Africa Crypto News Weekly Recap: Surge in Crypto Payments in South Africa, Kenya Eliminates Crypto Tax as Yellow Card Enhances Stablecoin Adoption

In the most recent updates on African cryptocurrency: South Africa’s crypto transactions reach 2M Rand each month, while Kenya abolishes its 3% tax on crypto. Yellow Card aims to increase the use of stablecoins.

South Africa is a continental leader, with Luno Pay processing an average of 2 million Rand in crypto payments monthly. In Kenya, lawmakers have removed a 3% tax on crypto revenue. At the same time, Yellow Card is looking to expand the use of stablecoins throughout Francophone Africa.

Let us delve into these regional stories below:

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South Africa Crypto Update: Payments Surpass 2 Million Rand Monthly

South Africa is showcasing its enthusiasm for digital currency.

Research conducted by the Luno crypto exchange indicates that the average monthly crypto payments via its retail payment protocol have hit 2 million Rand over the past six months. This is a remarkable figure considering the existence of only one retail payment option in the nation.

The desire for crypto transactions in South Africa is growing, extending beyond simple speculative investments, even incorporating some of the leading Solana meme coins.

In a statement, Crhristo de Wit, Luno’s country manager, remarked that crypto payments are increasingly gaining traction in everyday transactions.

“The market demand for digital currency transactions in routine commerce is on the rise. The extensive range of transactions demonstrates that crypto asset payments are becoming more typical for both daily purchases and larger expenses. Our data reveals that numerous users frequently utilize Luno Pay for various standard purchases and services.”

Despite this, cryptocurrencies have had minimal influence on the share of global transactions conducted in fiat currencies.

Nonetheless, this report emphasizes the transaction opportunities of certain top cryptocurrencies to consider within expanding African markets.

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Kenya Crypto Update: Legislators Abolish 3% Digital Asset Tax

Thanks to successful advocacy by stakeholders, Parliament has abolished the 3% tax on digital assets and cryptocurrencies.

The tax repeal followed lobbying efforts led by PricewaterhouseCoopers (PwC).

Kimani Kuria, chair of the Finance Committee, mentioned that industry representatives persuaded lawmakers to eliminate the tax. The measure is pending Presidential signature before coming into effect.

This achievement highlights the significance of working together with regulators to establish reasonable policies and prevent excessive taxes that could hinder the growth of the crypto sector.

Africa Crypto Update: Yellow Card Enhances Stablecoin Adoption in Francophone Africa

After a fruitful year of growth, fintech and crypto asset provider Yellow Card seeks to extend its presence in Francophone nations.

Regional Deputy Director Lowe Sall pointed out that this initiative aims to tackle the low rates of stablecoin adoption in the area.

As per Sall, the adoption rate for stablecoins in crypto transactions in West and Central African nations is under 20%, contrasting with roughly 50% in other regions of Africa.

Numerous Francophone nations continue to depend on the CFA Franc for trade, which offers a potential for stablecoins to act as a substitute for cryptocurrency transactions.

Yellow Card, supported by considerable funding from Blockchain Capital, possesses the means to broaden the reach of crypto payments throughout the area.

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The article Africa Crypto Announcement Week in Review: South Africa Crypto Payments Spike, Kenya Scraps Crypto Tax as Yellow Card Boosts Stablecoin Use first appeared on 99Bitcoins.