Crypto in Africa: Nigerian politician vows support as Uganda seeks crypto regulatory framework

It’s an interesting week for the cryptocurrency space in Africa this week. The continent has seen more governments profess their support for cryptocurrencies publicly, while others are planning to create a regulatory framework for the market.

Nigeria opposition leader promises to support blockchain, cryptos

Atiku Abubakar, the former Nigerian vice president and current opposition presidential candidate, promised his supporters that, when elected, he would work to create blockchain and cryptocurrency regulation for the country.

According to local reports, Abubakar made the announcement while launching his policy document ahead of the February 2019 elections. In the policy, he explains that he plans to use blockchain and cryptocurrencies to help improve the country’s economy.

In his policy document titled ‘Get Nigeria Working Again,’ Abubakar also explain that this government will, in addition, create a regulatory framework for the industry. He stated that regulation would help build the industry, in turn, creating thousands of employment opportunities as well as generating income for the government.

He asserted, “My mission is to make sure that Nigeria’s economy is reactive to the challenges of the 21st-century knowledge economy by keeping up with the amazingly dynamic in the technological pace.”

The crypto ecosystem in Nigeria has been on the rise in the last few years and the country is among the top crypto markets in Africa. If Abubakar gets elected as president, the crypto space in the country stands to see tremendous growth. Despite the current crypto prices and challenges, it seems that Abubakar is optimistic about the cryptocurrency industry.

Uganda has plans for new crypto regulations

The cryptocurrency market in Uganda has shown great promise ever since Binance set up shop in the country. Though not as active as South Africa, Nigeria or Kenya, the market is quickly picking up the pace. With this new development, the government in Uganda has decided to set up regulations to govern all crypto operations. According to reports, the government seeks to establish rules that will protect its citizens from illegal activities in the space.

Thousands of Ugandans have fallen victim to one crypto scam or another and many have lost vast sums of money in the process, local news outlets reported. The government fears the economy in the country might become unstable if this trend continues.

According to David Bahati from the Planning and Finance Ministry, his ministry has finished drafting the bill that pertains to national payments. The bill will be presented before Parliament next month for debate and approval. The bill has already been approved by the Cabinet in Uganda and is believed to shine a light on what citizens can do when they find themselves victims to fraudulent activities in the crypto space.

South Africa seeks to regulate crypto through taxation.

In April 2018, the South African Reserve Bank stated that cryptocurrency is not considered “legal tender” in South Africa. Later, authorities in the country imposed tax regulations on crypto owners that require them to declare their gains and losses concerning their transactions involving cryptocurrency.

In July, the National Treasury published the draft Taxation Laws Amendment Bill (the Bill) for the public, the Treasury’s first attempt to regulate the use of cryptocurrency in the country. It proposes changes to both the Income Tax Act and the VAT Act. One of the proposed changes is the inclusion of cryptocurrency in the definition of “financial instrument” in the Income Tax Act.

Experts claim that the new bill will not be favourable for the crypto space in the country. According to the reports, Section 22 and section 22(1)(a) of the Income Tax Act limits the benefits crypto traders get from valuing their undisputed cryptocurrency using the valuation method contemplated in section 22. In addition, Section 11 also represses investment in FinTech companies in South Africa.

The Treasury has also suggested that the “issue, acquisition, collection, buying or selling or transfer of ownership of any cryptocurrency” be added to the definition of “financial services” in Section 2 of the VAT Act.

While some countries seem to be content with not innovating in the crypto space, it is becoming more apparent that African nations see the true value of digital currency in global economies.

The post Crypto in Africa: Nigerian politician vows support as Uganda seeks crypto regulatory framework appeared first on Coingeek.

Read More

Crypto in Africa: Crypto market in Africa expands amid regulatory pressure

Africa is poised to become the next hub for blockchain and cryptocurrencies. The continent has experienced significant growth of cryptocurrency-related activities, and more countries are opening up their doors to crypto innovations and investments; however, the growth has suffered a great deal of opposition from authorities through various regulations. Despite the pressure, though, there are more crypto exchanges, tokens and wallets across the continent.

South Africa

South Africa is leading in blockchain and crypto activities in Africa and now has many blockchain-based startups, exchanges and wallets. The cryptocurrency community in South Africa is actively involved in growing the crypto market in the region. While the crypto community is thrilled by the new technology, authorities are finding ways to control these operations.

In 2014, the South Africa Reserve Bank (SARB) published information that hinders cryptocurrencies to be considered as valid legal tender. Despite the publication, more people continued to invest in Bitcoin BCH, Bitcoin Core (BTC) and other cryptocurrencies. Even when the South Africa Revenue Service started taxing cryptocurrencies in the country, cryptocurrency numbers kept on rising.

Kenya

The crypto market in Kenya has seen exciting developments. From the creation of BitPesa to the recent innovation that allows mining companies to use solar panels to mine crypto, the country is increasing its crypto impact in Africa. Authorities in Kenya, however, have not been forthcoming in stating their stance in regards to cryptocurrencies. As reported previously, the country’s finance minister, Henry Rotich, was given two weeks back in July to decide the regulations for cryptocurrencies in the country. Several months have passed, and there is still no regulatory system in the country.

Uganda

Uganda is catching up with Kenya, South Africa and Nigeria. Many citizens were unbanked for a long time before digital currencies were introduced to the country. Binance, one of the biggest cryptocurrency exchanges in the world, recently launched a platform in Uganda and, in the last few months, the exchange has had over 40,000 users register on its platform.

Bitcoin Trading Platform (BTN) thrives in Namibia

BTN has adopted know-your-customer and anti-money laundering requirements by the Bank of Namibia in order to provide crypto services in the country. The emerging marketplace wants to survive and create a healthy relationship with financial authorities despite the ban.

According to Tshuutheni Emvula, co-founder and CEO of BTN, the company wants to provide a safe and secure on- and off-ramp for crypto for the emerging crypto community in the country.

BTN wants to create an environment that enables business people and customers to stay digitally connected to the world. Emvula explains that it will take a long time before the company can entirely create such an environment. He states that the first step to attaining this dream is making it possible for individuals in the country to directly own cryptocurrencies.

BTN, which was launched in March of this year, terms its self as a non-speculative Bitcoin Core (BTC) marketplace. The platform does not work as an exchange; rather, it allows buyers to transfers local Namibian dollars to a BTN bank account number in exchange for BTC. The clients then get the crypto sent to an address of their choice, a process that can take up to 72 hours for clients to receive their digital assets.

BTN does not store or keep any BTC on behalf of users. The platform also does not open order books, which allow users to trade BTC with each other. This has enabled the company to provide crypto services despite the ban imposed in 2017. That ban prevents local shops from pricing or accepting cryptocurrencies in exchange for goods and service, but does not have specific penalties attached to it.

Emvula explains that their operations are well within the stipulated laws. He explains that the ban does not mention that people are not prohibited from trading cryptocurrencies. He hopes their crypto space in the country will grow to allow the diversity that comes with the new technology.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.

The post Crypto in Africa: Crypto market in Africa expands amid regulatory pressure appeared first on Coingeek.

Read More

Crypto in Africa: Binance Uganda launches fiat-to-crypto exchange

International crypto exchange Binance announced on October 15 the launch of its fiat-to-crypto service in Uganda. The launch will be rolled out starting with support for ETH and BTC, with more digital currencies to follow. The cryptocurrencies will be available for conversion from Uganda’s national fiat (UGX) starting October 17.

Market expansion

The launch is in line with Binance’s action plan of market expansion through the introduction of several fiat-to-crypto exchanges in several countries. This is according to CEO and founder Changpeng Zhao, who added that Know-your-customer (KYC) procedures were already underway.

According to Binance’s CFO Wei Zhou, the launch is expected to cement sustainable economic stability in the country and the region as a whole. Binance hopes to bring more innovations to the region through such startups.

The move has been hailed by Uganda’s government as a huge step forward, despite warnings issued by the Bank of Uganda to investors against cryptocurrency risks in March 2017. The government has also registered intentions of using blockchain technology.

The move is not a sure win for Binance. On one hand, it could strengthen Africa’s grip on economic stability. On the other hand, it could backfire, as Binance doesn’t have enough experience offering a fiat-based exchange.

Crypto not legal tender: Bank of Zambia

Through a communique (in pdf) issued by the Bank of Zambia (BoZ), the Zambian government has warned that only it can issue currency. It reminded citizens that only the national currency has legal tender, adding that too many risks were associated with digital non-fiat currencies.

There has been growing public interest in cryptocurrencies that might have compelled the government to make its announcement. Notwithstanding, the government did not necessarily disclose what led to the decision other than to say that the BoZ had been receiving a significant amount of inquiries related to cryptocurrencies.

The government reiterated that it was supportive of innovations but only to desirable innovations. It warned of the risks accompanying crypto assets such as money laundering and funding terrorist activities. The BoZ statement follows a similar warning issued by the Zambian Securities and Exchange Commission this past February, which advised investors against digital currencies since they fell outside its mandated jurisdiction.

While cryptocurrencies come with some monetary characteristics—such as being used as a peer-to-peer method of payment—the Bank of Zambia noted that they did not fall within the four walls of “legal tender.”

The government defended the move, saying it was meant to protect consumers and its citizens in general against risks such as hacking, phishing and other forms of fraud. It argued that no legal recourse would be available to victims due to the absence of legislative mechanisms.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.

The post Crypto in Africa: Binance Uganda launches fiat-to-crypto exchange appeared first on Coingeek.

Read More

Crypto in Africa: Namibia conservationist uses Bitcoin BCH, Zimbabwe seeks to adopt crypto

Cryptocurrencies continue to spread their wings in Africa.

Recently, a wildlife conservationist decided to use cryptocurrencies, Bitcoin BCH in particular, to help save the wildlife in Namibia.

Nadja Leroux is of the opinion that cryptocurrencies provide the best avenue for saving wildlife in Africa. She opted for cryptocurrency as it provides faster transactions no matter where users are located. She first came across cryptocurrency when someone sent her $10 worth of Bitcoin BCH while she was still in the African wilderness. This made her happy, as she could make transactions in the middle of nowhere. As a result, Leroux decided to create a Bitcoin BCH fund to help raise money to save the African wild dogs and is hoping to raise about $1,600 that she will use to acquire the necessary technology to help protect the animals.

According to her tweet, Leroux stated that she plans to buy an iPad to help with keeping records and doing the analysis. So far, the account has collected $33 worth of Bitcoin BCH. Her tweet also emphasized the importance of saving 4,500 African wild dogs in the world.

Leroux has been actively involved in helping save these endangered species. She has spent 121 days out in the field setting up the groundwork for her project. She hopes to get enough funds to finish up her operation.

Zimbabwe turns to crypto for help saving country’s economy

Zimbabwe might finally break from its financial chains, all thanks to cryptocurrencies. The newly appointed Minister of Finance in Zimbabwe, Mthuli Ncube, is making changes to have the country back on track. According to reports, Ncube has promised to push the Reserve Bank of Zimbabwe (RBZ) into creating a division that will see the bank develop a better understanding of cryptocurrencies.

Barely two weeks in office and Ncube is making changes to have the country financial sector return to its former glory. He believes cryptocurrencies will help fulfill this vision. According to the minister, governments who have taken rather a positive stand on cryptocurrencies are doing much better. He quoted Switzerland, acknowledging the fact that people in that country can pay for their travel expenses using cryptocurrencies. He believes by taking a positive approach towards cryptocurrency, Zimbabwe will have a fighting chance of saving its economy.

He also stated that instead of banning crypto-related activities, authorities should look for ways to regulate the industry and encourage young people in the country to participate in this new technology.

The financial situation in the country has caused many to looks for other alternatives. Some have resulted to banking with international banks in other countries like South Africa and Botswana, while others have decided to transact with cryptocurrencies away from authorities’ watchful eyes.

The cryptocurrency community in the country hopes the central bank will accept this new line of thinking to help lift the ban in the country.

Uganda gets a new token to help connect the communities

RightMesh AG, a connectivity company that developed a decentralized mobile mesh network, has listed their token, RMESH, on the Golix exchange in Uganda. RightMesh is on a mission to bring online connectivity to the people living in Africa. To achieve this vision, the company has been giving users cryptocurrencies as incentives in order to participate in the mesh network.

Golix has joined RightMesh to help facilitate this project. Since its launch in Uganda, Golix has helped many people buy and sell cryptocurrencies including Bitcoin BCH, along with BTC, LTC and ETH, among others.

At the beginning of this year, RightMesh completed a $30-million token sale in preparation of their new platform. John Lyter, CEO and founder of RightMesh, believes this opportunity will benefit many people in the country. According to reports, many people in the country cannot connect with other people, either domestically or abroad, through social media because the government in Uganda passed a motion to tax social media activities. As a result, users have to pay a high costs just to connect with other people.

By introducing the peer-to-peer platform, people in the country will be able to easily connect with one another. RightMesh believes that with their tokens in place, people not only in Uganda, but also around the continent, will benefit.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.

The post Crypto in Africa: Namibia conservationist uses Bitcoin BCH, Zimbabwe seeks to adopt crypto appeared first on Coingeek.

Read More

Crypto in Africa: Namibia conservationist uses Bitcoin BCH, Zimbabwe seeks to adopt crypto

Cryptocurrencies continue to spread their wings in Africa.

Recently, a wildlife conservationist decided to use cryptocurrencies, Bitcoin BCH in particular, to help save the wildlife in Namibia.

Nadja Leroux is of the opinion that cryptocurrencies provide the best avenue for saving wildlife in Africa. She opted for cryptocurrency as it provides faster transactions no matter where users are located. She first came across cryptocurrency when someone sent her $10 worth of Bitcoin BCH while she was still in the African wilderness. This made her happy, as she could make transactions in the middle of nowhere. As a result, Leroux decided to create a Bitcoin BCH fund to help raise money to save the African wild dogs and is hoping to raise about $1,600 that she will use to acquire the necessary technology to help protect the animals.

According to her tweet, Leroux stated that she plans to buy an iPad to help with keeping records and doing the analysis. So far, the account has collected $33 worth of Bitcoin BCH. Her tweet also emphasized the importance of saving 4,500 African wild dogs in the world.

Leroux has been actively involved in helping save these endangered species. She has spent 121 days out in the field setting up the groundwork for her project. She hopes to get enough funds to finish up her operation.

Zimbabwe turns to crypto for help saving country’s economy

Zimbabwe might finally break from its financial chains, all thanks to cryptocurrencies. The newly appointed Minister of Finance in Zimbabwe, Mthuli Ncube, is making changes to have the country back on track. According to reports, Ncube has promised to push the Reserve Bank of Zimbabwe (RBZ) into creating a division that will see the bank develop a better understanding of cryptocurrencies.

Barely two weeks in office and Ncube is making changes to have the country financial sector return to its former glory. He believes cryptocurrencies will help fulfill this vision. According to the minister, governments who have taken rather a positive stand on cryptocurrencies are doing much better. He quoted Switzerland, acknowledging the fact that people in that country can pay for their travel expenses using cryptocurrencies. He believes by taking a positive approach towards cryptocurrency, Zimbabwe will have a fighting chance of saving its economy.

He also stated that instead of banning crypto-related activities, authorities should look for ways to regulate the industry and encourage young people in the country to participate in this new technology.

The financial situation in the country has caused many to looks for other alternatives. Some have resulted to banking with international banks in other countries like South Africa and Botswana, while others have decided to transact with cryptocurrencies away from authorities’ watchful eyes.

The cryptocurrency community in the country hopes the central bank will accept this new line of thinking to help lift the ban in the country.

Uganda gets a new token to help connect the communities

RightMesh AG, a connectivity company that developed a decentralized mobile mesh network, has listed their token, RMESH, on the Golix exchange in Uganda. RightMesh is on a mission to bring online connectivity to the people living in Africa. To achieve this vision, the company has been giving users cryptocurrencies as incentives in order to participate in the mesh network.

Golix has joined RightMesh to help facilitate this project. Since its launch in Uganda, Golix has helped many people buy and sell cryptocurrencies including Bitcoin BCH, along with BTC, LTC and ETH, among others.

At the beginning of this year, RightMesh completed a $30-million token sale in preparation of their new platform. John Lyter, CEO and founder of RightMesh, believes this opportunity will benefit many people in the country. According to reports, many people in the country cannot connect with other people, either domestically or abroad, through social media because the government in Uganda passed a motion to tax social media activities. As a result, users have to pay a high costs just to connect with other people.

By introducing the peer-to-peer platform, people in the country will be able to easily connect with one another. RightMesh believes that with their tokens in place, people not only in Uganda, but also around the continent, will benefit.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.

The post Crypto in Africa: Namibia conservationist uses Bitcoin BCH, Zimbabwe seeks to adopt crypto appeared first on Coingeek.

Read More
Top