NEWS

IMF Backs A Global Central Bank-backed Digital Currency Network

Published

3 years ago

June 21, 2023

Global CBDC: IMF Working on Global CBDC Platform Concept

In a bid to foster efficient and fairer international transactions, the International Monetary Fund (IMF) is actively developing a global platform for Central Bank Digital Currencies (CBDCs), Reuters reported.

IMF Managing Director Kristalina Georgieva emphasized the need for interoperability between countries during a conference attended by African central banks in Rabat, Morocco, on Monday. Unlike decentralized cryptocurrencies, CBDCs are digital currencies controlled by central banks.

Georgieva stated that CBDCs should transcend national boundaries and not remain fragmented propositions within individual countries.

To achieve this, she said that the IMF has been working towards a common regulatory framework that will enable seamless global interoperability for CBDCs.Failure to establish such a platform could create a void that cryptocurrencies will likely fill, she added.

Backing the ‘official’ digital currency

Georgieva highlighted that 114 central banks worldwide are already exploring CBDCs, with approximately 10 having made substantial progress in their implementation.

She also stressed that the potential of CBDCs would be underutilized if they were solely developed for domestic use. By connecting countries and facilitating cross-border transactions, CBDCs could enhance financial inclusion and reduce the costs of remittances. Currently, the average cost of money transfers amounts to 6.3 per cent, equivalent to $44 billion annually.

Georgieva further emphasized the importance of backing CBDCs with assets. While acknowledging the investment potential of cryptocurrencies backed by assets, she cautioned against speculative investments in cryptocurrencies lacking such support.

Tracking the global rise of CBDC

The rise in CBDC exploration is evident as per US-based think tank Atlantic Council, with 114 countries—representing over 95 percent of global GDP—actively considering or advancing CBDC projects. In contrast, in May 2020, only 35 countries were contemplating CBDCs. Presently, 60 countries are in an advanced exploration phase, including development, pilot testing, or launch.

Eleven nations have already fully launched their CBDCs, with China’s pilot project reaching approximately 260 million people and expanding across the country in 2023. The most recent addition to the list is Jamaica, which introduced its own CBDC called JAM-DEX.

The imposition of financial sanctions on Russia has spurred countries to seek alternative payment systems that circumvent the dominance of the U.S. dollar. As a result, there are currently nine cross-border wholesale CBDC tests and seven cross-border retail projects, almost double the number compared to the previous year.

Throughout 2023, more than 20 countries are expected to take significant steps towards piloting their CBDCs. Australia, Thailand, Brazil, India, South Korea, and Russia intend to commence or continue pilot testing next year. Additionally, the European Central Bank (ECB) is likely to initiate its CBDC pilot in the near future.

As of December 2022, all G7 economies have transitioned from research to the development stage of CBDCs. Notably, the New York Federal Reserve’s wholesale CBDC experiment, Project Cedar, propelled the United States into the development phase.

Among the G20 countries, 18 have reached the advanced stage of CBDC development, with seven already in the pilot phase. Almost every G20 nation has made substantial progress and allocated significant resources to CBDC projects in the past six months.

Source:- Wionews

NEWS

Becky Slim Crowned AFROMAICA June Edition Dancehall Queen

Published

5 hours ago

July 1, 2026

Baba Blow

Becky Slim Crowned AFROMAICA June Edition Dancehall Queen

AFROMAICA which is Nigeria’s Number 1 monthly urban reggae dancehall party delivered another unforgettable celebration of reggae and dancehall culture on june 25th 2026 as Emediong Emmanuel Edet, popularly known as Becky Slim won the cash prize of #500,000, she emerged the overall winner after an outstanding performance that earned her the admiration of both the organizers and the audiences at Club Plan B by Carabana. Afromaica happens every last thursday of the month at same venue.

Representing Kenya also know as Slim Shady showcased remarkable stage presence, confidence, and authentic dancehall energy throughout the competition. Her captivating performance distinguished her from a lineup of talented contestants, securing her the coveted Dancehall Queen title in what proved to be one of the most competitive editions of the event.

The June edition featured an impressive display of reggae and dancehall artistry, highlighting the depth of emerging talent across the African music scene. Contestants thrilled fans with energetic performances and a passion for preserving the vibrant spirit of the genre.

Adding to the excitement of the event recorded the presence of several notable entertainment personalities who came out to support the movement. Popular Facebook content creator MC Mbakara, respected reggae artist Tossy Young, and dancehall heavyweight Bclean were all in attendance, lending their support to AFROMAICA‘s vision of promoting reggae and urban dancehall music while encouraging the next generation of performers.

Their presence further demonstrated the growing influence of AFROMAICA as a platform that continues to unite entertainers, content creators, artists, and music lovers under one cultural movement dedicated to the advancement of reggae and urban dancehall across Africa.

The event is proudly powered by Spartan Media Ltd and Club Plan B, with valuable support from Element Irish Whiskey, TM Luxury Apartments, Aurum Trading Exchange, Jogab Logistics, The Cove, and Isno Hotels. Their partnership played a significant role in delivering a well-organized and memorable experience for contestants, guests, and fans.

As AFROMAICA continues to expand its impact on the African entertainment landscape, anticipation is already building for the next edition, where more gifted dance and lyrical artists will bring mind blowing performances while celebrating the rich heritage and enduring influence of reggae and urban dancehall music.

Congratulations to Emediong Emmanuel Edet (@Beckslim001 on tiktok ) on her well-deserved victory at the AFROMAICA Dancehall Queen June Edition. Her success stands as a testament to hard work, talent, and dedication, inspiring aspiring artists to pursue excellence while keeping the spirit of reggae and urban dancehall alive.

See Exclusive photos below

NEWS

Popular Nigerian Singer Ceena Gears Up for October Release as He Joins Forces with Speroachbeatz (Watch Video)

Published

2 weeks ago

June 17, 2026

Baba Blow

Popular Nigerian Singer Ceena Gears Up for October Release as He Joins Forces with Speroachbeatz

Nigerian music sensation Ceena has once again set tongues wagging after being spotted in the studio with legendary producer Speroachbeatz, fueling anticipation for what could become one of the biggest records of 2026.

Although details surrounding the project remain under wraps, including the official title and release date, sources close to the camp reveal that the highly anticipated collaboration is expected to arrive in October 2026.

Known for his consistency, creativity, and ability to deliver captivating records, Ceena appears determined to elevate his career to a new heights. The singer reportedly disclosed that the forthcoming track is designed to serve as an anthem that listeners from all walks of life can relate to and embrace.

The studio session has already generated excitement among fans and industry stakeholders, especially considering Speroachbeatz’s impressive track record of producing chart-topping hits for some of Africa’s biggest stars like Davido.

With Ceena’s growing influence and Speroachbeatz’s production genius, expectations are high that this collaboration will make a significant impact upon release.

As the countdown to October begins, music lovers will be eagerly awaiting further updates on what promises to be a spectacular hit project from the talented singer.

See video teaser below;

NEWS

How “Hardest Truth” Became One Of Nigeria’s Most Searched Emerging Songs and Number 4 Song On Shazam Worldwide Chart.

Published

1 month ago

May 20, 2026

Baba Blow

In a music industry constantly chasing noise, controversy and trends, fast-rising Nigerian artist Jubet is building momentum differently, through emotional honesty.

Born Akanbi Oluwa Jubelo Emmanuel and raised in Ilora, Oyo State, Jubet’s journey into music started long before the numbers began rising. During his secondary school days, he developed his passion for music through freestyle sessions and raw self-expression, gradually shaping the emotionally driven sound that listeners are now connecting with across streaming platforms and social media.

A graduate of Obong University, Akwa Ibom State, where he won the Best Performing Artist Award in 2025, Jubet represents a new generation of artists using music to communicate pain, reality, heartbreak, struggle, reflection and survival in a deeply relatable way.

His breakout record, “Hardest Truth,” has quickly become one of the most emotionally resonant emerging songs in Nigeria’s digital music space.

Within just TWO WEEKS of release, the song has generated:

• Over 119,600 Spotify monthly listeners
• More than 504,000 Spotify streams
• Over 1.3 million Audiomack streams
• More than 406,000 Boomplay streams
• More than 411,000 YouTube audio views
• Over 281,805 Shazams
• More than 900,000 TikTok user-generated contents (UGC)
• #1 on Shazam Viral Nigeria
• #1 Shazam in Nigeria, Ghana, Kenya, Uganda and Zambia
• #4 Shazam Worldwide
• #60 Shazam United Kingdom
• #109 Shazam Canada
• #133 Shazam United States
• Spotify Nigeria Top 100 entry
• Apple Music chart entries across multiple African countries
• Placement across dozens of editorial playlists on Audiomack and Boomplay

The rapid growth has been driven largely by organic audience connection, emotional relatability and massive social sharing across platforms, with listeners strongly connecting to the song’s raw honesty and reflective storytelling.

What makes Jubet’s rise stand out is not just the numbers, but the emotional relationship listeners are building with the music. Across social media, fans continue to describe “Hardest Truth” as deeply relatable, emotionally painful, honest and reflective of real-life experiences many young people silently go through.

Rather than positioning himself around luxury, hype or internet theatrics, Jubet’s music speaks directly to people navigating heartbreak, betrayal, pressure, emotional struggles and everyday realities.

As momentum around “Hardest Truth” continues to grow globally, Jubet is steadily emerging as one of the new emotionally driven voices to watch in Nigeria’s evolving music landscape.

Jubet is currently managed under the Louiza Williams -led LOUI-K EMPIRE LTD, as efforts continue toward building his long-term creative and commercial growth.

Listen to “Hardest Truth”: https://linktr.ee/jubetjayyouhttps://linktr.ee/jubetjayyou