Discover Crypto Africa week in review, and find out how top musician Davido scams followers, whether Nigeria will resort to regulating Africa crypto, and also whether Avocado farmers in Kenya are tokenizing on Polygon.
Africa is still evolving, at least from technology to politics. This week, there were interesting developments in Cameroon, with Ambazonia launching its currency on Ethereum.
Meanwhile, Nigeria remains in flux while Avocado Kenya farmers are realizing the benefits of the blockchain.
Ambazonia Separatists Launch Own Currency On Ethereum
šØš² #Cameroon: At least nine were killed in Bamenyam today after gunmen opened fired in a weekly market. The perpetrators are unknown, but are suspected to be insurgents loyal to the Ambazonia separatist movement.
(via Reuters) pic.twitter.com/CeX0lV6pA1
— POPULAR FRONT (@PopularFront_) November 21, 2023
Reports show that the separatist government of Ambazonia is adopting crypto in a bold move (and in following Venezuela’s footsteps), reflecting both economic “desperation” and technological ambition.
Ambazonia, a semi-autonomous English-speaking region in Cameroon, launched an ERC-20 token on Ethereum dubbed AMBA and adopted it as its official currency.
There are 100 million AMBA, out of which more than 20,000 AMBA have been sold in the pre-ICO phase. The official ICO date is set for December 2024, where each AMBA will be available for $0.25.
AMBA will be backed by national assets, including natural resources and future treasury earnings.
Still, whether AMBA would be worth anything (even receiving support from the Cameroonian government critics and the over 2 million diaspora) remains to be seen.
As it stands, Ambazonia is still under the control of the Cameroonian military.
The Nigerian Crypto Scene and Regulatory Challenges
Amid Amazonia’s ambition, Nigeria faces its own crypto troubles, especially on regulation matters over the future of crypto Africa.
First, Davido, a musician, is now being accused of launching and dumping a token on his followers in a well-orchestrated pump-and-dump scheme (a trend of celebrity crypto scams that hasn’t been limited to the continent).
The musician launched DAVIDO via Pump.fun before aggressively marketing the project.
The singer purchased 203 million DAVIDO using 7.5 SOL as startup capital.
However, less than 24 hours later, he sold 121.88 million DAVIDO for 2,791 SOL, forcing prices to plummet sharply.
This is not the first time Davido has scammed his followers. Earlier, he promoted Rapdoge and Racksterli before dumping them, causing huge investor losses.
Davido is trending because last night he launched a crypto meme coin $DAVIDO and sold $470k+ of it when it was trading high.
Basically, he created a coin and dumped it on naive crypto newbies. He still has about $200k more to dump. As the coin has now crashed in value.
Theā¦ pic.twitter.com/J6p66JNkl8
— Trending Explained (@TrendingEx) May 30, 2024
Meanwhile, in Nigeria, a Senate Committee on Capital Markets has called for clear regulatory frameworks to protect investors and harness the potential of digital assets. Osita Izunaso says regulation is the only way since authorities have failed to stop the illegal trading of cryptocurrencies.
This call comes amidst mixed signals from Nigerian authorities over the future of crypto Africa.
Even though the Central Bank of Nigeria (CBN) attempts to suppress crypto trading, the country’s main regulator, the Securities and Exchange Commission (SEC), is willing to regulate digital assets.
Authorities claim crypto trading contributes to the Naira slide and have asked trading platforms like KuCoin to delist the local currency.
A Binance official is currently being held in the country, but the exchange no longer offers trading services in Nigeria.
Crypto Africa Adoption News: Avocado Farmers In Kenya Integrate MATIC Blockchain
In Kenya, a deal between OMA and Dimitra, a blockchain-based agricultural technology company, could change the fortune of Avocado farmers.
The partnership will see farmers integrate AI, IoT, and blockchain into their farming practices. Farmers will be onboarded to Connected Farmer, a web3 platform.
So far, Dimitra has digitized 10,000 avocado trees as non-fungible tokens (NFTs) on Polygon.
Existing as unique tokens on the fast-paced blockchain, farmers can access real-world data and other enterprise-grade solutions, leading to more efficiency and transparency in agricultural production.Ā Ā
By tokenizing Avocado trees, farmers will also get access to financing and more – a huge step for crypto Africa.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital
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