Fun

Report: Cryptocurrency Can Potentially Complement Mobile Money Argues Kenyan Banker

News Feed - 2022-05-21 07:05:45

Report: Cryptocurrency Can Potentially Complement Mobile Money Argues Kenyan Banker


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 made to change their perceptions of the digital currencies, the boss of one of Kenya’s biggest lenders has said. According to James Mwangi, CEO of Equity Group Holdings Plc, central banks first need to be convinced of the benefits of cryptocurrencies.


In remarks published by Bloomberg, Mwangi noted that most of the continent’s central banks have either banned the use of cryptocurrency like bitcoin or have imposed restrictions on its use. He noted, however, that a few countries have or are exploring ways to embrace cryptocurrencies.


According to Mwangi, adopting cryptocurrencies is also one way Africa can get ahead of other continents as far as embracing fourth industrial technologies is concerned.


“Africa will benefit substantially from leapfrogging on the fourth industrial technologies, and cryptocurrency is one of them,” Mwangi is quoted explaining.


Embracing Emerging Technologies


The support his argument, the CEO used the growth of mobile money transactions in Kenya as an example. According to Mwangi, mobile money transactions have since grown to a point where they now outpace hard currency transactions because Kenyan regulators were willing to try out new technology.


Mwangi also suggested that using emerging technologies like artificial intelligence could be the basis for the continent’s leapfrogging into the fourth industrial revolution. Tags in this story ai, Cryptocurrencies, Fourth Industrial Revolution, James Mwangi, Kenya mobile money, Mobile money, Regulators


What are your thoughts on this story? Tell us what you think in the comments section below. Terence Zimwara


Terence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route. Report: Pakistan Can Generate $90 Million Annually if It Introduces a 15% Tax on Crypto Transactions EMERGING MARKETS | 20 hours ago Report: Tanzania Closer to Launching a CBDC EMERGING MARKETS | May 12, 2022


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleCrypto Custody Firm Fireblocks Launches Web3 Services Suite Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItArgentinian Securities Regulator Launches Innovation Hub to Discuss Regulated Crypto Investments


The National Securities Commission (CNV), which is the Argentinian securities watchdog, recently launched an innovation hub with the goal of advancing conversations about cryptocurrency and fintech investments. This organization will serve as a link between private entities and the institution, ... read more.Privacy-Centric Monero Plans for July Hard Fork, Plans Include Ring Signature, Bulletproof Upgrade Fed"s Bullard Wants to Raise Bank Rate to 3.5% by Year"s End, Hints at 75 Basis Point Rate Hike FBI Issues Alert Concerning Malicious State-Sponsored North Korean Hackers Targeting Crypto Firms Interest in Real Estate Investments in Spain Grew 400%, With Some Using Crypto and Stocks as Payment Method

News Feed

Solana Slips To $209: Rising Bearish Pressure Threatens Key Support
Este artículo también está disponible en español. Solana is navigating a critical juncture as its price edges toward the $209 mark under increasing bearish pressure. Rece
Celsius small business creditors demand reimbursement after 35% cut in claims
Christopher Roark10 hours agoCelsius small business creditors demand reimbursement after 35% cut in claimsTwo Celsius creditors have filed a motion asking for a second distribution after they allegedly suffered reduced p
Litecoin Holds Bullish Outlook As the MVRV Ratio Signals Strength – Analyst
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
SEC Chair Gensler Asks Staff to Collaborate With CFTC on Regulating Crypto Exchanges
SEC Chair Gensler Asks Staff to Collaborate With CFTC on Regulating Crypto Exchanges The chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, has asked SEC
For 38 Consecutive Days Ethereum Gas Fees Record the Lowest Rates Since 2020
For 38 Consecutive Days Ethereum Gas Fees Record the Lowest Rates Since 2020 In 43 days, the Ethereum network could finally see a full transition from proof-of-work (PoW) to proof-
Bitcoin price clear for new record high as GBTC outflows drop to $170M
William Suberg12 hours agoBitcoin price clear for new record high as GBTC outflows drop to $170MBitcoin faces its “biggest headwind” in the form of GBTC outflows, but the good times could be back for BTC price action
Bank of Russia Registers Another Digital Asset Issuer
Bank of Russia Registers Another Digital Asset Issuer The Central Bank of Russia has added another entity to its register of authorized issuers of digital financial assets. The pla
SUI Skyrockets: Bullish Momentum Drives Push Toward $6
Este artículo también está disponible en español. SUI has been going through a remarkable surge recently and has just touched a new all-time high at $5.36. Traders and in
Report: 100,000 Cubans Are Using Cryptocurrencies to Bypass Financial Sanctions
Report: 100,000 Cubans Are Using Cryptocurrencies to Bypass Financial Sanctions On May 2, 2022, a report stemming from the broadcast television and radio network the National Broad
Coinbase Commerce Now Supports Dogecoin Payments
Coinbase Commerce Now Supports Dogecoin Payments Coinbase now accepts commerce payments in dogecoin. With the addition of the meme crypto, Coinbase Commerce now
Want To Get Rich? Here’s How To Create A Coin Like XRP From Scratch—Expert
Este artículo también está disponible en español. For weeks, Ripple’s XRP has been on a tear, breaking key price metrics which allowed it to solidify its standing as on
Jack Dorsey Says Square Is Considering Building a ‘Bitcoin Mining System Based on Custom Silicon’
Jack Dorsey Says Square Is Considering Building a "Bitcoin Mining System Based on Custom Silicon" Following the latest report from Cambridge University that shows a large percentag