The Markets

JOHANNESBURG (Capital Markets in Africa) — The world’s biggest cryptocurrency scam of last year was a jolt to South Africa’s regulator — and not everyone will wait to see how it shakes out. As major financial hubs like Singapore redraw legislation to lure crypto firms and with the U.K. government facing calls to embrace digital currencies, South Africa’s burgeoning exchanges say they are having to move headquarters abroad due to uncertainty over potential government regulation. Behind the frustration is…

ACCRA (Capital Markets in Africa) — Ghana will begin a roadshow next week to raise $5 billion from the international capital markets, as it seeks to close its 2021 budget financing gap. The nation wants to start marketing the debt to investors after Friday’s budget presentation, a Ministry of Finance official said by phone on Tuesday. The meetings would be held virtually due to coronavirus restrictions, said the official, who declined to be named because they are…

NEW YORK (Capital Markets in Africa) — Tucked away among the Ford, Dodge, and Chevy sedans, the 12,000-gallon storage container and the inoperable Caterpillar tractor being auctioned off by the U.S. government is an unusual item: 0.7501 of a Bitcoin. The U.S. General Services Administration typically uses its auctions to sell surplus federal equipment to the general public. With lot 4KQSCI21105001, which goes up for auction in a week, the government is offering an amount of Bitcoin worth…

NAIROBI (Capital Markets in Africa) — Kenya has postponed plans to raise funds for road-building through selling bonds backed by a fuel levy, citing the need to complete ongoing works before starting new projects. The government planned to raise 30 billion shillings ($274 million) in the fiscal year ending June, by issuing debt that would be repaid through a road maintenance tax on every liter of gasoline and diesel. The securities may still be issued…

LAGOS (Capital Markets in Africa) — Bitcoin is nursing losses after its worst weekly plunge in almost a year and on one view its longer-term outlook could be even worse because of environmental concerns and tightening regulations. The sheer amount of energy needed to mine Bitcoin and the prospect that governments will create more obstacles for the largest cryptocurrency point to the token losing “most of its value over time,” BCA Research Inc. said. The expense and slowness of…

LAGOS (Capital Markets in Africa) — Eight years ago, when the taper tantrum roiled emerging markets, the so-called Fragile Five of Turkey, Brazil, South Africa, India and Indonesia suffered the most. Another spike in U.S. Treasury yields is threatening to wreak havoc on at least three of those nations. The Turkish lira, Brazilian real, and South African rand led major global declines last week in the worst developing-nation currency selloff since late September. Those exchange…