Sats & Gwei | Visa to Invest $1B in Africa’s Digital Transformation | AAX Users Storm Crypto Exchange’s Nigerian Offices | Morocco’s UM6P Hosts ‘Metaverse Day’ with Meta | And more!

 

Bankless Africa presents Sats & Gwei, a podcast for your weekly crypto news update from all around Africa!

Starting off with Morrocco, The Mohammed VI Polytechnic University (UM6P) in Morocco held an event called the "1337 Metaverse Day" in partnership with Meta to promote the growing metaverse and Web3 technology. The event featured experts from Meta and other leading blockchain, NFT, and VR companies. The Head of Public Policy and Regulatory Affairs at Meta, Hanane Boujemi, stated that this event marks the beginning of a potential partnership between Meta and UM6P students.

In Nigeria, the Central Bank (CBN) has implemented a cashless policy that limits individuals to withdrawing N500,000 ($222) per week and N20,000 ($44) per day at ATMs, with a 5% processing fee for exceeding the limit. Corporates are limited to N3,000,000 ($1,111) with a 10% processing fee for exceeding the limit. This policy will take effect on January 9, 2023. The CBN is encouraging Nigerians to adopt cashless money and warns of severe repercussions for those who violate the policy.

AAX, a Hong Kong-based crypto corporation, suspended withdrawals for users following an incident where Nigerian users stormed the Lagos offices and assaulted employees. This came after the Nigerian crypto and blockchain advocacy group SIBAN asked them not to do so. The sudden resignation of the platform's vice president, Ben Caselin, has fueled speculation that the exchange may not resume operations. 

In South Africa, the Bitcoin Ekasi Scheme is using bitcoin to compensate instructors who teach surfing on the beach as a way to popularize the use of bitcoin and encourage adoption. 

In the web3 space, art has gained prominence with the increasing popularity of NFTs and related projects. One such project is the "Crypto Art for Social Impact" auction, which will feature art from various artists and all proceeds will be donated to the World Wildlife Fund.

These and more in this episode of Sats & Gwei. Stay updated👍.

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Sats & Gwei is a Bankless Africa podcast that brings you weekly crypto/web3 headlines about the Africa continent. Stay up to date with the most relevant crypto happenings across Africa.

Disclaimer:

None of what is shared in this show is financial advice. Only the opinions of the in

dividuals that make this show possible. Remember to always do your own research. 

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