In today’s edition of Bitmama’s weekly crypto news roundup, we cover interesting developments in the cryptocurrency industry. Top picks – Vitalik Buterin becomes citizen of crypto-friendly Montenegro, three African countries plan to adopt cryptocurrency and blockchain solutions, Russian chamber of commerce suggests using cryptocurrencies in settlements with Africa.
Let’s get started.
Vitalik Buterin becomes citizen of crypto-friendly Montenegro
Ethereum co-founder Vitalik Buterin has been granted Montenegrin citizenship. Buterin joins other members of the crypto community with global experience who have been invited to help the small Southeast European nation attract investments and develop its blockchain sector. The Russian-born Canadian programmer and blockchain specialist acquired his new Montenegrin passport at the suggestion of Prime Minister Zdravko Krivokapić and the Minister of Finance Milojko Spajić. A statement from his department noted:
‘’Minister of the Interior Sergej Sekulović, recognizing the importance of this initiative, made the decision to admit Vitalik Buterin to Montenegrin citizenship at the proposal of the prime minister, and today he was handed a Montenegrin passport’’.
The co-founder of Ethereum, one of the best-known representatives of the crypto space, is expected to support the further promotion of Montenegro and the overall development of the blockchain industry in the small Balkan nation. The country is currently working on a comprehensive legislative framework that would enable the best use of crypto technology and spur growth in the sector.
Three African countries plan to adopt cryptocurrency and blockchain solutions
Three African countries namely Cameroon, the Democratic Republic of Congo (DRC), and the Republic of Congo are reportedly planning to adopt cryptocurrency and blockchain solutions powered by The Open Network (TON). Separately, Cameroon is considering issuing a national stablecoin that is based on the same blockchain network.
According to TON’s statement, the announcement of the blockchain entity’s plan to deliver these solutions follows its successful engagements with each of the three countries. Adoption of TON’s crypto and blockchain solutions by the three countries will be phased, the statement suggested.
Russian chamber of commerce suggests using cryptocurrencies in settlements with Africa
Employing crypto in cross-border payments is one of the proposals put forward by the Russian Chamber Of Commerce lobbying for more cooperation with African countries. Amid unprecedented sanctions limiting Russia’s ability to trade internationally, the head of the board has urged the government to work out an alternative system for settlements with Moscow’s partners.
In a letter sent to Russian Prime Minister Mikhail Mishustin, President of the Chamber of Commerce and Industry of Russia Sergey Katyrin has laid out a set of proposals to boost economic relations with African nations. Among other ideas, the head of the Russian board of trade advocates for alternative payment options. Quoted by Tass, Katyrin insists:
‘’It seems appropriate to instruct the Ministry of Finance, together with the central bank, to ensure the conclusion of intergovernmental agreements with African states on the use of national currencies and cryptocurrencies in mutual settlements and payments’’
The official is calling on the federal government to create a new export-import bank and a trust fund tasked to back export activities of small and medium-sized firms to Africa. He also wants the Ministry of Industry and Trade and the Ministry of Economic Development to establish trade missions and free trade zones in the African countries with the greatest potential to expand ties.
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