Crypto rush in Africa

“Africa will define the future (especially the Bitcoin one”

Jack Dorsey, CEO of Twitter and Square, tweeted at the end of his trip to Africa in November 2019

This week, Africa saw several major improvements in the aspects of crypto and blockchain. The last couple of weeks documented several fascinating news ranging from an announcement from Crypto exchange Yellowcard.io about entering Tanzania and PaxFul adding USDT P2P trading, amid Africa still leading in bitcoin search.

Crypto news from Africa

  • South Africa’s Standard Bank, joins contour’s blockchain network

Standard Bank, South Africa became the first African country to become part of the Contour decentralized ecosystem to issue a Letter of Credit (LC). 

The Contour blockchain network aims to improve processing time by as much as 90%. Standard Bank is known for having a wide African network, and as a result of this development, the past week has been a solid week for crypto in Africa.

  • Zimbabwe approves cryptocurrency listings on VFEX

There seems to be another exciting moment in the African crypto community in general, and Zimbabwe in particular. 

The CEO of the Zimbabwe Stock Exchange (ZSE) has proclaimed its licensed subsidiary; Victoria Falls Stock Exchange (VFEX) is open to crypto listing, depending on regulatory approval. 

Zimbabwe’s monetary authorities have previously warned citizens against trading in cryptocurrencies, proclaiming them as risk assets which are prone to fraud. However, the country has gradually experienced a change in its stance. 

The Zimbabwean government sees VFEX as a fundraising platform for local firms. VFEX already achieved exchange control approval to trade in US dollars, and a number of supporters have shown interest in the development.

  • Bitcoin rush in Egypt

Egyptians are showing serious interests in bitcoin mining and trading, amid a surging economic crisis and unemployment. 

Resulting from the spread of the coronavirus and the precautionary measures taken, there has been a global spike in unemployment. However, the new tech, Blockchain, alongside bitcoin, is taking the world by a storm and proving to be a means to transform lives, particularly in the creation of employment. 

A huge number of Egyptians have reportedly tilted towards the cryptosphere which seems to be providing a safe-haven and escape from job loss following the COVID-19 outbreak. Many have joined the bitcoin community by investing their savings to get daily yields.

Interesting! 

  • Blockchain now powers indoor security cameras

IoTex, in partnership with Tenvis, has announced the world’s first blockchain-powered home security camera. Yes, you “read” right, a blockchain-powered UCAM. 

I’m willing to bet my precious little TRX bag that this is coming as a shock to you (rightfully so, as blockchain was first invented only for Bitcoin). However, we are gradually beginning to see the full potential of blockchain and the wonders of a decentralized network. 

Again, blockchain is taking us to another incredible level. What’s more interesting than a totally private security-focused camera? Users can access their camera data through a decentralized system logging in with an untraceable password. 

By allowing the users’ camera or mobile phone to handle all computing, and by giving users total control of their data, the system is poised at eliminating security breaches which have always been a part of many internet-based security cameras. 

ICYMI: other top stories you may have missed

  • Have you read South Africa’s largest crypto exchange, VLAR.com, CEO open letter to SA Regulators? The Chief executive of the cryptocurrency exchange expressed concerns against an article published by Business Insider in the country.
  • Bitmex, one of the worlds biggest crypto trading exchange, faces criminal charges on grounds of allowing Illegal transactions. There are rumours the exchange could be shutdown. 
  • Fastbitcoin partners with prepaid Voucher, Flexepin, To Expand to Uganda and Kenya. 
  • Bundle Africa: Arguably the hottest crypto payment app, Bundle userbase and investment on the platform is growing in an interesting rate. For key metrics, check their recently published Bundle Rewind.

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