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Nauru seeks to transform its economy by becoming a cryptocurrency powerhouse
Nauru is positioning itself to become the cryptocurrency hub of the Pacific, with Australian finance director Brian Phelps leading the charge as CEO of the newly established Command Ridge Virtual Asset Authority (CRVAA).
As the first nation in Oceania to regulate digital finance, Nauru has created a comprehensive licensing framework for cryptocurrency operations, including lending and exchange services. This groundbreaking initiative could revolutionise the region’s economy, particularly in the crucial remittance sector.
The move aligns with a growing trend of Pacific Island nations embracing digital currencies. Palau is developing a digital residency program, while Fiji and Vanuatu are exploring central bank digital currencies. The region has already seen success with blockchain technology in humanitarian aid, with Oxfam’s “UnBlocked” project benefiting over 35,000 Pacific residents.
While some Pacific leaders champion cryptocurrency adoption, central banks remain cautious. Nauru’s initiative represents a significant step forward in the region’s digital financial evolution, potentially offering a new economic model for small island nations facing unique challenges in the global economy.
Read the original article here: https://www.rnz.co.nz/news/pacific/568219/nauru-seeks-to-transform-its-economy-by-becoming-a-cryptocurrency-powerhouse
Zambia signs $1.1 Billion deal to build major oil refinery in Copperbelt
Zambia announced plans for a major crude oil refinery in Ndola, a $1.1 billion project aimed at achieving energy independence for the landlocked nation.
The Copperbelt province facility will process 60,000 barrels daily, sufficient to meet Zambia’s domestic fuel needs with potential for exports to neighbouring countries. The project represents a strategic move to reduce the country’s reliance on expensive fuel imports.
Government officials expect the refinery to create local jobs and enhance regional trade relationships, supporting Zambia’s broader economic development goals. Details about construction schedules and investment partners will be announced in the coming months.
Read the original article here: https://www.msn.com/en-xl/news/other/zambia-signs-1-1-billion-deal-to-build-major-oil-refinery-in-copperbelt/ar-AA1J3PYA?ocid=BingNewsVerp
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
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