The Kenyan Senate’s Information, Communication and Technology committee has said it is ready to engage the Central Bank of Kenya (CBK) and other stakeholders in shaping the country’s policy towards crypto assets and virtual asset service providers. According to the committee, such a policy helps govern the use of crypto assets in the country “to ensure Kenya harnesses the benefits of financial innovation while minimizing the risks.”
A Kenyan Senate committee recently said it has resolved to work with the Central Bank of Kenya (CBK) and other stakeholders in its bid to establish the East African nation’s policy towards virtual asset service providers (VASPs) and “the use of crypto assets in Kenya”
In a statement issued via Twitter, the Senate’s Committee on Information, Communication and Technology argued that the establishment of such a policy will help Kenya enjoy the benefits of innovation.
“While considering the response received from the CBK regarding the Committee’s inquiry on digital assets infrastructure in Kenya at Parliament Buildings, the Members of the Cmte emphasized the need to have a laid down policy that governs the Central Bank Digital Currency and crypto assets in the country to ensure Kenya harnesses the benefits of financial innovation while minimizing the risks,” the Senate tweeted.
Promoting the Adoption of Technology and Innovation Within the Financial Sector
Meanwhile, the Senate committee’s announcement comes two months after the Joint Financial Sector Regulators’ Forum (JFSRF) said it would consider creating a technical working group with a mandate recommending the establishment of a crypto regulatory framework.
As explained in the JFSRF’s joint communique issued on Dec. 16, 2022, the recommendations “will be subsequent to wide consultations and deliberations across the financial sector and other relevant stakeholders.”
Communique on the 13th Joint Financial Sector Regulators' Board Meeting pic.twitter.com/E6Sa1Jzg1U
— Central Bank of Kenya (@CBKKenya) December 16, 2022
Besides the crypto-related recommendation, Kenya’s five-member regulators’ forum said it has also resolved to coordinate the development of a framework that promotes the adoption of emerging technology and innovations within the financial services sector. Doing this helps to “enhance effective regulation and supervision.”
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Terence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
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The Kenyan Senate’s Information, Communication and Technology committee has said it is ready to engage the Central Bank of Kenya (CBK) and other stakeholders in shaping the country’s policy towards crypto assets and virtual asset service providers. According to the committee, such a policy helps govern the use of crypto assets in the country “to ensure Kenya harnesses the benefits of financial innovation while minimizing the risks.”
A Kenyan Senate committee recently said it has resolved to work with the Central Bank of Kenya (CBK) and other stakeholders in its bid to establish the East African nation’s policy towards virtual asset service providers (VASPs) and “the use of crypto assets in Kenya”
In a statement issued via Twitter, the Senate’s Committee on Information, Communication and Technology argued that the establishment of such a policy will help Kenya enjoy the benefits of innovation.
“While considering the response received from the CBK regarding the Committee’s inquiry on digital assets infrastructure in Kenya at Parliament Buildings, the Members of the Cmte emphasized the need to have a laid down policy that governs the Central Bank Digital Currency and crypto assets in the country to ensure Kenya harnesses the benefits of financial innovation while minimizing the risks,” the Senate tweeted.
Promoting the Adoption of Technology and Innovation Within the Financial Sector
Meanwhile, the Senate committee’s announcement comes two months after the Joint Financial Sector Regulators’ Forum (JFSRF) said it would consider creating a technical working group with a mandate recommending the establishment of a crypto regulatory framework.
As explained in the JFSRF’s joint communique issued on Dec. 16, 2022, the recommendations “will be subsequent to wide consultations and deliberations across the financial sector and other relevant stakeholders.”
Communique on the 13th Joint Financial Sector Regulators' Board Meeting pic.twitter.com/E6Sa1Jzg1U
— Central Bank of Kenya (@CBKKenya) December 16, 2022
Besides the crypto-related recommendation, Kenya’s five-member regulators’ forum said it has also resolved to coordinate the development of a framework that promotes the adoption of emerging technology and innovations within the financial services sector. Doing this helps to “enhance effective regulation and supervision.”
Register your email here to get a weekly update on African news sent to your inbox:
What are your thoughts on this story? Let us know what you think in the comments section below.
Terence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
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Last December, the renowned professional skateboarder Tony Hawk released his “Last Trick” non-fungible token (NFT) collection via the NFT marketplace Autograph. Next week, Hawk will be auctioning the skateboards he used during his last tricks, and each of the NFTs ... read more.
Customizable rollup provider Eclipse announced that the startup is launching a scaling solution that is compatible with Solana and Polygon. Eclipse disclosed that the Layer 2 blockchain can run smart contracts on Solana, and decentralized applications (dapps) will be easily migratable to the Polygon Sealevel Virtual Machine (SVM).
On Thursday, rollup provider Eclipse announced that the startup is collaborating with the Polygon team to launch the Polygon Sealevel Virtual Machine (SVM). Eclipse noted that the Polygon SVM will add new use cases and traffic to the Polygon ecosystem. Furthermore, the technology will leverage the security of Polygon and aims to provide a faster and more efficient experience.
Eclipse works with customizable rollups, a Layer 2 (L2) scaling concept that combines a large number of transactions to validate them all at once offchain, before committing them back to the blockchain. Rollup concepts aim to improve scalability, reduce fees, and maintain the security and decentralization benefits of the underlying blockchain network.
“Ethereum was obviously still really slow and still very expensive, so it was very obvious rollups were the path to scaling Ethereum,” Neel Somani, the founder of Eclipse explained to Techcrunch. “So we were thinking, what if we made a highly parallelized rollup, but the difference is that we stick to a standard set of tooling that already exists like the Solana Virtual Machine or Ethereum Virtual Machine (EVM).”
Eclipse raised $15 million last year and is backed by Polychain, Tribe Capital, Struck Crypto, Soma Capital, Tabiya, and Galileo. The startup is also a grant recipient of the Solana Foundation and has worked with Celestia, Eigenlayer, and Near. Somani, a former Terra blockchain developer, worked on Terranova, a Terra-based Ethereum Virtual Machine (EVM) project before the Terra ecosystem collapsed.
What do you think about the new project being developed by Eclipse? Share your thoughts in the comments section below.
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
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Customizable rollup provider Eclipse announced that the startup is launching a scaling solution that is compatible with Solana and Polygon. Eclipse disclosed that the Layer 2 blockchain can run smart contracts on Solana, and decentralized applications (dapps) will be easily migratable to the Polygon Sealevel Virtual Machine (SVM).
On Thursday, rollup provider Eclipse announced that the startup is collaborating with the Polygon team to launch the Polygon Sealevel Virtual Machine (SVM). Eclipse noted that the Polygon SVM will add new use cases and traffic to the Polygon ecosystem. Furthermore, the technology will leverage the security of Polygon and aims to provide a faster and more efficient experience.
Eclipse works with customizable rollups, a Layer 2 (L2) scaling concept that combines a large number of transactions to validate them all at once offchain, before committing them back to the blockchain. Rollup concepts aim to improve scalability, reduce fees, and maintain the security and decentralization benefits of the underlying blockchain network.
“Ethereum was obviously still really slow and still very expensive, so it was very obvious rollups were the path to scaling Ethereum,” Neel Somani, the founder of Eclipse explained to Techcrunch. “So we were thinking, what if we made a highly parallelized rollup, but the difference is that we stick to a standard set of tooling that already exists like the Solana Virtual Machine or Ethereum Virtual Machine (EVM).”
Eclipse raised $15 million last year and is backed by Polychain, Tribe Capital, Struck Crypto, Soma Capital, Tabiya, and Galileo. The startup is also a grant recipient of the Solana Foundation and has worked with Celestia, Eigenlayer, and Near. Somani, a former Terra blockchain developer, worked on Terranova, a Terra-based Ethereum Virtual Machine (EVM) project before the Terra ecosystem collapsed.
What do you think about the new project being developed by Eclipse? Share your thoughts in the comments section below.
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
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PRESS RELEASE. Barcelona, Spain, 24th February, 2023: Elemental Raiders, is launching a $35,000 in-game, completely free-to-participate and free-to-play tournament. Several ecosystem partners of Games for a living and Elemental Raiders including launchpads Seedify, guilds such as YGG as well as partners such as esports giants Team Queso aim to co-promote this tournament.
Games for a living, the parent company of Elemental Raiders, is also a game publisher and a blockchain gaming platform. Ahead of its IGO launch on Seedify in Q1 2023, Elemental Raiders has partnered with several guilds such as YGG and other ecosystem partners to co-promote the tournament.
The Games for a living founding team commented that they see that the tournament series runs for one week, and it gives everyone a great opportunity and a step towards bringing mainstream adoption to an enhanced model of “freemium” games, combining the best elements of Web2 and Web3.
“We saw an opportunity to build an inroad with mainstream gamers, and also attract the Web3 or crypto gamers to a game that focuses on gameplay, is completely free-to-play, free to participate, and equally rewarding,” said Adria Mir, the gaming and blockchain expert at Games for a living. “We see this as a massive opportunity to begin to educate conventional as well as the Web3 gamers on a next gen tech, with better and guaranteed economic incentives as well as exciting gameplay.”
Elemental Raiders is a completely free-to-play RPG based game, also live on Steam. Users can download the game here. However, those interested in participating in the $35,000 giveaway tournament will only be able to play through Games for a living’s Launcher and must have an account on gamesforaliving.com (PC or Mac) through which they can access the tournament in-game section.
The reward distribution is categorised between BUSD, GFAL tokens as well as rare skins, NFTs and Elemental Crystals within the game Elemental Raiders. All heroes for players participating in the tournament are to be unlocked and at their highest level (only in the Tournament mode), to ensure fair play of competition for new gamers as well as the existing Elemental Raiders players.
The tournament and the participants will be ranked through a leaderboard style format, allowing players to play an unlimited number of matches through the duration of the tournament.
The player vs player (PvP) style competition aims to run for a week, starting Tuesday, March 2nd, 2023 at 3:00 pm UTC to March 8th, 2023 at 3:00 pm UTC.
“We want to leverage this opportunity ahead of the Elemental Raiders Play-to-earn launch in March 2023 to not only educate users on the blockchain gaming and NFTs market, but also invite gamers who don’t necessarily understand blockchain, or find it too complicated. This is why we have created a gaming ecosystem that includes the monetary and non-monetary rewards for both parties”, Elemental Raiders team said. “So we’re building a lot of educational bridges and ironing out the technicalities between Web3 and Web2 gaming”.
Elemental Raiders launched its completely free-to-play version of the game on the world’s biggest gaming marketplace, Steam in Q4 2022. With over 75% positive reviews, it is set to introduce an earning mechanism within the game where players can monetise the time they spend on playing the game by minting their hard earned skills and skins into NFTs and sell or trade them in Games for a living’s Marketplace.
“This tournament is a great way for us to take in more data, analytics and feedback on how we can keep improving the game, making it more realistic and removing the technical barriers for both Web3 and Web2 users,” Adria said. “We want to show the world that blockchain is a lot more than just play-to-earn”.
Those interested in participating in the tournament can click here.
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Ripple CEO: SEC Lawsuit Over XRP 'Has Gone Exceedingly Well'
The CEO of Ripple Labs says that the lawsuit brought by the U.S. Securities and Exchange Commission (SEC) against him and his company over XRP "has gone exceedingly well." He stressed: "This case is important, not just for Ripple, it’s ... read more.
Source From : News