Members of the Young Entrepreneurs Network Africa in Nairobi, Kenya are developing the YENTS stablecoin, a native token of the entrepreneurs’ Network which is expected to launch in November this year,
New stablecoin awaits approval from Kenyan regulators
In other news, Luno’s general manager for Africa, Marius Reitz, said in a report that strict regulations stifle innovation within the crypto sector in Africa. Many believe that its strict crypto regulations could have been introduced to safeguard traders from the region’s infamous crypto-scams. However, the study from Chainalysis found that only a small number of traders fell for such scams compared to Africa’s western and eastern counterparts.