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Ghana Is At Advanced Stages With Digital Cedi Says Ghana Central Bank Governor

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The Central Bank of Ghana is “in the advanced stages of introducing a digital currency,” Gov. Ernest Addison said during a press conference in Accra earlier this week.

Addison revealed, “the Bank of Ghana was one of the first African Central Banks to declare that we were working on a digital currency looking at the concept of an e-cedi.”

“We are quite advanced in that process,” Addison said. “With these types of things, you have to go at it in phases and the first phase was really on the design of the electronic money and the team that has gone quite far in the design phase, they are looking at the implementation phase.”

The next will be a pilot “where a few people would be able to use the digital cedi on the mobile applications.” After that the bank will decide whether the incipient central bank digital currency (CBDC) is feasible and what needs to be tweaked, Addison told reporters.

In February, Ghana’s central bank partnered with Emtech, a digital transformation consortium, to launch a sandbox focused on areas like blockchain, CBDCs and financial inclusion.

Meanwhile, Addison also used the same news conference to draw comparisons between the “unregulated” cryptocurrencies like bitcoin (BTC), which is “too volatile to play the function of money” and the state-backed cedi. Reiterating his backing central bank digital currencies, Addison said: “I think there is a lot more emphasis on looking at digital money which is backed by the state, backed by the central banks. These private forms of money really are not able to perform the functions of money effectively.”

With this revelation, Ghana becomes one of the few countries on the African continent to take concrete steps towards this goal. Many other African states are yet to make similar progress.

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Bitcoin

Bitcoin ‘Whales Are Re-Entering As Risk Appetite Returns’, Says Stack Funds Research

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On Wednesday, Lennard Neo, Head Of Research at Stack Funds, a Singapore-based crypto-focused fund management company, explained why they believe that “Bitcoin is very close to the bottom.

His comments about Bitcoin were delivered in a research note (titled: “Strong support observed as Bitcoins get scooped up at $30,000”), which was published yesterday.

The research analyst wrote:

“We have observed a meltdown in long liquidations (7D MA) over the past few weeks. This coupled with the Leverage ratio (grey line) falling to a 2-year low after dipping below that of March 2020 levels, provides evidence that traders are more cautious in taking positions.

“Inflows for Bitcoin have skewed to spot accumulation as opposed to speculation, as investors match their expectations towards a longer-term horizon – signaling less propensity to sell.

“In the face of the recent sell-off, we also see significant support levels around the $30,000 handle, with substantial bids coming in to fill up the offers. The strength comes on the back of Microstrategy accumulating more Bitcoins, and we have noticed that Whales are also re-entering the market as risk appetite returns. Short squeeze hunters have also begun waning away in the near term as markets continue to establish ground on a consolidation phase.“

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Canaan Begins Its Own Bitcoin Mining Operations in Kazakhstan

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Bitcoin mining machines manufacturer Canaan has started mining bitcoin in Kazakhstan, following the crackdown on bitcoin mining in China.

Canaan said its AvalonMiner units are already in operation in Kazakhstan. When asked how many units and of which model has been deployed, a Canaan spokesperson declined to comment on specifics but said “a first batch of small-scale mining machines” have been deployed to start with.

Canaan foresees “a gradual ramp-up to full operational functionality over time,” the spokesperson added. The company has partnered with local mining companies in Kazakhstan for the initiative, they said.

China-based Canaan has been preparing to launch a crypto mining business in Kazakhstan for some time now. Earlier this month, the Nasdaq-listed company opened its first overseas after-sales service center in Kazakhstan as its global sales continue to increase.

Kazakhstan appears to be growing in popularity for bitcoin mining after China moved to shut down local bitcoin mining farms last month. Kazakhstan is close to China and has one of the cheapest electricity rates in the world.

Earlier this week, China-based BIT Mining, formerly known as 500.com, also shipped some of its bitcoin mining equipment to Kazakhstan. The company is set to send more machines to the country next month.

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Cryptocurrency

Andreessen Horowitz Officially Launches New $2.2B Crypto Venture Fund

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Andreessen Horowitz (a16z) — prominent venture capital fund led by Ben Horowitz and Marc Andreessen — announced Thursday the close of its third crypto venture fund, a $2.2 billion fund that the firm says is the largest of its kind.

The new “Crypto Fund III” will be co-led by Chris Dixon and Katie Haun.

“The largest crypto fund ever raised to date, Crypto Fund III is a validating moment for the ecosystem and another sign that crypto becoming an ever more mainstream part of our financial infrastructure,” the firm said in a press release.

Rumors of Andreessen Horowitz (also known as a16z) raising a mega-fund have appeared in various reports in recent months. The Financial Times reported in April that the California-based investment firm would be raising $1 billion for a crypto fund. In late May, tech blogger Eric Newcomer wrote that the firm was raising $2 billion.

A source familiar with the raise now told The Block that interest came mostly from limited partners in the firm’s previous crypto funds, which have seen large returns. a16z netted more than $440 million from selling Coinbase stock soon after the exchange made its public markets debut on Nasdaq, according to CoinDesk.

a16z’s mandate in crypto has been broad, ranging from decentralized finance (DeFi) to bitcoin applications to so-called Web 3, or a decentralized version of the internet. The firm’s portfolio includes Dapper Labs, Celo, Uniswap, and Near.

“This fund allows us to find the next generation of visionary crypto founders, and invest in the most exciting areas of crypto,” Dixon and Haun wrote in a blog post. “We invest in all stages, from early seed-stage projects to fully developed later-stage networks.”

In addition to securing more than $2 billion to invest in crypto, a16z’s crypto business has been hiring aggressively. It has made a number of key hires including Anthony Albanese, who joined the firm last year from the New York Stock Exchange. Albanese is now being promoted to chief operating officer of a16z crypto.

The firm also hired Bill Hinman, a former director at the Securities and Exchange Commission, who once said ether (ETH) is not a security, and Rachael Horowitz, a veteran Silicon Vally communications strategist who previously was the top communicator at Coinbase, also recently joined. Horowitz has also held positions at Twitter, Google, and Facebook.

Additional new hires include policymaker Tomicah Tilleman, who is joining the firm as global head of policy after serving as a senior advisor to President Joe Biden.

“As with any new computing movement, crypto has endured a variety of challenges and misconceptions,” Dixon and Haun said. “That’s why we are also bringing together heavy-hitters across several functions to help translate “crypto” to the mainstream.”

The announcement of Crypto Fund III follows a flurry of recent activity in crypto venture investing. Despite the slump in coin prices, investors have been raising large sums of cash to pour into new crypto startups.

Framework Ventures recently announced a $100 million new fund to invest in DeFi. Blockchain Capital, meanwhile, recently announced a new $300 million fund with backing from tech giants PayPal and Visa.

Data from The Block shows investors poured more than $8.8 billion into startups during 2021, compared with 3.07 billion in all of 2020.

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