SWIFT partners with global and African banks on blockchain-based shared ledger

The network also wants its system to be compatible with more modern digital finance rails such as stablecoins

The network also wants its system to be compatible with more modern digital finance rails such as stablecoins

The archipelago in Tanzania wants to position itself as a hub for technological innovation.

This brings the total number of African countries on FATF’s grey list to 12, accounting for approximately 57% of all grey-listed countries.

Starting in February, Coinbase users in 20 African countries can buy USDC directly from the Coinbase Wallet App.

Tanzania’s local currency has seen record depreciation levels attributed to US rate hikes.

Overall, Sub-Saharan Africa received $117.1 billion in crypto value between July 2022 and June 2023, according to data from blockchain analytics firm Chainalysis.

However, due to regulations, the Cardano wallet and fiat on-ramp features are currently unavailable in Tanzania.

The partnership is aimed at facilitating cross-border transactions using both cryptocurrency and fiat currencies in multiple countries.

President Samia Suluhu said the grants would accelerate the implementation of development programs in the country.