Africa Crypto Week in Review: Nigeria Froze Digital Assets But They Keep Moving, Fraudster Dies In South Africa

Jump into the latest Africa crypto week in review and discover how Nigeria’s crypto assets freeze has failed, as Nigerian cryptocurrency holdings keep moving. Meanwhile, a crypto fraudster in South Africa is reportedly dead – let’s dig into what’s going on.

Crypto continues to shape developments across the African continent, with major economies having the most significant activity. Bitcoin might be choppy, capping altcoin.

As traders watched price action, the following were noteworthy developments from Africa.

Nigeria Froze Crypto, But They Keep Moving, Fraudster Dies In South Africa

Nigeria had some anti-government protests in the past couple of weeks. The government of Africa’s most populous nation sought to crack down on protest funding by seeking to freeze the accounts of major funders.

Local reports show that these accounts escaped this freezing effort led by Nigeria’s national security advisor, Nuhu Ribadu. This action justifies the existence of decentralized currencies that are free from government control as citizens exercising their civic rights can maneuver without censorship.

South African Crypto Fraudster Found Dead

Moving to South Africa, the infamous crypto fraudster Johann Steynberg is reportedly dead. Steynberg was the mastermind of the  Mirror Trading International (MTI) fraudulent scheme in South Africa in 2020.

The project collected millions of dollars worth of crypto investor funds before going under. He fled to Brazil, where he was arrested, but most of his victims are still reeling from the losses inflicted by the fraud.

ABSA Bank Calls For Pan-African Crypto Regulations

Two digital asset managers from ABSA Bank, one of Africa’s most prominent banks, have called for more harmonized crypto regulation across the continent.

The regulation is critical for establishing more stable and secure regimes for crypto usage. South Africa already has almost 10% of its population handling crypto in various forms, and there is a need for more regulatory structures to both regularize crypto institutions and protect consumers.

Cryptocurrency regulation will be one of the most fascinating aspects of the African market. Some governments could take the reactionary approach of cracking down on crypto.

Africa also does not have the common political approach a region like Europe enjoys, and the fragmented regulatory developments across the continent will result in some countries having more robust crypto markets than others.

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Will Nigeria Declare Bitcoin A Commodity? Blockchain Africa Conference To Celebrate 10th Anniversary In November

Other trending crypto news developments from Africa include:

• James Utudor, a renowned crypto advocate in Nigeria, is suing the government for their decision to ban the ownership, use, and trading of digital assets, including stablecoins, and targeting crypto exchanges like Binance and KuCoin. In the lawsuit, Utodor says the decision infringes on fundamental human rights. Due to surging inflation and rapidly devaluing Naira, citizens use cryptocurrencies like BTC and USDT to hedge against inflation. The crypto advocate wants the government to recognize Bitcoin as a commodity
• In November 2024, the Blockchain Africa Conference will celebrate its 10th anniversary. Through their events, the conference organizers will be marking a decade of continuous transformative discussions. They aim to position Africa at the forefront of the global blockchain revolution. In the upcoming conference, Charles Hoskinson, Andreas Antonopoulos, and Brock Pierce will deliver keynotes. There, they will touch on various segments of the industry’s development.

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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.