Cryptocurrency in Africa: Uganda tests his MNBC and Kenya adopts cryptocurrency law

Africa loves cryptocurrency. Uganda launched a pilot project Central Bank digital currency (CBDC) as part of a wider effort As for the tokenization of financial assets while neighboring Kenya is ready to adopt a bill on regulation of cryptocurrencies. The events change on the African continent, the hot point of the global introduction of cryptocurrencies. Let’s see.

The key points of this article:

• Uganda launched a pilot draft of a central bank digital currency and tokened real assets worth $ 5.5 billion.
• Kenya is in the process of adopting legislation to regulate cryptocurrencies, including a system of exchange and protection of consumer rights.

Uganda tokens RWA and tests his MNBC Company Global Settlement Network (GSN), engaged in a blockchain financial infrastructure, cooperates with Ugandan developer Diacente Group as part of the initiative with tokensization of real assets worth $ 5.5 billion . Experiments also include a pilot project MNBC What companies were announced on Wednesday in a press release.

According to GSN and Diacente Group, Ugandan MNBC digitized version of Ugandan Shilling, was unfolded on an authorized blockchain GSN, secured government bonds Uganda, and is available through a smartphone.

The pilot project also replies local and International standards matching, including “Know your Customer” (KYC) and fight money laundering (AML).

At the same time, tokenization efforts will focus on digitizing key flows in the main sectors including Physical infrastructure such as processing centers agricultural products , Mining Enterprises and Solar power plants .

Diacente’s president stated that the initiative aimed to reveal “Long -term value for our people and our region” :

“Integrating tokenization and multinational business corporations (MBC) into the Uganda Road Development Card, we create transparent, technologically controlled ecosystems that attract new capital, expand the possibilities of local industry and increase sustainable growth from scratch.”

Edgar Agaba, President of the Diacente group-Source: Press Release

Finally, to be complete in conversation on this issue, let’s note that Nigeria It was the first African country to launch a multinational business network (MNBC) in 2021, although success was quite dubious. According to the Analytical Center of the Institute of Foreign Development, which monitors different projects, several other countries such as Ghana and South Africa also conducted pilot trials MNBC .

Kenya National Assembly has approved a cryptocurrency bill – source: YouTube

Kenya adopted cryptocurrency law Finally, Egypt has a start -up date in 2030, while Rwanda and Kenya They are still in the stage of research and public consultations.

And now we go to Nairobi with acceptance new law which affects the cryptosist. This Kenyan Bill Vasp [про постачальника послуг віртуальних активів]first presented in January, sets licenses protection of rights consumers and system for exchanges, brokers wallet operators and issuers tokens .

The bill was adopted Parliament countries on Tuesday after the third reading and now awaits the President’s signature to acquire validity . According to the legislation, Central Bank of Kenya will control payment and depository functions, while capital markets will regulate investment and trade.

The state of implementation of various MNBC projects in Africa is a source: odi.org

Africa on the forefront of the world introduction of cryptocurrencies As in Uganda there are also provisions on KYC and AML in accordance with the standards of the intergovernmental body, the group for the development of financial measures to combat money laundering, as well as rules against deceptive advertising as well as penalties and Other penalties .

In the September Report of the CHAINALYSIS Blockchain Data Platform Africa countries south of Sahara which includes Uganda and Kenya, have been named the third is the fastest growing region In terms of implementation cryptocurrencies After $ 205 billion in blockchain was received between July 2024 and June 2025.

According to Statista’s online data platform, by next year in the cryptocurrency space of Africa will be over 75 million users with the level of use 5.90% . The total circulation of the continent is expected to reach $ 5.1 billion by 2026.

According to Chainalysis on October 2, steiblcons make about 43% of The agricultural volume of transactions in the African region south of the Sahara, with Nigeria, South Africa, Ghana, Kenya and Zambia are among the top five. Uganda took the seventh place. The situation moves south of the Mediterranean.

Source: Journalducoin.com