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.
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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.
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The Africa blockchain ecosystem continues to grow in the last days, with some areas finding new ways to apply blockchain technologies, while others are looking for ways to regulate the ecosystem.
Solar energy to power crypto mining in Kenya
Bithub Africa, a blockchain-based start-up, has set out to save the environment while mining cryptocurrency. The company, which was formed by John Karanja to dispel the myths that cryptocurrency mining is degrading the environment, has found a way to harness solar power for use in mining cryptocurrencies. Due to the high electricity consumption, heat emitted by the mining machines and the noise associated with the entire process, activists are speaking against cryptocurrency mining and claim that, in the coming days, crypto mining will have a significant effect on the environment.
In an interview news.bitcoin.com, Karanja explained how the solar panel project works and how it has the potential to transform the crypto mining sector. He explained that by using the solar energy largely available in Africa, mining companies would be able to save the environment while cutting down on mining cost.
The solar project comprises of a simple setup that you would find in a standard home. It includes a 200-watt solar panel, which is connected to a charge controller that is linked to a battery. Energy is transmitted from the battery to an inverter, which transforms direct currency into an alternating current that is in turn used in the mining computer.
The use of solar plans has increased in all African countries as they have proved to be more reliable for most communities. Karanja believes that not only will solar power help mining companies protect the environments around them, but also be able to evade the high electricity rates charged by authorities.
Karanja acknowledges that solar mining projects need more work to solve the shortcomings around using solar energy. Some of the issues include challenges having to halt operations on cloudy or rainy days.
Since its launch three years ago, Bithub Africa has worked to increase blockchain adoption in Kenya and other countries across Africa. The company also develops blockchain-based solutions for clients in the energy sector and financial services.
Africa Digital Assets Framework hopes to harmonize blockchain standards in Africa
The African Digital Asset Framework (ADAF) officially began its project on November 2. It aims to build a compliance-focused, cross-border blockchain that will link together African nations and Africans living abroad, easing everything from international payments to investments.
In the last few years, a few people have focused on evangelizing on, and using, blockchain technology. This has encouraged crypto cross-border transactions and on peer-to-peer networks. Due to an increase in blockchain and cryptocurrency activities among countries, experts believe African governments should establish and coordinate clear guidelines that would unlock blockchain’s full potential to smooth transactions across borders.
The ADAF exists to ensure that some neutral standards and regulations could govern the cryptocurrency space in Africa. According to the co-founder of the ADAF, Felix Macharia, Africa stands to gain a lot if countries start enacting legislation, standards and regulations that are in line with the new reality.
In the long run, ADAF wants to make things easy for African start-ups and governments by building a blockchain that embeds compliance with financial regulations across different jurisdictions.
The ADAF’s efforts are backed by the state members of the African Development Bank, ambassadors from the African Union (AU), as well as tribes across the continent. These entities advise ADAF while acting as liaisons with their home organizations.
In addition, ADAF hopes to increase collaboration and exchange between African countries. They hope to help the countries increase digital ownership and to create an exchange of value through digital economies. This, they expect, will not only happen with people in Africa, but also with Africans located in other continents.
Macharia also explained that the ADAF would include a multi-lingual interface that will allow policymaker, individuals, civil societies and key individuals in financial sectors to weigh in on suggested solutions and standards. He hopes the organization’s efforts will create a long-lasting crypto ecosystem with partners all across Africa.
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.
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Blockchain and cryptocurrency adoption in Africa is steadily increasing with new countries in the continent getting onboard. Countries like Uganda and Tanzania are slowly catching up with others, such as Nigeria, South Africa and Kenya.
Tanzanian gov’t looks to increase blockchain innovations
The Tanzanian government recently invited academics and researchers to help produce favorable blockchain regulations that will help grow the country and its economy.
According to reports, Tanzania is looking to increase blockchain usage in the country. While speaking at the second Annual ICT [Information and Communications Technology] Professionals Conference 2018 in Dar Es Salaam, Dr. Jim Yonazi, the Deputy Permanent Secretary Minister for Works, Transport, and Communications, reached out to experts and researchers in the industry to help think of new use cases for blockchain in the country in order to help formulate the necessary regulations.
Dr. Yonazi stated, “Although the government has a national blockchain committee, I also ask experts and universities to conduct thorough research on this technology to understand its potentials and challenges before we fully adopt it’s in the country.”
Tanzania’s stance on cryptocurrency has been somewhat optimistic. In December, the central bank in the country announced that it was taking measures to study the industry to create a legal framework. Despite having no clear legal structure on blockchain and its technologies, Tanzania still has time to join the wave on the blockchain.
Unlike neighboring countries Kenya and Uganda, the blockchain and cryptocurrency community in Tanzania has been entirely dormant. It also does not have a local cryptocurrency exchange and relies on services from international exchanges. Despite the slow growth, Tanzania received this past July a first of its kind blockchain technology that tracks aid and support to newly born babies and vulnerable women in the county.
Many hope the call to action will help increase blockchain innovations and cryptocurrency trade in the country.
South Africa proposes regulatory changes that could disrupt FinTech growth
Recently, the National Treasury and the South African Revenue Services (SARS) introduced some changes to the draft Taxation Laws Amendment Bill, which have caused significant concerns among people in the FinTech industry. The authorities suggested that cryptocurrency should be categorized as a financial instrument in the draft bill.
According to Robert Hare, a senior associate at the Bowmans law firm, the proposed “small changes” are not so small, but stand to change a lot in the cryptocurrency industry. The lawyer stated that if the change becomes law, it will prevent startups, companies and incubators in the county from claiming a significant income tax incentive, otherwise referred to as the research and development (R&D) allowance.
The R&D allowance is a longstanding tax incentive that was created to encourage various forms of innovation in South Africa. This includes the creation and development of computer programs of an innovative nature—which could otherwise include the development of new cryptocurrencies.
Hare further explained that classifying cryptocurrencies as financial instruments do not do proper justice to the skills and work put into developing the digital currencies. He said one cannot compare the work and efforts used to create digital money with works done to form a loan, a share or derivatives, among other things.
The advocate raises concerns regarding why the authorities chose to impose such changes without any explanations. However, authorities claim that classifying cryptocurrencies and financial instruments is meant to help clarify the existing provisions relating to cryptocurrency. Hare and many in the field believe this is a completely new reference and not a clarification.
The proposed change is yet to be implemented. Hare hopes these new changes will not stop inventors making South Africa a hub for FinTech innovation.
SARS began taxing cryptocurrencies earlier this year in April. The authority has been applying standard income tax rules to cryptocurrencies holders who are required to declare cryptocurrency gain and losses as part of their taxable income.
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.
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Quidax, a European-based cryptocurrency exchange, recently launched its operations in Nigeria. Among its new objectives is a plan to educate and increase the level of understanding on blockchains and its technologies in the country.
While speaking at the Abuja Blockchain and Artificial Intelligence Roundtable (ABAR), Buchi Okoro, chief executive officer of Quidax, urged investors to take advantage offered by the emergence of cryptocurrency to grow their businesses and Nigeria’s economy. He also explained the importance of understanding this new technology and termed it as the “future currency.”
Okoro stated that the company was created to enable people to buy and sell cryptocurrencies easily with local currencies. He added that the goal of Quidax is to provide liquidity and tools to power cross-border remittances in the emerging markets.
Quidax will partner with the organizers of Abuja Blockchain and Artificial Intelligence Roundtable in their quest to enlighten Nigerians on blockchain and cryptocurrencies, according to the CEO. It will also continue to seek and develop new partnerships that will help fulfill their mission.
During the presentation, Quidax’s boss added that there is a need for regulations in the cryptocurrency space in Africa. Okoro further said that the industry had been underutilized because there was a lot of ignorance among the public.
The company mentioned that, to help with their agenda, they have created a platform that is easy and secure. The platform will allow Nigerians to trade six cryptocurrencies, but didn’t specify which six. The company plans to add more than 20 cryptocurrencies in the coming future.
In addition to educating the public, the company also plans to create employment opportunities for the unemployed population in Nigeria.
African exchanges forced to upgrade security systems
Criminal activities targeting crypto exchanges have been on the rise in the last couple of years. This has forced exchanges in the continent to take measures. According to recent reports, crypto exchanges have been forced to increase their security measures to avoid losing customer money to scammers and hackers.
Records show that the region has lost millions of dollars to criminals in the cryptocurrency space. The most notable crypto crime in Africa happened in March 2018. The incident involved a fraudster at BTC Global, a supposed cryptocurrency investment firm in South Africa. The scam involved 28,000 unsuspecting South African inventors. It is believed that the criminals made off with about 1 billion rand ($80 million). Investors were lured with promises of huge returns within a short period of time.
The decision to safeguard investors’ money will help reduces fraudulent activities in the continent. This move will help protect the growing cryptocurrency markets and build confidence of those who still have doubts about cryptocurrencies.
While speaking to reporters, Suleiman Murunga, the CEO of Ugandan exchange Coinpesa, said his exchange has faced numerous attempts to breach their system. He explained, however, that unlike most exchanges, Coinpesa’s security system has been able to withstand all these attacks.
Murunga added that to maintain a secure platform they are constantly using tools to track user behavior in order to spot suspicious activities. Coinpesa and other cryptocurrency exchanges have also stopped storing investor funds in hot wallets to reduce hacking attacks.
According to reports, when a breach occurs, exchanges are not always to be blamed. In some cases, breaches occur due to ignorance and negligence on the part of investors. For instance, before Zimbabwean exchange Golix closed down, hackers were able to gain access to 23 customer accounts by taking advantage of vulnerable passwords. No money was stolen in the attack; however, account owners noticed some changes on their account.
Nigeria has also suffered significant cyber attacks. A hacking group from Ukraine allegedly committed one notable attack that led to the loss of $50 million. Local scammers pretending to offer various crypto services have also become a major problem in the country.
Exchanges hope upgrading security features will help solve some of these problems.
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.
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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.
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Paxful, a peer-to-peer marketplace, is reportedly looking at the cryptocurrency market’s growth potential in East Africa. The startup has already set up shop in Rwanda, ventured into Kenya, and has grown over the last three years into a global peer-to-peer crypto marketplace. It reportedly handles $15 million in crypto transactions, BTC in particular, per week from across the world. This rapid expansion has solidified its place among major reputable crypto players and offers enhancements in both security and efficiency.
Paxful has over 1 million active monthly users from around the world. This is because it has partnered with popular payment platforms such as PayPal, Western Union, Amazon Gift Cards and iTunes Gift cards.
Paxful’s entry into the East African scene is at a time when crypto penetration in Africa is at an all-time high. According to recent studies, one in three Kenyans owns a crypto wallet. Additionally, Kenya’s M-PESA system, a mobile phone-based money transfer and micro-financing service, recently announced the launch of its own crypto device. This will make it convenient for Kenyans to buy and sell cryptos on peer-to-peer marketplaces.
A tokenization drive has been initiated in Rwanda to help steer the crypto market. It has helped connect buyers and sellers to easily trade cryptocurrencies like BTC. This has been aided by the fact that the platform has no buyer fee and a minimal 1% seller fee in online shopping, which has attracted the attention of many online shoppers.
In Rwanda, Paxful is engaged in a project called #BuiltWithBitcoin in conjunction with the non-profit organization Zam Zam Water. The project aims to a school for 6- to 15-year-olds. Previously, the charity initiative funded launched a school in Bugesera in the Nyamata Sector for 3- to 6-year-olds. The aim is to promote charity within the crypto community and to improve and change lives for a better world, according to Paxful CEO Ray Youssef.
The developments in Rwanda and Kenya reflect the growing demand for investing in crypto in East Africa. In Kenya, for instance, more and more people are becoming more confident in dealing with cryptocurrency despite it being new and coming with a learning curve. Most people have come to accept its plethora of benefits. It offers massive wealth distribution globally as well, and presents financial freedom to individuals.
Crypto ventures have the potential to be the initiator of many emerging fundamentals of economic growth in the East African region if the right balance is found.
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.
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Pesamill Africa has begun trading in one of Africa’s most active crypto markets. The startup’s exchange service will compete with the likes of Bitpesa and will market itself to more than 48 million Kenyans. It promises to help the residents buy and sell cryptocurrency through peer-to-peer exchanges, or via its centralized exchange, with an order book. Its founder, lawyer Brian Ngugi said they will offer cross-platform trading, which will be a two-in-one type of exchange.
Ngugi spoke to delegates at the launch in Nairobi last September 26, which was also attended by members of the Blockchain Association of Kenya. Ngugi said, “We aim to solve the tedious and complex Know Your Customer (requirements) of most global exchanges.”
To do that, Ngugi promises to speed up verification, boost security and ease payment processes, among other things. Pesamill Africa will trade BTC, ETH, LTC, and XRP.
The exchange is entering Kenya, which is rated as one of the top 25 cryptocurrency markets in the world, and third in Africa after Nigeria and South Africa.
Ngugi is optimistic that if regulated, crypto would spur growth and confidence in East Africa’s ecosystem. The streets of Nairobi continue to thrive with Bitcoin despite the shadow of uncertainty hanging over its future. This comes in the wake of Bancor Network, a fintech company based in Nairobi, announcing that it will launch a network of blockchain-based communities. These are intended to help East Africans to manage their digital tokens using part of the $150 raised last year in a token sale.
ONEm launches hybrid crypto
Closely tied to the new exchange platform, mobile startup ONEm Communications has launched a hybrid cryptocurrency focused on reaching the unbanked masses in Africa. The startup is based in London and deals in mobile services that create an ecosystem that allows people to communicate and access information through mobile phones.
The digital currency, mCoin, will be an internet-free coin that can be transferred between users via cell phones using text messages or apps. mCoin will be launched globally with Africa as their starting point, where it will “leverage [Africans’] happiness by giving them simple and effective tools that extend their capabilities.”
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.
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The U.S. dollar is reported to be losing its place as the top intercontinental currency in Africa. This is according to SWIFT, the global provider of financial messaging services. African usage of the U.S. dollar dropped from 50% in 2013 to 45.1% in 2017, and this is attributed to citizens switching more to local currencies and mobile payments (possibly including cryptocurrencies) to handle international transactions. It’s difficult to say how much of such payments were made through cryptocurrencies, but the 6.4% of mobile statistics clearly means they were government-approved currencies without actual intrinsic value.
It has been reported that African countries have been gradually adopting blockchain and crypto technologies over the past few years. GSM Association estimates that Africa will likely have 725 million mobile phone subscribers by 2020, which, in turn, can boost cryptocurrency adoption in the region. SWIFT noted that with mobile money and other digital financial services, people can store money securely, spend it effortlessly, and afford the small fees charged by their providers.
The U.S. dollar has been replaced chiefly by the South African rand and the West African franc as the leading inter-country exchange currency in Africa. The franc commands 7.3% of such payments, up from 4.4% in 2013. The rand has moved up from 6.3% to 7.2% in usage. The British pound has spiraled downwards too, from 6.2% to 4.6% of such transactions.
Africa hit by crypto mining USB malware infections
Kaspersky recently published a Lab Review of USB and removable media threats in 2018 that showed Africa as one of the most affected regions by crypto mining-related USB malware infections.
Crypto mining malware have been harnessed by cyber attackers as an effective and persistent distribution vehicle for spreading malware between unconnected computers. The toll on victims has been on the rise, given that emerging markets—where USB devices are more widely used for business purposes—are the most vulnerable to malicious infection spread by removable media. Such markets are especially prevalent in Africa, Asia and South America.
Isolated hits were also detected in countries in Europe and North America. An example is Radiflow, specializing in SCADA (supervisory control and data acquisition), which saw its servers suffer malware infection.
Despite the fact that USB devices are less effective at spreading infection than in the past due to growing awareness of their security weakness and declining use as a business tool, they remain a significant risk that users ought not to underestimate. Attackers still continue to find exploits and some infections go unnoticed for years. USB devices have been around for over two decades and have acquired a reputation of beingvulnerably to cybersecurity threats.
According to Kaspersky Security Network, KSN data, a popular crypto-miner malware detected in drive-roots is Trojan.Win32.Miner.ays/ Trojan.Win64.Miner.all, known since 2014. The Trojan drops the mining application onto the PC, then installs and silently launches the mining software and downloads the requirements that enable it to send any results to an external server controlled by the attacker.
Infections have been reported to grow via removable media unnoticed and continually year-after-year with detections of the 64-bit version of the miner growing by around a sixth, increasing by 18.42% between 2016 and 2017, and expected to rise by 16.42% between 2017 and 2018.
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.
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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.
I’m still far from target on my fundraiser : Why BHC? It’s a family, it’s public, it's 24hrs a day, it’s the new generation!
Why an iPad? immediate data entry and analysis, secure, mobile. https://t.co/UlhvCV31Hg
please donate, please be generousplease #RETWEET#donate #BHC pic.twitter.com/TR4YpjSE3V
— Track the Facts, Communities & Conservation (@nlrBeWildFacts) September 9, 2018
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.
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