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Tunisia Embraces Digital Currency Regulations: A New Era for Cryptocurrency in Africa

In a significant shift from its initial ban on cryptocurrencies, the Tunisian government has been working to establish digital currency regulations that will allow for the widespread adoption of blockchain technology. This move is expected to have a profound impact on the country’s economy and pave the way for the use of cryptocurrency in Tunisia.

Tunisia’s CBDC: A Partnership with Universa

In 2019, the Central Bank of Tunisia announced its plans to create a central bank digital currency (CBDC) called Edinar. To achieve this goal, the government partnered with the Russian ICO startup Universa. The partnership allowed for the issuance and construction of Edinar on the Universa Blockchain network.

• Edinar is expected to have far-reaching implications for the Tunisian economy.
• According to Alexander Borondich, the founder and CEO of Universa, Edinar will be able to solve various issues plaguing the country, including increasing financial inclusion and changing how private banking services operate.

Tunisia’s Embrace of Blockchain Technology

The government’s decision to create a CBDC is part of its broader efforts to promote blockchain technology in Tunisia. In 2018, the government passed a startup Act that encouraged local talents and innovators to pursue blockchain-based ideas. The act also advocated for the creation of more blockchain-based startups that would aid in job creation within the country.

The Rise of Blockchain Adoption in Tunisia

Tunisia’s blockchain adoption rate has been steadily increasing over the years. In 2020, Marouane Abbasi, the then governor of the Central Bank, stated that it was high time for the country to change its view on crypto assets and prepare for effective monitoring of their use.

• Tunisia has become one of the first African countries to start moving its national currency to a blockchain platform.
• The use of blockchain technology has also led to the creation of new businesses and increased financial inclusion in the country.

Cryptocurrency Regulations in Tunisia: A New Era for Africa

Tunisia’s decision to create a CBDC and promote blockchain technology is expected to have far-reaching implications for the African continent. As more countries begin to adopt digital currency regulations, it’s likely that we’ll see a significant increase in the use of cryptocurrency across Africa.

Conclusion

Tunisia’s embracing of digital currency regulations marks a significant shift from its initial ban on cryptocurrencies. The country’s efforts to promote blockchain technology and create a CBDC are expected to have a profound impact on its economy and pave the way for the widespread adoption of cryptocurrency in Africa.