Locals in Senegal Lose Hope on Akon City & More
Locals in Senegal Lose Hope on Akon City & More. A significant event took place this week. El Salvador became the first country to accept bitcoin as legal tender. This step could have opened the door to a greater number of countries to begin adopting cryptocurrencies.
Cuba, for instance, announced that it will start recognising and regulating cryptocurrencies.
Back to the African crypto space, locals in Senegal have lost hope in the development of Akon City. Keep reading to learn about this and other top stories on our weekly news roundup.
Locals in Senegal Lose Hope on Akon City
Following the erection of a ceremonial stone on the ground where the city of Akon is situated to stand. The villagers of Mbodiene have not seen any activity from the developers since.
They are now in doubt as to whether this life-changing city will ever become a reality.
“They laid the foundation stone with a lot of speeches and promises. Compared to everything that was announced. I do not think we have seen much yet,” said Jules Thiamane, a 35-year old local.
The movie Black Panther-inspired the vision behind Akon City, a $6 billion smart city with a crypto-powered economy. Named after its visionary, Akon. The proposed city will have a shopping centre, hospital, waste centre, police station, school and solar power plant by 2024.
The developers plan to fully complete the project in 2030.
However, Paul Martin of the engineering firm that won the contract to construct the city says that plans to build the city are still ongoing.
He also said the project has raised over $4 billion in funds and may begin in October after the Akoin project in Kenya is complete.
CBN Plans Tiered AML/KYC Requirements for eNaira
The Central Bank of Nigeria (CBN) plans to roll out tiered AML/KYC requirements with its digital currency in October.
The central bank will launch the pilot testing of eNaira, the central bank digital currency (CBDC), on Independence Day, October 1.
Besides a tiered ID verification system, CBN will create transaction limits for each tier.
According to an article on Cointelegraph, these CBDC plans could indicate that more anti-crypto laws are likely to arise in Nigeria. For instance, China intensified its crypto crackdown efforts after rolling out its digital currency for public testing.
The eNaira will complement the Naira, but it will act as a non-interest-bearing digital currency.
Luno Restricts Customer Withdrawals
Cryptocurrency exchange Luno has set new rules restricting customer withdrawals. According to the exchange, the purpose of the restrictions is to “act as a deterrent for illicit actors moving large amounts of funds within the crypto ecosystem.”
The exchange is using a risk-based approach to set the limits for each client. However, Luno has not disclosed how it sets these dynamic risk-based limits.
The limits are also different than those posted on the site. Interestingly, Luno users are unable to influence their risk scores.
However, they can “optimise their risk position by keeping their account information up to date, enabling safety features on their account, and generally keeping their account secure,” said Marius Reitz, the GM for Luno Africa.