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AfriLabs and ATU to unite digital innovation hubs across Africa
AfriLabs and the African Telecommunications Union (ATU) announced a landmark partnership aimed at bridging Africa’s digital divide and fostering technological innovation across the continent.
The Memorandum of Understanding (MoU) connects ATU’s 52 member states with AfriLabs’ network of over 500 innovation hubs spanning 53 African countries. This collaboration aims to unlock Africa’s estimated US$712 billion internet economy potential by 2050, addressing the continent’s current low internet penetration rate of 38%.
The initiative will leverage expected growth in mobile internet adoption, particularly 5G technology, to develop market-specific solutions promoting digital inclusion. It includes a joint program for intellectual property protection and commercialisation to support African innovators.
The partnership aligns with the African Union’s Digital Transformation Strategy, which targets 80% internet penetration across the continent by 2030.
Read the original article here: https://developingtelecoms.com/telecom-technology/enterprise-ecosystems/18813-afrilabs-and-atu-to-unite-digital-innovation-hubs-across-africa.html
Stablecoins Trump signs first major crypto bill into law
US President Donald Trump has signed the GENIUS Act, the first major federal law regulating cryptocurrency in the United States, signalling a significant shift in national policy and reinforcing his administration’s support for the digital currency sector. The law notably streamlines the process for financial institutions to issue stablecoins.
Passed with strong bipartisan backing in both chambers of Congress by a vote of 308-122, the GENIUS Act establishes a clear federal regulatory framework, providing much-needed clarity for the burgeoning stablecoin market, which is estimated to be worth $250 billion. The legislation requires stablecoins to be fully backed by liquid assets such as US dollars or short-term Treasury bills, along with monthly public disclosures of reserves, measures intended to protect consumers and ensure stability.
The GENIUS Act’s passage followed a nine-hour delay in the House due to intra-party disagreements, but eventually moved forward after compromise. Alongside this bill, the House also approved the CLARITY Act, which proposes regulatory guidelines for various crypto assets and will next be considered by the Senate.
Federal regulators are now tasked with developing detailed rules within six months to implement the new law. While immediate effects for consumers may be limited, supporters believe the GENIUS Act lays a foundation for greater mainstream adoption, innovation, and stability within the US crypto ecosystem.
Read the original article here: https://www.msn.com/en-xl/africa/nigeria/stablecoins-trump-signs-first-major-crypto-bill-into-law/ar-AA1ISiXT?ocid=BingNewsVerp
Citi eyes stablecoin launch as it predicts $3.7T market by 2030
Citigroup CEO Jane Fraser announced the bank is exploring the development of its stablecoin and expanding into tokenised deposits, marking a significant move into digital assets by one of the world’s largest financial institutions.
The bank’s research arm, Citi Institute, projects that the stablecoin market could reach $1.6 trillion by 2030 in a base-case scenario, with potential growth of up to $3.7 trillion in bullish conditions. Fraser emphasised the bank’s focus on tokenised deposits and confirmed they are exploring crypto custody solutions.
This development aligns with a broader trend of traditional financial institutions entering the stablecoin space, following JPMorgan’s ongoing pilot of its JPMD stablecoin with institutional clients. However, regulatory uncertainty persists as recent House gridlock has stalled progress on key digital asset legislation, including the GENIUS Act, despite its earlier Senate approval.
Despite regulatory challenges, major banks continue to advance their digital asset initiatives, signalling growing institutional confidence in stablecoin technology and its potential to transform digital payments.
Read the original article here: https://www.msn.com/en-us/money/economy/citi-eyes-stablecoin-launch-as-it-predicts-3-7t-market-by-2030/ar-AA1IIwdZ?ocid=BingNewsVerp
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Webinar Recording | The Rise of Commonwealth Entrepreneurs: Trials and Triumphs of the Bangladesh Startup Ecosystem
Over the past six years, venture investment in Bangladesh has nearly tripled, reaching over $742 million in May 2022. The Bangladesh startup ecosystem, according to the Global Startup Ecosystem Index 2023, has risen by four ranks to become the 89th biggest startup ecosystem internationally; the capital city of Dhaka, rose a staggering 115 spots to claim 211th place.
Empowering Tomorrow: MSMEs and Sustainable Development in The Gambia
The Commonwealth Chamber of Commerce wishes to invite you to an all-new webinar on the trends and developments taking shape in the business ecosystem of The Gambia, centring on the critical role of MSMEs (Micro, small and medium sized enterprises) for the sustainable economic development of the nation and the role of the Commonwealth in fulfilling this objective.
Webinar Recording | Education and Your Financial Future: A Webinar on Strategic Planning for Commonwealth Higher Education
Financial planning for education enables individuals to take control of their financial future and invest in their personal and professional growth.