HIGH-LEVEL CONFERENCE DEBATE - Blockchain technology: Republican consultation on the future of law, currency, finance and inclusive economy in Cameroon.

HIGH-LEVEL CONFERENCE DEBATE

Blockchain technology: Republican consultation on the future of law, currency, finance and inclusive economy in Cameroon.

Supporting context:

Reports from the African Blockchain 2021 reveal that funding increased by 1.668%, from $5.1 million to $91 million between the first quarter of 2021 and 2022. The lack of common legacy financial systems and a huge population, mostly unbanked citizens, have largely contributed to the popularity and growth of cryptocurrencies on the continent.

Blockchain technology, while just emerging, has gained popularity around the world and is said to be the next big thing, just as the internet was in the 1990s. In sub-Saharan Africa, countries like Nigeria, South Africa, Kenya, and Ghana have seen rapid adoption of crypto assets to access, with more efficient payment trails provided by blockchain.

Much like artificial intelligence (AI), experts have testified to the disruptive nature of blockchain technology and, at the same time, raised eyebrows about its adaptability and rapid inclusion in African countries. The reason for this is that blockchain is a blockchain that solves the problem of centralization. So blockchains are said to be decentralized digital ledgers that use cryptographic algorithms to verify the creation and transfer of digitally represented information on a peer-to-peer network.

The adoption and implementation of the African Continental Free Trade Area (AfCTA) by the 55 member countries of the African Union aims to connect approximately 1.3 billion people with a combined gross domestic product (GDP) valued at around US$3.4 trillion. This noble idea aims to unite Africans regardless of their political and regional affiliation. Honestly, the myriad of problems facing the black continent could be solved using blockchain technology.

Africa today is mired in insecurity, health care, corruption, lack of mechanized agriculture, underdevelopment, poverty, unemployment, etc. Some people say blockchain is the future and we tend to agree because, from improving healthcare and modernizing agriculture to improving education, the merits of blockchain technology have rippled across many industries, defining the limits of the technology. Therefore, the integration of blockchain technology in Africa could lead to an overhaul of traditional and tired administration systems. Blockchain could create synergy among African countries by fostering a sense of unity and facilitating a free trade agreement through regional currencies, thereby promoting intracontinental trade.

Although the adoption of blockchain technology in Africa is slow, it is gradual. Made popular by the resurgence of Bitcoin, individuals and businesses are beginning to embrace the new phenomenon. Driven by the many benefits attached to revolutionary technology, it is expected that this new trend will be on the agenda in several African communities in the coming years.

A few African countries have adopted the decentralized approach, particularly in the banking and financial sector. For example, banks in South Africa such as BSA, First National Rand, Investec, Nedbank, Standard Bank and the South African Reserve Bank use an encrypted and secure distributed database. Private banks have adopted a private blockchain while the others have adopted a public blockchain. Kenya is not to be outdone. The introduction of BitPese, a money transfer platform that converts digital currency such as Bitcoin into local African currency without the intervention of third parties, is gaining traction in the country.

Nigeria also recently announced Bitt Inc as a technical partner for its digital currency, eNaira, which launched in late 2021. In the land management sector, Rwanda has an initiative called Bitland, which relies on the Ethereum blockchain to protect land ownership by creating publicly available land details.

In the transport sector in Kenya, the National Transport Safety Authority (NTSA) has linked many government agencies to its department with the aim of alerting safety to vehicle insurance and other important details such as ownership. This will eventually lead the country to a point where all vehicles will have an electronic sticker on the windshields detectable via the use of special gadgets, thus helping to recover stolen vehicles. In the education sector, Nigeria has used Blockchain technology, as government agencies have collaborated with the Nigeria Cryptography Development Initiative (CDIN) in the education sector.

In Kenya, the healthcare sector has set up a smart platform that uses Blockchain technology, almost all public hospitals share a common hub where data such as public resource utilization and hospital management can be monitored. The action is achieved through the development of a cloud-based database.

Raise, a company from the Bahamas and Kenya, has used blockchain to create the first security token platform that securely tokenizes assets. Tokenization converts physical assets into digital assets in the blockchain, making it easier to keep and protect real estate ownership registries, securities, commodities, and private equity stocks through this conversion.

In 2021, Ethiopia’s education minister announced the creation of a national database that will use blockchain to store students’ identities, allowing the ministry to measure their performance. Wisekey and Microsoft have partnered with the Rwandan government to create blockchain-based initiatives and we have also seen blockchain initiatives in Côte d’Ivoire, Tunisia, and Kenya. In April 2022, the Central African Republic made bitcoin a legal tender, the second country to do so after El Salvador.

Today, Africa is the third fastest growing cryptocurrency market in the world, regularly attracting large investments. In the 2021 African Blockchain Report published by CVVC, blockchain startups on the continent raised $91 million in the first quarter of 2022, a staggering 1,688% cash flow compared to the 149% growth in the first quarter of 2021. The adoption rate between July 2020 and June 2021 is over 1,200 with very high adoption rates in countries such as Kenya, South Africa, Tanzania, Nigeria and Ghana.

Throughout 2021, $127 million has been raised, representing a 0.5% share of total global blockchain funding, with 96% of that venture capital dollars going to Nigeria, Kenya, South

Africa, and Seychelles. Of the money raised, fintech companies accounted for $67 million (53%) of all blockchain funding.

So far, the ecosystem has made a great start in the first quarter of 2022 with the pan-African crypto exchange, MARA raising $23 million; Jambo, a Congolese software development company, pocketed $23 million while Afrex, a Nigerian e-wallet company offering remittance services, got $10 million. South African stock exchange VALR closed a mega deal earning $50 million in Series B in March, making it the largest funding round to date. Although no crypto or blockchain unicorns have appeared on the continent so far, they are expected to emerge in the next two to three years.

Meanwhile, several tech unicorns have introduced blockchain to their businesses, including Nigerian digital payments giant Interswitch and Senegalese fintech company Wave. Another company, Adanian Labs, a pan-African incubator launched in 2020, has a mission to nurture startups and entrepreneurs working to solve the region’s most relevant challenges.

It aims to create 300 impact-driven tech companies in Africa by 2025, harnessing blockchain and artificial intelligence (AI) to create one million jobs for Africa’s youth. Therefore, in terms of financial infrastructure, personal identification, record keeping, and lack of access to individual financial independence, Africa’s current situation has created the ideal conditions to accelerate the adoption of blockchain technology.

The proliferation of mobile technologies across the continent is accompanied by the widespread adoption of digital payment systems and increasingly. With more than 450 million Africans classified as unbanked, financial inclusion is one of the main areas where blockchain can make an immediate difference. The P2P bitcoin market like Paxful and Localbitcoins is at the forefront allowing millions to access a range of essential financial services.

Increasing rates of mobile adoption, combined with the growing population of tech-savvy Africans, make the continent a prime candidate for emerging technologies like Bitcoin. With the instability of global financial markets, high remittance fees, and limited access to banking services, more and more people are turning to alternative solutions like Bitcoin to solve their daily problems in Africa.

Situation and developments on Cameroon:
Cameroon has two very powerful instruments to guide its emergence ambitions for the coming years.

As a first step, with the adoption of the National Development Strategy-Cameroon 2030 (SND30), the country now has a new reference framework for its development action over the next decade. It articulates the country’s domestic and international economic, social and environmental commitments. Inside it are three key elements:
– Digital
– Telecommunications infrastructure
– Energy infrastructure

In a second step and as part of its long-term development, Cameroon has adopted a vision that should lead it to Emergence by 2035, by acceding to the status of New Industrialized Country (NIC).

The major overall objective of this vision is to achieve a sustained GDP growth rate of at least 10% over a decade, marked by a broad diversification of sources of wealth creation, a denser and more complex integration of the various branches of activity, resulting in an increase in products from manufacturing industry in GDP (around 25% of GDP) and a substantial increase in exports of goods from industry. manufacturing (around 50% of total exports), the development of a financial industry capable of mobilizing the necessary resources internally and internationally (especially FDI).

The challenge of this industrialization dynamic is to make Cameroon the “Factory of the New Industrial Africa”, this in coherence with the continental ambition of the Pan-African Renaissance today advocated by the African Union.

It is a question of making a radical change of the modus operandi in the Field of National Industrial Reconstruction:

1. Reformulation of the Cameroonian industrial perimeter to take into account current developments and challenges;
2. Reorganization of the intervention logic based on:
Three (03) Sanctuaries:

1. Digital,
2. Agribusiness,
3. Energy

Regarding blockchain technology in Cameroon, we have witnessed since 2018 a very serious and sustained involvement of public authorities under the aegis of the Minister of Post and Telecommunications Ms. Libom Li Likeng with her support at the first-ever government-sponsored blockchain technology conference in Africa Francophone (The 1st edition of the Cameroon Blockchain Conference – Yaoundé 2018) which led to several recommendations made by the multiple experts who participated in the latter, including:

1. On the framework and the regulatory context almost non-existent at the time in the sector
2. Investment in the sector
3. On education, training and skills transfer in the sector
4. On strategic partnerships of any kind in the sector

Very recently after the adoption of the ministerial regulation on 21 July 2023 on the organization and functioning of the unified financial market of the CEMAC, COSUMAF adopted its General Regulations updated with the new orientations issued by the Ministerial Committee. In 10 points, it appears that the minimum share capital of brokerage companies increases to 300 million FCFA, that cryptocurrencies have been admitted, only crowdfunding.

In 687 articles, the new regulations of the Central African Financial Market Supervisory Commission entered into force on May 24 with derogations until December 31, 2023 for financial investment advisors who are natural persons. The latter must now incorporate as a commercial company. Similarly, financial intermediaries are subject to the same deadline for the increase in their share capital.

In addition, this text repeals all previous conflicting provisions and, in all its provisions, the COSUMAF General Regulations of 23 July 2008.

ON PUBLIC OFFERINGS
The issue of shares or bonds by public offering by a public limited company that has not been in existence for two (2) years and has not drawn up two (2) balance sheets regularly approved by the shareholders must, on pain of nullity of the contracts concluded or securities issued, be preceded by a verification of the assets and liabilities.

Under Article 171, the issuer is required to designate one or two brokerage firms responsible for supervising and executing securities placement operations on the Regional Financial Market. And also, the designated brokerage firm may form an investment syndicate composed of other brokerage firms and one or more credit institutions.

ON CRYPTO-ASSETS AND DIGITAL TOKENS
Digital token placement service is part of the monopoly of digital asset service providers

Conference identity and details:
In view of all this a major conference from very high is necessary and it is in this context that the firm NGUETI IT SOLUTIONS in partnership with the Blockchain Association of Cameroon organizes the 1st edition of the very high-level conference with the theme: Blockchain Technology: Republican Consultation on the Future of the Law, currency, finance and inclusive economy in Cameroon.

The conference will be held on 02 or 09 August 2023 in the city of Douala at a place called Krystal Palace located in the Akwa district in the auditorium of the establishment and will be articulated on the following four axes:

1- Governance, Law, Regulation & Compliance
2- The Digital Economy
3- Education and Training
4- Science, Health and Technology

ORGANIZING COMMITTEE

President: Armand Gaetan NGUETI – Founder and National Chairman of the Blockchain Association of Cameroon

Vice-President: Bertrand NKOA

Secretary: Cedric MOUDZE

Head of experience: Ludovic FANSI

 

 

OFFICIAL PROGRAM

HIGH-LEVEL CONFERENCE DEBATE: Blockchain technology: Republican consultation on the future of law, currency, finance and inclusive economy in Cameroon.

Wednesday 02 Aug 2023

 

08:00 AM Morning Breakfast and networking

 

09: 30 AM National anthem and welcome from the President of the Organizing Committee

 

Armand Gaetan NGUETI – Founder & CEO at UBTS International Corp / National Chairman of the Blockchain Association of Cameroon

 

09:40 AM Strategic and Republican speeches

 

Alphonse NAFACK – President JFN HighTech University Institute / Former CEO and Current Member of the Board of Directors of Afriland First Bank / Former President of APECCAM / 1st Vice-President of the Council of Honorary Members of the Blockchain Association of Cameroon

Alain Noel MEKULU MVONDO – CEO of the National Social Insurance Fund of Cameroon / 2nd Vice-President of the Council of Honorary Members of the Blockchain Association of Cameroon

Dr. Henri TAFOU – President of ESCM PIGIER CAMEROON / President of the Council of Honorary Members of the Blockchain Association of Cameroon

Dr. Pierre-Francois KAMANOU – DG GTS Infotel Cameroon / President of the Network of Professionals in the Telecommunications, ICT and Digital Sector in Cameroon (REPTIC)

Gerard DACHE – President & Executive Director at Government Blockchain Association (USA)

 

 

10:30 AM Panel 1: Blockchain Technology – Impact in Cameroon on Governance, Law, Regulation & Compliance

 

Alain Noel MEKULU MVONDO – CEO of the NSIF / 2nd Vice-President of the Council of Honorary Members of the Blockchain Association of Cameroon

Joël FEUPOSSI – Senior Financial Auditor at PwC Sub-Saharan Francophone Africa

Olivier DJABA – Expert and Consultant-Trainer in the banking sector

Prof. Bell BITJOKA – Entrepreneur – Teacher – Researcher / Expert in cryptology / Member of the Council of Honorary Members of the Blockchain Association of Cameroon

Felix-Noël BEBEY EJANGUE – Lawyer at the Bar of Cameroon / Promoter of Cabinet Felix EJANGUE

 

11:00 AM First phase of presentations

 

Antoine NKOLO BIYIDI – DG de JFN CENTER / SG de la Blockchain Association of Cameroon / SG du REPTIC

Theme: Blockchain as an alternative solution to public policies for the management of the State of Cameroon’s ledgers: civil status, identity, heritage…

Ralph POUT – Strategic Partner at DepositBook UK

Theme: Tokenization and infrastructure financing

Felix-Noël BEBEY EJANGUE –Lawyer at the Bar of Cameroon / Promoter of Cabinet Felix EJANGUE

Theme: Evocation of digital assets and tokens in Regulation No. 01/22/cemac/umac/cm/cosumaf of 21 July 2022: trajectory of a legal evolution observed since the decision cobac d-2022-071 of 06 May 2022 on the holding, use, exchange and conversion of cryptocurrencies or cryptoassets by institutions subject to the Cobac.

Aubert Claude SIMO SOP – CEO of SAGA ROCK

Theme: Blockchain and green bitcoin mining

 

 

 

12:00 PM Panel 2: Blockchain technology – What consequences and prospects for the Digital Economy in Cameroon?

 

Ralph POUT – Strategic Partner at DepositBook UK

Jean Le Bel NGOPNANG – Managing Director & Senior Expert at BLUE OCEAN GROUP

Dr. Joybert JAVNYUY – Business Coach / CEO at COSDEF GROUP Ltd. / Member of Honorary Board at Blockchain Association of Cameroon

Dr.-Ing. Jean Rene Fils NDOUMA – Academic / Expert in financial markets and digital finance

Carlos WAFO – Associate Vice President – Sales & Market Development (Francophone Africa) chez WadzPay

 

12:30 PM Panel 3: Blockchain Technology – How can Cameroon’s education and training sectors take the lead?

 

Antoine NKOLO BIYIDI – DG de JFN CENTER / SG de la Blockchain Association of Cameroon / SG du REPTIC

Jean Vincent TSAFACK – Founder and CEO chez DIGITAL-OS MANAGEMENT SOLUTIONS

Dr.-Ing. Jean Rene Fils NDOUMA – Academic / Expert in financial markets and digital finance

Dr. Denis NGAE – Head of Division of Projects, Studies and Foresight at the Ministry of Posts and Telecommunications

 

1 PM Lunch break and networking

 

2:30 PM Second phase of presentations

 

Carlos WAFO – Associate Vice President – Sales & Market Development (Francophone Africa) chez WadzPay

Thème : Blockchain based payment (financial regulation, banking and payment)

Joël FEUPOSSI – Senior Financial Auditor at PwC Sub-Saharan Francophone Africa

Theme: Blockchain: Governance, compliance, regulation

Jean Le Bel NGOPNANG – Managing Director & Senior Expert at BLUE OCEAN GROUP

Theme: Blockchain and the Inclusive Economy

Olivier DJABA – Expert and Consultant-Trainer in the banking sector

Theme: Change Management in the Banking Sector

 

3:30 PM Panel 4: Blockchain technology and artificial intelligence as a driver of Science, Health and Innovative Technologies in Cameroon

 

Dr. Denis NGAE – Head of Division of Projects, Studies and Foresight at the Ministry of Posts and Telecommunications

Jérôme RIBEIRO – Co-Founder and President Human AI (France) / Ecosystem House of Artificial Intelligence

Armand Gaetan NGUETI – Founder & CEO at UBTS International Corp / National Chairman of the Blockchain Association of Cameroon

 

4 PM Third phase of presentations

 

Dr. Denis NGAE – Head of Division of Projects, Studies and Foresight at the Ministry of Posts and Telecommunications

Theme: Blockchain as a solution for the health sector in Cameroon

Jean Vincent TSAFACK – Founder and CEO chez DIGITAL-OS MANAGEMENT SOLUTIONS

Theme: Training and Education

Dr.-Ing. Jean Rene Fils NDOUMA – Academic / Expert in financial markets and digital finance

Theme: Blockchain and the education sector

Armand Gaetan NGUETI – Founder & CEO at UBTS International Corp / National Chairman of the Blockchain Association of Cameroon

Theme: Presentation of the working groups and special interest groups of the Blockchain Association of Cameroon

 

5 PM Closing and networking

 

8 PM VIP dinner in the spotlight at the Krystal Palace Hotel (V-VIP ticket required)