By CCN Markets: A cryptocurrency investment scheme in South Africa’s Kwa-Zulu Natal Province has proven that having an unoriginal name, Bitcoin Wallet, never stopped any scam from raking in tens of thousands of dollars daily from the masses. According to The Citizen, the cryptocurrency scam is operating from Kwa-Zulu Natal’s rural town of Ladysmith. The scam is estimated to be drawing in R2 million ($ 135,000) daily in a town of just over 60,000 people. The investment scheme owned and operated by Sphelele ‘Sgumza’ Mbatha is promising returns of 100 percent within 15 working days. Initially, the lowest investment amount
Bitcoin has the potential to revolutionize the African continent. Through Bitcoin, millions of unbanked Africans will have access to financial services.
These and many more such statements exist across the internet. All these statements are true. But, despite all the benefits that Bitcoin is expected to bring to African countries, adoption levels in Africa continue to be the lowest globally.
Which begs the question, “If Bitcoin is to help Africa catch up with the rest of the world, what is preventing Africans from adopting the cryptocurrency?”
Remittances have become a lifeline for many people in Sub-Saharan Africa, but the cost of sending money via banks and money transfer operators remains punitively high. On average, it costs 9.3% (of value transferred) to send the equivalent of $ 200 to the region, the highest remittance rates anywhere on the planet, according to the new World Bank 2019 report. However, the cost drops dramatically by as much as 90% when money is sent through cryptocurrency-based fintech companies like Bitpesa.
Africa continues to dominate Google Trends search interest for “bitcoin,” but that has not translated into widespread adoption of cryptocurrency by users and businesses. Apart from opaque regulation and a lack of awareness, one of the major reasons for this failure has been the expansive use of mobile money on the continent.
By CCN.com: The South African Reserve Bank has released a consultation paper to regulate cryptocurrencies in the region. However, the government is seemingly introducing banking-like features to the crypto-markets, going against the very ethos of what Bitcoin stands for. The bank chooses to call cryptocurrencies as crypto “assets” over the former term, deeming the distinction
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By CCN.com: Two people have been arrested by police in Mpumalanga, South Africa in connection with the kidnapping of a 13-year-old boy in Witbank whose family was then told to pay the equivalent of $ 120,000 in bitcoin (approximately 32.89 BTC at press time). Local Police Nab Crypto Kidnappers South Africa’s Times reports that following the May 2018
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Paxful, the peer-to-peer alternative to LocalBitcoins, has reported to CCN that over 17,000 peer-to-peer trades per day take place in Africa using their platform. The majority of these trades take place with iTunes and Amazon gift cards as the payment methods. You read that right: people in Africa are acquiring Bitcoin by using gift cards,
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Authorities in South Africa are seeking comments on proposed policy changes that could, among other things, offer cryptocurrencies regulatory certainty. Per the South African Reserve Bank (SARB) and the National Treasury, an overhaul of the national payment system (NPS), a set of infrastructures and arrangements which allow the transfer of funds between individuals and entities,
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A Bitcoin trader from Lanseria in South Africa narrowly escaped death after being drugged, beaten, and tortured by suspected kidnappers. Narrating his near-death experience in a report in local news outlet Soweto Urban, the man, who is known only as Andrew, was invited for a presentation on cryptocurrency through a new contact on Facebook. The
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A survey commissioned by crypto firm Luno has found that the level of ownership and familiarity with cryptocurrencies was higher in Malaysia, Indonesia and South Africa compared to European markets. The three emerging markets of Indonesia, Malaysia and South Africa enjoyed varying levels of cryptocurrency ownership at 40%, 39% and 29% respectively. The respective levels
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Bithub Africa has started using off-grid solar power to mine bitcoin and ethereum. John Karanja, the founder and chief executive officer of the small Kenyan mining operation, hopes to spread the technology to the rest of the continent while exposing the lie that cryptocurrency mining poses a danger to the environment.
“We are using solar energy in a similar manner to traditional power sources to test its reliability as a source for cryptocurrency mining,” Karanja told news.Bitcoin.com in an interview on Oct. 30. “We are still analyzing the data, but what we can already see is that the blockchain economy is certainly incentivizing innovation in the renewable energy industry globally.”
This is a paid-for submitted press release. CCN does not endorse, nor is responsible for any material included below and isn’t responsible for any damages or losses connected with any products or services mentioned in the press release. CCN urges readers to conduct their own research with due diligence into the company, product or service mentioned … Continued
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Huobi Group revealed at the World Blockchain Summit in Dubai that the company is looking to expand its operations to the Middle Eastern, African and South Asian markets in a bid to provide services to its unbanked or underbanked residents.
Co-founder Mohit Davar commented, “As Dubai is leading the blockchain effort in the region, it made sense for us to set up our regional head office here.”
The blockchain company, Hashcash will become crucial in the regulation of water in South Africa. The company will lend its services to implement a high-tech infrastructure to monitor water usage. After the water crisis this year, this is a vital issue.
The legislative capital of South Africa and one of the biggest tourist destinations in the world, Cape Town suffered a severe drought this year which brought the capital into the headlines. This served as a wake-up call for the growing water crisis affecting major urban settlements from across the globe. Governments and municipalities are soliciting the expertise of software development companies to device ways to sustain their water reserves. HashCash Consultants is one of the first to be enlisted for this service.
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Have you noticed recently there are less emails from African princes, desperate for help getting fortunes out of their country? Perhaps that is because they are now investing in clean energy systems, utilizing cryptocurrency to benefit their countries.
You Say You Want a Revolution
We often hear about how cryptocurrencies will free us from the tyranny of big banks. But in the developed world do we really have it so bad? Wala, a South African startup, developed a smartphone app to allow peer-to-peer transactions. Unfortunately, high transaction fees from traditional banks almost killed the model — until they turned to cryptocurrency as an alternative solution.
London-based ONEm Communications has announced the launch of its mCoin program across Africa. Designed to be a hybrid currency, mCoin is a digital currency that can be transferred over text or through the smartphone app. Africa is a continent with millions of people who have access to mobile phones but little to no internet connectivity. ONEm wants to bring the benefit of cryptocurrency to millions of the unbanked in Africa through the mCoin program.
ONEm Communications is a tech startup that develops advanced platforms supporting an ecosystem of services. The ecosystem is a set of interactive services that seeks to transform the way people communicate and access information on mobile.
SBI Remit and BitPesa are collaborating to enable easy money transfer services between Japan and several African countries. The partnership sees the Bitcoin blockchain’s utilization as an enterprise remittance vehicle.
450K People Can Now Send Money to Africa With Bitcoin
According to Forbes, the agreement sees SBI Remit being able to offer its over 450,000 customers with the ability to send money to Africa using the Bitcoin blockchain. Thus, SBI Remit will use BitPesa’s enterprise payment framework to offer liquidity to small businesses in Africa.
The dominance of the United States dollar as a settlement currency in Africa is being challenged by emerging payment methods in financial technology and by native African fiat currencies. In the four years to 2017, fewer people in the continent of 1.2 billion transacted via the US dollar than they did with their local currencies or mobile money, and perhaps cryptocurrency.
BitPesa, a digital treasury management solution that leverages blockchain settlement to lower the cost and improve the speed of payments to and from frontier markets, has teamed with SBI Remit, Japan’s largest remittance service provider, to make it easier for Africans to buy Japanese products. The two firms are leveraging blockchain technology to reduce
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