Stricter Regulations for Cryptocurrencies in Africa
Worldcoin Resumes Operations in Kenya in Early 2024
After a suspension in August due to security and privacy concerns, the decentralized digital identification project Worldcoin is set to resume operations in Kenya in early 2024. According to an anonymous government source, an agreement has been reached to allow the company to operate under new guidelines.
The specifics of these new guidelines remain unknown at this time. However, it is worth noting that the Kenyan government has been actively exploring the potential benefits and challenges of blockchain technology for financial transactions and payment methods.
The suspension of Worldcoin's operations in Kenya was a result of controversies that arose regarding the safety and privacy of the company's system. These concerns led to warnings from Kenyan authorities and the eventual suspension of the project.
Meanwhile, the issue of fraudulent activities facilitated by technology, such as damaging chargeback frauds, has been a topic of discussion in Nigeria. A report on chargebacks in Nigeria, produced by Mariblock Insights, can be downloaded from a provided link. This report explores the intricacies of chargebacks in Nigeria and the transformative potential of blockchain technology.
It is important to note that the report was commissioned by the Nigerian blockchain company Zone Network, but Mariblock Insights independently researched and produced the work.
In a separate development, a parliamentary committee was formed in Kenya to investigate Worldcoin. The committee confirmed that the ODPC data controller certificate issued to the company earlier in April had been revoked.
Elsewhere in Africa, the Ghana Securities and Exchange Commission (GSEC) has appointed a taskforce to regulate cryptocurrencies. The taskforce includes representatives from the GSEC itself, the Bank of Ghana, the Ministry of Finance, the Ghana Police Service, the Ghana Revenue Authority, and other relevant regulatory bodies and financial institutions.
As technology continues to shape the financial landscape, it is crucial for companies like Worldcoin to address concerns about security and privacy to maintain public trust and ensure successful operations.
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