regard to both investment and trading of digital assets.
In its current form, the bill might harm both individual traders dealing with cryptocurrency and businesses who either accept crypto as a form of payment or mine/develop cryptocurrencies, according to Ogilvie.
NDIC Expresses Intent to Monitor Cryptocurrencies in Nigeria
The Nigeria Deposit Insurance Corporation (NDIC) is tasked with protecting depositors’ funds and ensuring the solvency of the Nigerian banking system. The regulatory body has made statements regarding “the evolution of virtual currency.”
Kabir Katata is Deputy Director of the Research Department at the NDIC. BitcoinAfrica.io quoted him as saying that:
“Banks and government agencies are already exploring how blockchain might transform their approaches to operations.” He added that the Nigerian regulators and private sector companies are actively involved in digital currencies and distributed ledger technology (DLT).
Telcoin and Jumia Announce Partnership
Jumia, Africa’s largest e-commerce company, recently announced a partnership with Telcoin that will allow customers to purchase goods with crypto.
For now, Jumia will only accept one cryptocurrency – that of Telcoin. But there are plans in the works to accept other, more notable coins in the future.
Telcoin new partnership with @JumiaNigeria , a leading online e-commerce marketplace accessible in 15 African countries, to commence in Nigeria, will seek to increase the volume of goods and services purchased on the Jumia platform.#JumiaTelcoin #CryptoNews pic.twitter.com/rMnrfVWLBg
— Telcoin (@telcoin_team) November 26, 2018
Based in Japan, Telcoin is a cryptocurrency that focuses on mobile payments. The team behind Telcoin hopes to expand financial services to the unbanked much like Avesta.
Crypto News in Africa Continues to Evolve
In summary, some big headlines hit crypto news in Africa this month. A cryptocurrency partnered with a major e-commerce site. A prominent law firm published an essay criticising proposed crypto tax legislation in South Africa. And the NDIC promised to monitor crypto closely in Nigeria.
Whether it’s regulatory bodies monitoring crypto, law firms publishing essays criticising related legislation, or coins partnering with e-commerce sites, there’s no shortage of crypto news in Africa.
Avesta and Crypto News in Africa
Avesta is the premier cryptocurrency for developing nations in Africa. With quick and affordable transactions that can be integrated into point-of-sale systems, AVE tokens can be used for everything needed in a developing economy.
In addition, the Avesta wallet provides aspiring entrepreneurs with all the tools they need to be successful. Invoicing features and the ability to exchange both fiat and cryptocurrencies enables anyone to become their own bank.
All things considered, Avesta will be the biggest crypto news in Africa.