Crypto weekly news and market update roundup

In today’s edition of Bitmama’s weekly crypto news roundup, we cover interesting developments in the cryptocurrency industry. From Wakada Inu – a memecoin driving adoption in Africa, to Kuda bank threatening to close accounts used for cryptocurrency transactions, to Zimbabwe considering utilizing Bitcoin (BTC) as a legal payments option . Let’s get started.

A memecoin bigger than Shiba Inu is driving crypto adoption in Africa

In the current crypto booming market, some of the biggest revolutionary trends include P2E-fueled GameFi, expanding Decentralised Finance, the wild but potential-heavy world of NFTs, and the new paradigm of franchises and celebrities launching their own fan tokens. Currently, Dogecoin, a joke currency that started as a meme is currently on the crypto top-10 list with a market capitalization of approximately $35 billion. Shiba Inu, a newer meme sensation launched last year, is now sitting just outside the top 10 with its market cap almost at $30 billion.

One brand new crypto coin, Wakanda Inu, is already on its way to continuing this legacy, with an even more attractive value proposition. Wakanda Inu, with its African roots, comes from the same meme-fueled base, yet seeks to redefine how we value each other, promote social good, and elevate our social consciousness.

What is Wakanda Inu?

Wakanda Inu is the first African token (and meme coin) to gain worldwide recognition and it is doing it in grand style. Since its launch, barely over 72 hours ago, the Wakanda Inu community has grown massively, pulling members from around the world, and the price action has been packing enough momentum to match the growth. The $WKD token has undergone significant growth in its price from launch, upward by over 1200%.

However, Wakanda Inu is not all memes and price action. The project brands itself as a movement that embodies the African desire to be more and rallies the voices of all marginalized peoples around the globe. The movement also seeks to take an active role in fostering poverty alleviation, promoting charity, spreading crypto awareness, and bolstering the aspirations of people everywhere.

Kuda Bank threatens to close accounts used for cryptocurrency transactions

Kuda Bank has warned its customers that it will close accounts found to be engaged in the transaction of cryptocurrency.  The bank stated that it can’t facilitate cryptocurrency transactions because it violates the policy of the Central Bank of Nigeria which regulates all financial institutions in the country.  Kuda Bank’s statement follows multiple complaints on social media about several account cancellations. Following the CBN’s announcement, on February 12, 2021, Kuda Bank delivered a message to customers notifying them of its new cryptocurrency position.

The message read, “In the light of the recent letters and statements issued by the Central Bank of Nigeria concerning transactions relating to cryptocurrency, please note that Kuda Microfinance Bank is not allowed to and does not deal in, or facilitate the trading of, any form of cryptocurrency.

“Consequently, we strongly advise that you do not use your Kuda account for cryptocurrency-related activities so you don’t get into trouble with the law.” According to the statement obtained by Nairametrics, Kuda Bank informed customers that if it did not act against fraudulent acts, the bank would be considered to be breaking the law.

Zimbabwe may be the next country to embrace Bitcoin as legal tender

Zimbabwe has been paying attention to the increasing demand for crypto among its people, which it views as a possible avenue for growth. The country has also been receptive to regulating the entire sector. Zimbabwe’s government is considering utilizing Bitcoin (BTC) as a legal payments option to meet this growing demand and harness the technology, according to local news.

According to the news, retired Brigadier Colonel Charles Wekwete, the permanent secretary and head of the office of the president and cabinet’s e-government technology unit, confirmed that discussions with businesses are already underway. According to Wekwete, the disadvantages of the decentralized ecosystem include unregistered cross-border transfers, externalization of money, money laundering, and ill-gotten cash flow into subsequent illicit or unlawful actions.

He also stated that the authorities are attempting to develop regulations to protect consumers and help the country’s financial future. As a result, before making any major policy changes, the government has sought input from different sectors.

Zimbabwe has not yet made any major declarations, according to the official, who added that the country is still in the consultation stage.  The government of Zimbabwe has accepted the digital economy framework as part of National Development Strategy 1, which it refers to as a means for connecting government and business efforts in addressing the developing notion of the digital economy.

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