↑ ZAR Coin: Harnessing South Africa’s Digital Economy with Rand-Backed Cryptocurrencies
South African tech startup, Neonomad plans to launch a Rand-backed stablecoin . This move comes amidst fluctuating trading conditions for the...
In a bold step, South African DeFi Startup, NeoNomad, has launched ZARCoin, a stablecoin pegged to the South African Rand (ZAR). This innovative integration of traditional finance with digital assets is significant especially now that the BRICS Bank is issuing its first-ever ZAR bonds to incorporate local currencies. Further proliferating local cryptocurrency adoption, Altify has launched PEPE, WIF, ENA and TAO with ZAR being accepted as a trading currency in this mix. This is amid the surge of the Bitcoin price creating both excitement and concern within the crypto community.
The ZARCoins and other cryptocurrencies' regulations remain a topic of interest in South Africa. The correlation between the adoption of these digital currencies and the stability of ZAR is beginning to be observed. Unfortunately, Binance has delisted all South African Rand trading pairs due to low liquidity volumes, an issue faced by many emerging markets. Despite this, an emerging fintech company in South Africa, PayCorp, has introduced CryptoExpress to ease the conversion of cryptocurrencies to cash. Furthermore, the First Rand Stablecoin, ZARP has been launched on the OVEX exchange.
The South African Rand continues to experience fluctuations, falling to a new 2023 low against the US Dollar. Despite the economic volatility, ZAR seems to slowly penetrate the digital asset spaces across Africa, with South African Exchange Xago partnering with Nigerian-based Exchange, BitMama, to deliver Digital ZAR.
ZAR Coin News Analytics from Tue, 29 Apr 2014 07:00:00 GMT to Wed, 31 Jul 2024 07:00:00 GMT - Rating -3 - Innovation 6 - Information 7 - Rumor 8
