$SINTRADING
Fading QuicklySnapshot Window: 2026-07-22 15:30 UTC · ← Back to Crypto Overview
Social Momentum Summary
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Verbatim Community Citations & Social Evidence 1 source posts analyzed
BREAKING: SOMALIA IS MOVING TOWARD QR-BASED "WALLET-LIKE" PAYMENTS AS THE COUNTRY CONTINUES ITS SHIFT AWAY FROM CASH!!! THE #XRP VISION OF DIGITAL PAYMENTS CONTINUES TO SPREAD ACROSS AFRICA!!! THIS IS ABOUT MORE THAN JUST THE BANKING INDUSTRY!!! THE MEDIA SECTOR IS ALSO [Spoken audio]: The Central Bank of Somalia has launched a quick response code standard, which will help financial service providers and consumers in the country as a cure payment mechanism via digital transaction. The Horn of African Nations joins leading economies in the continent, such as Nigeria, Ghana and Kenya, which issued the standard QR code for payments. The governor of Somalia's central bank says the new process will transform the country into a cashless society. Today, we're launching the Somali National QR Corps, or some QR, as we call it. And this will give us, make us all excited and give us the confidence that we will be able to transform the financial sector towards, or join it towards a casual society. I can also add that we are among the first, very few other countries in Africa, has comprehensive national QR code so far. So that Buddhist Somalia also among the countries that are leapfrogging the technology, transforming the economy, and we're very proud of it. The US dollar is widely used in Somalia via popular mobile money transfer services following the devaluation of Somali shillings after decades of conflict. The central bank, together with 13 licensed local banks, will closely coordinate to ensure the success of the new digital payment platform. Everyone has a digital handset. It will be very easy for them to access anywhere, anytime, and thus the transactions made will be safe, secure and traceable if any errors are made for both the banks and their customers. Authorities are confident that the new digital platform will help relevant agencies in boosting revenue collections while tracing tax evaders. The Ministry of Finance is also pursuing to change the way and the approach in which we currently accumulate our tax revenues. We wanted to focus more on personal income taxes, corporate income taxes, taxes like VAT and the sales tax and these types of revenues require the use of technology. We need our businesses and the private sector to use the technology so that we are able to have recodes and the trial transactions in which we can actually use to calculate the taxes that we supposed to actually collect for that specific shop or company or whatever. However, I argue that it will take time for business entities to adapt to the new national QR code unless they are strict measures by the regulator. With relative peace and stability gradually returning to the country, financial sector have reduced some positive progress till the past years, with international bonds already pumping up efforts to expand their operations in the country. See you in Mugdisha, Somalia.
