Africa Crypto News Week in Review: South Africa Crypto Payments Spike, Kenya Scraps Crypto Tax as Yellow Card Boosts Stablecoin Use

In the latest Africa crypto news: South Africa crypto payments hit 2M Rand monthly as Kenya eliminates its 3% crypto tax. Yellow Card seeks to expand stablecoin use.

South Africa remains a continental trailblazer, with Luno Pay crypto retail payments averaging 2 million Rand monthly. In Kenya, Parliament has eliminated a 3% tax on gross crypto revenue. Meanwhile, Yellow Card aims to enhance stablecoin usage across Francophone Africa.

Let’s explore these continental headlines below:

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South Africa Crypto News: Payments Exceed 2 Million Rand Monthly

South Africa continues demonstrating its strong embrace of cryptocurrency.

A study by the Luno crypto exchange shows that its retail payment tool has averaged 2 million Rand in crypto payments over the past six months. This figure is impressive, given that only one retail payment service operates in the country.

South Africa shows a growing appetite for crypto payments beyond standard speculative holding, including in some of the top Solana meme coins.

In a statement, Crhristo de Wit, the country manager at Luno, said crypto payments are becoming more prevalent in everyday purchases.

“The appetite for digital currency transactions in everyday commerce is growing. The wide transaction spectrum indicates that cryptocurrency payments are becoming more common for everyday purchases and significant expenses. Our data shows that many customers use Luno Pay regularly for routine purchases and services.”

Cryptocurrencies have barely impacted the share of global payments made by fiat currencies.

Still, this report highlights the transactional potential of some of the best cryptos to buy in growing African markets.

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Kenya Crypto News: Legislators Drop 3% Digital Asset Tax

Following successful lobbying by stakeholders, the Parliament has eliminated a 3% digital asset tax on crypto and digital assets.

The tax was dropped after lobbying led by PricewaterhouseCoopers (PwC).

Kimani Kuria, chairperson of the Finance Committee, noted that industry advocates convinced legislators to scrap the tax. The measure awaits Presidential assent before officially taking effect.

This victory underscores the importance of collaborating with regulators to ensure sensible regulations and avoid punitive taxes that stifle the crypto industry.

Africa Crypto News: Yellow Card Expands Stablecoin Usage in Francophone Africa

After a successful year of expansion, fintech and crypto service provider Yellow Card aims to broaden its footprint across Francophone countries.

Regional Deputy Director Lowe Sall noted that this effort addresses the low adoption rates of stablecoins in the region.

According to Sall, stablecoins have an adoption rate of less than 20% for crypto payments in West and Central African countries, compared to about 50% in the rest of Africa.

Most Francophone countries still rely on the CFA Franc for commerce, presenting an opportunity for stablecoins to serve as an alternative for crypto trading.

Yellow Card, backed by significant investment from Blockchain Capital, has the resources to expand crypto payment reach across the region.

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The post Africa Crypto News Week in Review: South Africa Crypto Payments Spike, Kenya Scraps Crypto Tax as Yellow Card Boosts Stablecoin Use appeared first on 99Bitcoins.