The African cryptocurrency scene is witnessing significant developments, with South Africa and Kenya taking the lead in embracing digital currencies and blockchain technology. In a recent turn of events, a High Court judge in South Africa, Mandlenkosi Motha, has called for the modernization of crypto laws in the country. Criticizing the reliance on outdated Apartheid-era laws to regulate cryptocurrencies, Judge Motha emphasized the need for a more progressive regulatory framework that reflects the evolving nature of the crypto industry.
The judge’s comments came in the context of a ruling involving a South African bank, Standard Bank, and James Ewing & Sons, who had engaged in transactions with international crypto exchanges. The case shed light on the inadequacy of existing laws in effectively regulating crypto transactions, signaling the urgency for updated legislation to address the complexities of the digital asset space.
Meanwhile, in Kenya, the Central Bank’s recent survey reveals a growing readiness among banks to support cryptocurrency payments. This shift indicates a positive attitude towards embracing digital currencies as a legitimate form of financial transactions. With an increasing number of banks gearing up to offer crypto services, Kenya is poised to become a key player in the adoption of cryptocurrencies in Africa.
Adding to the momentum, Tether, the issuer of the USDT stablecoin, has made strategic investments in Shiga Digital, a pan-African crypto and fintech platform. This move underscores Tether’s commitment to expanding its presence in the African market and supporting the growth of innovative blockchain solutions across the continent.
As South Africa pushes for modern crypto laws and Kenyan banks gear up to offer crypto services, Africa is witnessing a transformative shift towards embracing the potential of digital currencies and blockchain technology. These developments not only reflect the increasing mainstream acceptance of cryptocurrencies but also highlight the continent’s growing role in shaping the future of the global crypto ecosystem.
