Author: Staff

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Business

UCC urges Fintechs to invest in cybersecurity.

Communications regulator, Uganda Communications Commission (UCC) has called on Fintechs to invest in cybersecurity  to enable Digital Financial Services (DFS) to flourish in the country.  With adoption of  digital financial services on the rise, it has become prudent to prioritize  risk management for the growing ecosystem involving banks, telecom providers and other financial service providers. 

On 5th April, 2022, CEOs from Uganda’s telecom sector & partner agencies attended the 2nd Cybersecurity CEO breakfast, an annual event aimed at bringing stakeholders to discuss key issues that affect Mobile Financial Services. This year’s discussion focussed on the topic, “Cybersecurity for Financial Services in the Telecommunications Sector: A Growing Challenge.”

The state of cybersecurity in Uganda. 

The Financial Technologies Service Providers Association (FITSPA) highlights identity theft & social engineering through phishing as the key threats in Digital Financial Services involving mainly banks, mobile money and cryptocurrencies in that order.   

The words ‘social’ and ‘engineering’ separately are associated with positive aspects but combine to give a name to the broad range of malicious activities accomplished through exploiting human error to gain private information, access, or valuables- Social engineering. Social engineering thus covers everything from conmen and scammers to pyramid schemes and phishing. Phishing is a form of fraud in which an attacker pretends to be a reputable entity or person you trust or lures you to a fake/counterfeit verifier to try & get you to provide sensitive/personal data. 

What is Phishing? How to Spot a Phishing Attack

Speaking at the CEO breakfast, Uganda Communication Commission (UCC) Executive Director, Irene Kaggwa Sewankambo pointed out how cyber security was not just an IT issue but rather  as an issue of  national security posing an organizational risk that deserves the attention of not just CEOs but boards as well. 

“We can’t pretend that we can implement everything to tackle cyber security if we don’t have competent people in place. We don’t just need an IT person; we need an expert in cyber security. It’s not just about computer hacking, the whole infrastructure can be taken down.” 

On a large scale, Ms. Sewankambo emphasized that cybersecurity should be looked at as an investment and not an expense. In an industry focused on connecting people to opportunities, it is crucial to be proactive in upgrading security protocols and systems to reduce vulnerability to attacks. 

On a macro level, MTN Uganda CEO, Wim Vanhelleputte noted that today’s fraudsters are not very different from the ordinary thieves from 20 years ago. This is a digital form of a problem that has always existed. Social engineering just tricks customers in slightly different ways. MTN Uganda has a running campaign educating customers not to share their Mobile Money pin codes and Mr. Wim says this is going to be pushed more aggressively. The vulnerability of mobile money pin codes extends to banks and financial services involving passwords and the security position remains around not sharing these. MTN’s campaign involves text messages, online and radio public service announcements and ringtones pushing the “Do not share pin codes” message.

“Good regulation works – despite vulnerabilities in social engineering, identity theft and at cash out, Uganda today has one of the most robust SIM Registration Know Your Customer (KYC) frameworks globally requiring a recognized national ID and biometric information.” By working along with the financial-inclusion driven agency, Financial Sector Deepening (FSD) Uganda, Government and Digital Finance Service Providers have been working closely to push electronic KYC efforts as Uganda looks towards having a harmonized system for all government agencies. 

FSD Uganda Executive Director shares the vision of the Electronic Know Your Customer (E-KYC) initiative.

While this may not solve all the problems, it covers a major issue that needs more attention considering over 40 billion Uganda Shillings was lost due to fraud in 2020. 

Solutions to Cybersecurity 

The International Telecommunication Union (ITU) is working with Uganda under the UCC to set up a Digital Financial Services Lab at the Uganda Institute of Information & Communication Technology. This Lab will provide guidance on ways to strengthen digital commerce while connecting startups to mentorship and strategic advice services. While at the CEO breakfast, Dr Bilel Jamoussi, Chief of Study Groups Department, ITU Standards Bureau remarked that effective collaboration and coordination is critical to the development of a safe and enabling DFS ecosystem.

In sharing information, UCC is working with the National Identification and Registration Authority (NIRA) to seal current information loopholes with an integrated and upgraded system. The system is intended to simplify sharing and verification of different identification details collected by these agencies along with the National Information Technology Authority (NITA), Uganda Revenue Authority (URA), Uganda Registration Services Bureau (URSB) and other infrastructure and service agencies. 

On an individual level, whenever creating online accounts, it is advised to review the information collected by a site and check the privacy policy to provide only what is absolutely necessary.

When questioned on whether Uganda has sufficient and adequate cyber space regulatory frameworks for policing, the UCC Director emphasized how cyber security is multifaceted and a dynamic subject pointing out the laws such as the Computer Misuse Act, 2011, the Electronic Transactions Act, 2011, the Computer Emergency Response Team Regulations, 2019 and the Data Protection and Privacy Act 2019.

Ms. Sewankambo acknowledged that  while it may not be practical to have all these laws and more at your fingertips, citizens should not suffer in silence with problems around cybersecurity. She urges citizens to reach out to the Uganda Computer Emergency Response Team (CERT) to help them recover from a cyber attack or to check that they have been  adequately secured.

In the interest of vigilance, here are some crypto scams you can look out for. 

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Business

Tanzania hosts IMF-led talks on cryptocurrencies

Tanzania’s top financial officials asked for a clearer global agreement on Central Bank Digital Currencies (CBDCs) and crypto-assets on Tuesday, as the Government ponders on how to proceed with the fast-evolving concepts.

Mwigulu Nchemba, Tanzania’s Finance and Planning Minister, said at a regional conference hosted by the Bank of Tanzania and the International Monetary Fund that both topics needed more “thorough discussions” before the country could make commitments, a view shared by Bank of Tanzania Governor Prof Florens Luoga.

The virtual convention, which continued on Wednesday, was organized for Anglophone countries in Sub-Saharan Africa to learn more about issues like financial inclusion and integrity, digital and cybersecurity risks, legal issues, and interoperability in relation to CBDCs and cryptocurrency transactions.

A similar conference for Francophone countries in Sub-Saharan Africa is expected later this year.

The Bank of Tanzania is “finalizing preparations of a business case for the establishment of a CBDC in Tanzania and evaluation of crypto assets after recording significant progress” in formalizing digital financial services, according to Dr. Nchemba.

“Banks [in Tanzania] have developed solutions to integrate informal small business and saving groups to the formal banking system through digital platforms. These innovations will demand reforms in legal and institutional structures to enable requisite governance,” the minister said.

CBDCs and crypto assets, according to Prof Luoga, have become “important current challenges” affecting Central Bank policy and operations around the world.

“We need solutions to the challenges we have faced or expect to encounter in dealing with these issues. For CBDCs, it is apparent that some Central Banks are still at conceptual discussions and research, others already have set the ball rolling to the experimentation phase, and a few have launched,” Prof Luoga said.

“Crypto assets have increasingly become common, and due to their ramifications, there is a quest for interventions through tighter regulations.”

Central banks in each nation are expected to define their own major objectives before implementing CDBCs, according to IMF deputy managing director Bo Li, “since there is no universal formula for all countries.”

Mr Li stated that the IMF’s major goal in the global cryptocurrency debate is to promote the creation of a “strong, comprehensive, and consistent regulatory framework” for crypto asset transactions.

“In both cases (CBDCs and crypto assets) it is important to ensure a balance between protecting consumer privacy and promoting financial inclusion and integrity,” he said.

The IMF has stated that it “neither encourages nor discourages” nations from issuing CBDCs, but it does offer technical advice to those who do so on design characteristics that support public policy goals while also ensuring that payment systems are efficient, resilient, and competitive.

Experimentation with CBDCs in Sub-Saharan Africa is still in its early phases, according to a conference concept note.

Kenya and Tanzania are among the nations in Sub-Saharan Africa that have “recorded rapid uptake of crypto assets,” according to data released by the Fund’s Chainalysis subsidiary. Nigeria, South Africa, and Ghana are the other countries.

“These countries rank high on the index, in large part, because they have huge transaction volumes on P2P platforms. Many residents use P2P platforms as their primary on-ramp into cryptocurrency, often because they lack access to centralized exchanges,” says the note.

When the eNaira was introduced in October 2021, Nigeria became the first African country to formally implement a CBDC. Ghana and South Africa are in various phases of testing, and Kenya has recently released a white paper on a proposed CBDC.

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Business

South Africa Central Bank Urges Engagement on Blockchain

According to the latest report from the South African Central Bank and the Intergovernmental Fintech Working Group, policymakers, legislators, and regulators need to interact more with the fintech industry before distributed-ledger technology can be integrated into the country’s financial systems. A decentralized digital record of transactions and contracts is known as a distributed ledger. With payment system reforms underway in South Africa, it’s an opportune time to consider how to treat distributed ledger-based platforms and the use of tokenization in financial markets. However, the Reserve Bank and the working group said in a statement [which Wednesday]Wednesday that efforts should be made to ensure rules are technology-neutral, principle-based, and borne out of collaboration.

The two firms have concluded a cooperative proof-of-concept project that looked at the policy and regulatory consequences of distributed-ledger-driven financial market innovation.

“The insights gained through practical exploration should lead to greater regulatory clarity both for innovators and for regulators and should be in the broader interest of ensuring a level playing field for all market participants,” Governor Lesetja Kganyago said in an online speech. 

Regulators should move with caution when considering developments before amending rules and should be “fully appreciative” that regulated entities need clarity to commit to distributed-ledger markets, he added.

The Central Bank and working group used distributed-ledger technology and tokenized money to issue, clear, and settle debentures as part of Project Khoka 2 to inform policy and regulatory assessments. The Johannesburg Stock Exchange and South Africa’s major four banks — Absa Group Ltd., FirstRand Bank Ltd., Nedbank Group Ltd., and Standard Bank Group Ltd. — formed the working group. New capabilities across all key players are required to operate a distributed-ledger technology-based financial system, and new platforms must be integrated with legacy systems, according to the Central Bank and working group. The expenses of such a change, which should be borne by all market participants, must be balanced against the possible advantages, new standards, best practices, and a support ecosystem will be established.

“A transition to a DLT-based system requires careful planning and execution and may involve running a DLT-based system in parallel to the existing system for a while, perhaps indefinitely,” they said.

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Play to Earn Games

Play to Earn & Learn with OpiPets.

British blockchain tech company, Opis Group has begun the process of extending their OpiPets game to the African continent starting with six countries. The countries currently targeted for this expansion were selected based on how fast blockchain innovations are being adopted and here’s who made the list:
South Africa, Kenya, Nigeria, Ghana, Togo and Tanzania. 

Understanding the OpiPets game. 

OpiPets is a free-to-play, play to earn (P2E), role-playing online game that rewards players with cryptocurrency and the chance to build, battle, acquire, and trade their own uniquely generated NFT characters as OpiPets. 

Free-to-play. 

If you’ve ever been stuck on a certain level of a game and been prompted to “buy lives” or had a child accidentally purchased a game or game tokens using your payment card, then the concept of free to play should appeal to you. The OpiPets game allows you to play without connecting any wallet to their accounts from the start.

Role-playing game. 

As a role-playing game, players can assume the roles of characters in a fictional setting. The characters in this case are the OpiPets which the company website explains as 60 different possible pets with thousands of skins, textures, colors, and wearables alongside different characters’ stances as well as facial expressions that can be customized and personalized.

Play-to-Earn. 

Play-to-earn is a type of gaming where players can transfer in-game virtual assets to the real world. This is a reversal of the common pay-to-play model where real world money is used to unlock levels, buy in-game coins, lives or do anything else within a game. With OpiPets, in-game tokens and cryptocurrencies earned can be exchanged for fiat as a reward for time and effort. 

Play to Learn

From our early development years, games have always been a good way to learn about new things and this is being explored to have OpiPets increase knowledge of NFTs. As users build their characters and go through the game, players and developers will be exposed to information and tips that will widen their understanding of NFTs as well as being given a platform to interact with fellow crypto and gaming enthusiasts. 

OpiPets’ parent company Opis Group is on a mission to lower the barriers to adoption that currently prevent blockchain games from becoming mainstream in Africa and on a global scale. Some key features of the game highlighting this intention include the following:

Decentralised Computing

Any (online) gamer will tell you that one of the most painful things is losing your progress because a server went down.While traditional gaming has a significant reliance on single servers, incidents of failure leave those depending on it vulnerable to data loss.

OpiPets relies on a decentralized network distributed around a worldwide audience giving gamers greater reliability and security than a centralized system.

Time is Money.

While in traditional gaming, gamers spend a lot of time gaining points & in-game assets with no real-world value or ownership, OpiPets rewards players with cryptocurrency and the ability to sell their unique NFT OpiPet characters.

With Africa prioritized in the Opis Group expansion, gamers and NFT fans on the continent will be able to earn both passive and active income from the OpiPets game. As they join the community, users can participate in game development and earn tokens and cryptocurrencies with real-world value without paying any upfront fees.

Passive Income

The OpiPets application will be free to use and is said to only utilize a small percentage of a mobile device’s CPU when charging or just idle. This allows people to earn cryptocurrency passively without  needing a massive investment in hardware or incurring the high electrical costs. 

Game Ownership

While traditionally large gaming companies and platforms tend to retain the value from their games, Opis Games gives a share of the benefits to players involved in making the game successful. By utilizing blockchain technology, players’ contributions are stored securely so that they can retain credit for making such changes on top of continuing to earn from them.

To tap into growing communities of cryptocurrency and NFT advocates on the continent, Opis Group has brought on a Nigerian marketing executive, Babatunde Ayomide as a growth & marketing lead for Africa in a show of the company’s commitment to onboard the largest markets in Africa.

Babatunde is quoted saying “We want all gamers and even blockchain unbelievers to see the benefits that can be harnessed from crypto & NFTs. The best way to do this is to help them earn as they play.”
Learn more about play-to-earn games here.

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Business News

Bitcoin for Philanthropy.


The Built With Bitcoin Foundation has teamed up with Satoshibles NFT and Stacks to enable Bitcoin to be used to purchase NFTs to support future humanitarian efforts through the development of the Built With NFTs collection.

Using earnings from Bitcoin sales of the newly launched Built with NFTs collection, the program seeks to raise funds for their running projects in schools and communities around the world. As a non-profit organization dedicated to delivering clean water, quality education, sustainable farming, and humanitarian assistance, the Built With Bitcoin Foundation strives to enrich communities with tools and tech powered by Bitcoin. The partnership will see 100% of the earnings going back to the beneficiaries. 

How It Works. 

The Built With Bitcoin Foundation does not run the project as a charity simply collecting donations but rather as value chain generating NFTs as the “product”. As such, the partners’ roles from conception through to distribution are as follows:  

Foundation Campuses for Raw Material collection. 

The creative process starts in the hands of children from the Built With Bitcoin (BWB) Foundation campuses in Kenya, Rwanda, Nigeria and across the globe.  Armed with art and paint supplies provided by the Foundation, students aged 3 to 12 years at the campuses are asked to illustrate what they want to be when they grow up.  

Sourcing the Built With NFT collection. 

Satoshibles provides Processing Aspects. 

With this artwork, the partnership with Satoshibles comes into play as the paintings are separated into two parts and using an algorithm to combine the parts at random.This generated 10,000 unique NFTs of which 5,000 are available to mint on Ethereum and the other 5,000 via Stacks through their STXNFT marketplace.

While Ethereum has been the go-to blockchain for minting and trading NFTs, change came in October, 2021 when Satoshibles launched the world’s first cross-chain NFT bridge between Ethereum and BTC via the Stacks blockchain allowing users  to move their assets between blockchains. 

How Stacks Is Making NFTs on Bitcoin possible

Creator of Satoshibles, Brian Laughlan expressed enthusiasm for the project saying, “I am excited to see this project span across multiple blockchains. The Built With NFT Collection would not be possible without the students from the Built With Bitcoin Foundation schools. By extending the NFT mint not only on Ethereum, but now to Bitcoin, we have the chance to spread the message even further and take advantage of the amazing Bitcoin community, who at its core, also aligns with the idea of using crypto, in this case, NFTs for social good.” 

STXNFT for marketing.

Stacks is a blockchain ecosystem of independent entities, developers, and community members built using the security features of Bitcoin that allows smart contracts to be built on top of Bitcoin. In this ecosystem, STXNFT was the first and is one of three core marketplaces for NFTs in gaming, collectibles, and art on the platform. STXNFT allows users to view all NFTs under one address as well as transfer NFTs from address to another and the Built With NFT Collection is available for minting here.

Reinvestment for continuity.

The project’s first earnings of 13.41 ETH ($ 38,443 at the time) were directly reinvested in the communities that made this collection possible; the BWB Foundation provided resources for art, music, culture, sports, and other extra curricular activities for BWB schools in Kenya, Rwanda, Nigeria, and El Salvador as well as seven solar projects, and over a dozen water and farming systems across the globe.

Ray Youssef, The BWB Foundation Executive Director said, “The Built With Bitcoin Foundation not only builds schools, but strong and sustainable communities around the world. The students’ artwork has already begun to fund new projects and now with the support of the Bitcoin community, we can’t wait to continue to carry out our mission.”

The rest of the proceeds will fund the Foundation’s on-going efforts to build communities and offer humanitarian support around the world with projects in Africa, Asia, and Latin America. 

Interview with Built With Bitcoin Co-founders, Yusuf Nessary & Ray Youssef

Beyond the project itself, the Foundation looks to connect the local communities with the global crypto community in a relationship they hope to be sustainable for generations to come. “An important lesson in building Bitcoin communities is that people won’t adopt something they don’t understand.” BWB Director of Philanthropy, Yusuf Nessary points out that they are also giving locals the information and other resources to understand what Bitcoin is and how it can be used to improve their daily lives.

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Business News

Crypto and the Law in Uganda.

Since cryptocurrencies hit the scene in 2009, the discussion around them has strongly focused on how they aren’t centrally controlled. We live in a world mostly run by Central Governments so it is natural to question how cryptocurrencies thrive and if they do so legally. Let’s take a look at the situation in Uganda. 

Context. 

It’s worth noting that all institutions involved in Uganda’s finance sector have to be issued an operating license by the Bank of Uganda before they commence operations. The licensing protocols are usually detailed by a guiding law such as the National Payment Systems Act that regulates mobile money & other e-wallets, the Financial Institutions Acts and Regulations which regulate banks and the Tier 3 and Tier 4 laws and regulations.

In a statement from October, 2019, Minister of Finance, Planning and Economic Development, Hon. Maria Kasaija issued a statement pointing out that the Government of Uganda does not recognize any cryptocurrency as legal tender in Uganda. He added that the Government of Uganda had not licensed any organization in Uganda to sell crypto-currencies or to facilitate the trade in crypto-currencies and so these organizations were not regulated by the Government or any of its agencies. 

Hon. Matia Kasaija issues statement of cryptocurrencies

Before you go and report that crypto enthusiastic co-worker or relative who keeps bringing up cryptocurrencies for breaking the law, here’s what the statement implied: 

Unlike with old notes or coins that some of us just don’t like to carry, a local vendor is well within their rights to refuse you service if you offer payment in cryptocurrency & demand payment in Uganda shillings or any other fiat currency.

While the message may have seemed grim, the Minister’s position is similar to one taken by many countries around the globe. Canada and Australia don’t consider bitcoin as money or foreign currency. Canada in particular looks at transacting in crypto as a barter transaction while in the European Union, it is considered a supply of services.

This initial reluctance to acknowledge cryptocurrencies led to pushback from the crypto community especially following the enactment of the National Payment Systems Act 2020.

FIA Involvement.

In a letter from December, 2020, Uganda’s Financial Intelligence Authority (FIA) called on the country’s Ministry of Finance to help formulate a regulatory framework for crypto service providers. This was coupled with an amendment  to the Anti-Money Laundering Act classing Virtual Asset Service Providers (VASP) “as accountable persons.” Essentially, this subjected entities like cryptocurrency exchanges and other crypto asset service providers to FIA supervision and monitoring. 

There was however a low response rate recorded from the VASPs. 

Since the concepts of virtual assets and digital space are relatively new, the existing laws had to and will probably still continue to be adjusted to find what is most conducive for the country. At the Annual Bankers’ Conference in July, 2021, Bank of Uganda economist Dr. Tumubweine Twinemanzi admitted that regulators & lawmakers are constantly playing catch-up & have to adapt. “Fintech innovations happen a lot faster than policy decisions. As regulators, we have the difficult task of finding the balance between protecting citizens from exploitation and fraud while still providing incentives and allowing the sector(s) to grow and thrive in this ever changing environment.” 

Annual Bankers’ Conference

Building in the Sandbox.

The Government of Uganda thus adopted a regulatory sandbox framework intended for the benefit of all parties involved.  A sandbox framework basically is a safe space for innovators and other FinTech players to interact to test innovative products, services, business models and delivery mechanisms. This is done under the supervision of the regulatory authority without immediately dealing with all the normal regulatory consequences. 

The Central Bank assesses applicants to determine if they meet the minimum selection requirements to operate within the sandbox and tests the fitness of substantial directors, managers and shareholders. 

Cryptocurrency trading platforms like YellowCard, Binance, Chipper Cash and many others have cropped up and have accessible physical locations and the digital space online as needed.

YellowCard Country Manager, Abel Namureba explains crypto adoption in Uganda. 

In the regulatory sandbox framework, the Bank of Uganda included considerations ranging from genuineness of the innovation through the lifecycle of the sandbox until the exit time(s) including a fees structure. According to this framework, applicants wishing to be in the sandbox are charged an application fee of $290. (“Sandbox Framework, 2021”)

Persecution and Protection.  

The fact that the law is still being shaped doesn’t necessarily mean that jungle rules apply now. The 2021 Police cybercrime report estimated that over 200,000 Ugandans have lost about $1 billion over the past two years so if you or someone you know has fallen victim, you are not alone. (“Police Crime Report 2021”).

The DunamisCoin scandal that rocked the Ugandan crypto scene in December, 2019 remains an important reference point. For thousands, the name Dunamiscoins Resource Centre Ltd serves as a reminder of the millions of shillings that they were defrauded of. While a few directors got away with some money, the Police and FIA were able to arrest one director and freeze multiple accounts in the company’s name. 

While significant, the $1 billion is still just a fraction of the $15 billion lost due to cybercrime in general with banks taking the biggest chunk, followed by mobile money. These two avenues are more vulnerable to attack, which explains the Government’s decision to prioritize the implementation of payment service provider guidelines ahead of crypto. Find information on how to spot and avoid crypto scams here.

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Business

Volkswagen South Africa Joins The Metaverse Bandwagon With NFT Treasure Hunt ‘Game On’

The Volkswagen has caught a trip on the Metaverse! The German automaker has opted to blitzkrieg South Africans with a multi-pronged marketing centered on their newest Polo model, the IQ.Drive. In the Metaverse, a hybrid marketing campaign has been developed to highlight the automaker’s safety and intelligence capabilities integrated in its Polo model.

Volkswagen has started the metaverse campaign in partnership with Ogilvy South Africa to promote the much-hyped IQ. ‘Game On’ is a technology that propels you forward. Fusing the world of online gaming with reality, ‘Game On’ brings interactive storytelling to life via a treasure hunt for hidden NFTs waiting to be discovered by fans on social media. The first to uncover the secrets will be rewarded with a selection of real and virtual prizes, including a PS5 and tuition by the Volkswagen Advanced Driving Academy.

Dovetailing with the inclusion of Polo GTI in the Gran Turismo 7 racing game, the contest invites the discovery of a constellation of 100 NFTs collectively dubbed the ‘Mzansiverse.’ The campaign has been localized for the South African market with recognizable Johannesburg street scenes populated by avatar players.

Bridget Harpur,  Head of Marketing for Volkswagen SA said: “We’re very proud of this gamified and immersive campaign as it delivered unprecedented consumer impact, while propelling Volkswagen and its audience into a new world. It’s not just watchable – it’s playable. And it’s a great example of the intersections of engagement and entertainment.”

As the players comb through clues dropped in the virtual world, ‘Game On’ has created a sensation in South Africa. The grand prize is a Golden NFT for the winner. More awards will be added to the campaign as it progresses. The entire campaign is “a terrific illustration of” the mix of “interaction and fun,” according to Bridget Harpur.

The entire campaign, on the other hand, is a classic treasure hunting adventure wrapped up in a new avatar.

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Business

Celo Inaugural Conference Happening in Barcelona with BitKE as an African Media Partner

Non-Profit Foundation, Celo, an organization that is committed to the growth and development of the decentralized, open-source, carbon-neutral Celo blockchain and ecosystem, is proud to announce its first Celo Connect conference, which is taking place in Barcelona, Spain as part of Barcelona Blockchain Week. It started yesterday and is set to conclude today.
The event is  bringing together the growing Celo community in order to provide tools, information, and inspiration to the world’s changemakers so that they may contribute to a financial system that creates circumstances for everyone to succeed.

#CeloConnect is held during Barcelona Blockchain Week and will feature a variety of keynotes, workshops, tech talks, immersive experiences, and demonstrations of new tools and projects related to this environment, such as minting NFTs on Celo, and is open to all, including investors, independent developers, and companies interested in blockchain and DeFi.

Attendees will also learn how to organize DAOs (decentralized autonomous organizations) and incorporate Celo into local communities, as well as meet representatives from more than 100 Celo-powered projects, including Kickstarter and Valora.

Speaking about the inaugural conference, Rene Reinsberg, Co-Founder, Celo, said:

“I am exhilarated by the innovation originating from every corner of the Celo ecosystem, and am excited to collaborate with founders from around the globe so that these transformative concepts become a reality sooner. This is the impetus behind Celo Connect.”

“This will be the largest gathering of mission-aligned builders looking to bring the benefits of Web3 to the real world to create and drive a future where people around the world can thrive from financial inclusion, a healthy environment, and connectivity through these novel technologies.”

Some of the activities in the blockchain event include:

  • A ReFi party with Flow Carbon, Allegory and Toucan Protocol
  • A 2-hour sail leaving from Barcelona Harbor with Paysail, Roda, and Nuzo; La Fiesta de Celo
  • A cocktail party hosted by Celo Camp, Ubeswap, and the Node
  • The Womxn in Web3 Power Breakfast

Sourced from BiTKE

Categories
Technology

Filecoin Hosts Conference To Lead Conversations On Decentralization and Blockchain Technology


The world is becoming increasingly decentralized, and Nigeria has been more contemplative about how to capitalize on this trend. While there has been discussion on the need to proactively adopt more digital forms of operation, most developing countries have handled this transition with caution and trepidation. Filecoin, the world’s largest decentralized network provider, partnered with Ethereum-Nigeria to host the first-ever networking conference in Nigeria, dubbed “The FileCoin Conference.” This happened from March 31st to April 2nd at Zone Tech Gbagada in Lagos, Nigeria, to kickstart discussions on Blockchain and decentralization.

Filecoin has delved into fostering more insight into the possibilities it presents for Nigeria’s thriving economy and the immense benefits of storing, requesting, and transferring data via a verifiable marketplace with charged speed, thanks to the growing influence of Web3 and blockchain in the tech world.

The three-day multimodal conference brought together top blockchain specialists and reputable speakers from around the world, with a workshop, a mini-hackathon, and a deep dive conference on the schedule. Chukwuemeka Enoch Mbaebie, a Devcon V Scholar Alumni and the Ambassador for Orbit Community Program Lagos, said when asked about the conference’s efforts and key objectives;

“As one of the biggest spaces for tech in Africa right now, it is only right that Nigerians should be at the forefront taking advantage of the possibilities that Web3 and Blockchain technology has to offer. We believe that our aspirations in creating a decentralized tech solution align with the desires of young Nigerians which is why we have designed this conference.”

The obvious specialization and expertise of Filecoins’ advanced technology to provide a solid foundation where the world’s most valuable datasets are stored in an entirely open-source environment, allowing people from all over the world to participate, has positioned them as key pioneers and experts to lead this conversation.

Deep-dive interactive sessions on topics like IPFS, NFTs, Web3, Daap, FVM, Metaverse, and the Future of Filecoin are among the highlights of the conference. Understanding that variety is the spice of life, especially when it comes to providing the best knowledge from expert speakers, Filecoin strategically hired experts and professionals to speak at the conference, including Juan Benet, CEO Protocol Labs, Yulia Deriuhina, CEO Ecosystem WG, Akinyemi Akindele, CEO Betdemand, Oluchi Enebel, Web3Ladies, Jonathan Dotan, Chris Quintero, CEO Stackshift, and others.

When asked about the Hackathon, Akinyemi Akindele explained that it will be an opportunity for young Nigerians to showcase their skills and compete for cash prizes of $1750, a comfortable working space for three months, and participation in the Orbit Community Program in Lagos.

The event’s third day saw the start of the hackathon, which was declared open by Blocverse’s CTO, Tochukwu Okoro. While questions were answered to provide participants with a better understanding of Web3 and Blockchain technology, as well as the numerous job opportunities available, Hackathon hopefuls prepared to start the competition at full speed.

As a result of Filecoin’s initiative, decentralized systems, worldwide cooperation, and projects that will stimulate economic growth are now possible. Chris Quintero, the CEO of Stackshift, also reaffirmed Filecoin’s sponsorship of scholarship programs that help people expand their network into the Web3 domain. Their unwavering faith in Nigeria’s digital community and certainty that better days are on the horizon is unsurprising, and it is one of the crucial characteristics required to guide the inevitable change.

As a result, it was intended that participants depart with a drive to develop solutions that would encourage decentralization and economic inclusion in the Nigerian ecosystem.

When questioned if the conference will conclude in Lagos, Filecoin added that all roads will lead to Abuja for the Bogota Ethereum Nigeria and Orbit community Program meet later this year to continue discussions on decentralization and Blockchain in Nigeria.

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Business News

Centralized Change? The Case of CBDC vs Cryptocurrency.

As one of the biggest fintech hubs in Africa, Kenya is looking at adopting a Central Bank  Digital Currency. However at only 44% smartphone usage across the country, a big question remains on whether this is the best solution to bring the population to the connected masses.

To understand the issue at hand, here’s a quick look into what CBDC is and how it fits into the cryptocurrency and digital finance conversation. 

Briefly, the central bank digital currency (CBDC) is a digital representation of government-backed, fiat money. It is issued by the central bank and is secured by a digital ledger to record & secure transactions.  

 CBDCs can be broadly categorized into: 

  1. Retail CBDCs 

Retail CBDCs are issued to the general public  and allow users to make payments or store in an electronic wallet or account.

  1. Wholesale CBDCs

Wholesale CBDCs are used by banks & other financial institutions and can be used for both domestic and cross-border transactions.  

CBDCs allow consumers without access to traditional banking i.e. a bank account to also transfer money digitally making it an important tool to tap into the unbanked population and over 85 countries are in some stage of development of CBDCs.

As many as 87 countries are exploring a central bank digital currency 

The similarity with cryptocurrencies is striking & by design as the concept for CBDCs came from cryptocurrencies but it is crucial to point out that CBDCs are NOT cryptocurrencies and these are a few ways to distinguish the two: 

  1. Centralization

CBDCs as the name suggests are regulated and controlled by the central bank giving them access to all transaction data. This in itself is problematic as such information could be used to impose restrictions on the transactions allowed. 

  1. Privacy & anonymity

As CBDCs are run by the government, they are linked with account data and personal information details which is not the case with cryptocurrencies. While the CBDCs could give synchronized access for both the citizens and governments that would speed up service delivery, the trade off is in privacy as all this data is at the hands of the central authority. 

  1. Blockchain barrier

While both cryptocurrencies and CBDCs thrive on blockchain technology, CBDCs are generally run on private blockchains where access to the digital ledger is controlled by the governing authority. This is the opposite of the situation with cryptocurrencies that pride themselves on having openly viewable ledgers of transactions made possible by the public blockchain technology. 

Experts are looking into the viability of  CBDCs as a replacement for hard cash   but this is not without its own drawbacks especially in the African continent.

Crucially, the technology to run CBDCs may have a 4G internet requirement and this presents a major challenge as majority of the “connected” population in Africa are relying on 3G, 2G & feature phones without internet entirely. 

As one of the nations looking into CBDCs, Kenya is currently collecting public opinion on the subject but Central Bank Governor, Patrick Njoroge has expressed reservations towards adoption in its current state. With only 44% of mobile phone users having smartphones, he makes the case that this technology could just end up creating another channel to financially exclude citizens. 

Kenya Central Bank Governor explains CBDC

This is where caution must be taken to ensure the new financial innovations adopted align with the goals of inclusion.