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Cryptocurrencies are very unstable for them to become a widely used method of payment, the Nigerian and Kenyan central bankers have reportedly said. In addition, the bankers claim that cryptocurrencies also pose a risk to financial stability. Narrowing the Financial Exclusion Gap The Nigerian and Kenyan central bankers have said cryptocurrencies
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Kenyan energy company KenGen has put out a call to Bitcoin miners to move nearby and buy its excess renewable power capacity.KenGen claims 86% of its energy is generated from renewable sources, mostly geothermal from pockets of ground source heat in the Great Rift Valley. Local news outlet The Standard
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The CEO of one of Kenya’s biggest lenders has argued there is a possibility cryptocurrencies will complement mobile money in Africa but first, there is a need to convince regulators of their benefits. African Regulators’ Stance on Crypto Cryptocurrencies can potentially complement mobile money in Africa if regulators on the continent are
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Kenya’s central bank has acknowledged in a recently released document that a central bank digital currency could potentially benefit the country’s financial system. The bank, however, warned that rolling out a CBDC could also pose risks to the same. CBDC’s Impact on Financial Stability The Central Bank of Kenya (CBK) has
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Businessman and owner of a Kenyan football club, Ricardo Badoer, has been accused of fleecing more than $140 million from investors via his Aidos Kuneen cryptocurrency. Threats Against Investors According to a local report, Kenyan businessman Ricardo Badoer is being accused of defrauding investors via his Aidos Kuneen cryptocurrency of more
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An insurance collaboration between decentralized protocol Etherisc and microinsurance issuer ACRE Africa has allowed thousands of farmers in Kenya to receive coverage for weather-related risks.Etherisc and ACRE Africa said they had processed insurance payouts for some of the more than 17,000 smallholder farmers in Kenya covered under the collaboration. The
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Today the Chainlink Community Grant program announced funding for a low-cost insurance collaboration between Etherisc, a decentralized insurance protocol, and ACRE Africa, a microinsurance issuer focused on the second-most populous continent on the planet. According to an announcement from Chainlink, the project aims to build a blockchain-based insurance platform that delivers
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