Africa: Crypto and Blockchain News Roundup

Welcome to another cryptocurrency news roundup. This week we will present the latest news from across the world country by country. First is Africa.

South Africa

Chainex Cryptocurrency Exchange Launched in South Africa

A new digital currency exchange called Chainex has been launched in South Africa according to reports coming in through ITWeb. It will enable South Africans to buy, sell and trade up to 20 major cryptocurrencies in the world including Bitcoin, Ethereum, Litecoin and others. Purchases can be made through the local Rand fiat currency and will provide the locals with an easier and accessible option according to the CEO of the exchange Otto Lessing.

According to Lessing:

“ChainEX is playing its part in meeting the world’s ever-increasing appetite for crypto-currencies”

In other news, Monero’s XMR tokens were recently added in the popular cryptocurrency exchange ICE3X in South Africa. The full trading option for the new coins will be added till Friday this week.

Nigeria

Nigerian Government Wants Legal Framework for Blockchain Regulation

Nigerian lawmakers are pushing the nation’s central bank to establish a legal framework for the Blockchain technology space according to a report from Business Day. Africa’s biggest economy saw its legislature the House of Representatives pass a vote in an earlier motion filed by Solomon Adaelu that highlights the uniqueness of Blockchain Technology and its potential to improve financial activities in the country.

Adealu said in the motion:

“Blockchain as a digital and decentralization ledger technology that records all transactions without the need for a financial intermediary bank is new to humanity and can be a core payment facilitator for the financial services industry.”

Cryptocurrency Mining Posing Energy Problems in Nigeria

Cryptocurrency Mining is causing energy problems in Nigeria according to a report by Motherboard Vice. It said that Bitcoin Mining is producing a large amount of waste and carbon emissions too and is “costing the world more than it should”. Motherboard Vice also stated:

“That means that, at a minimum, worldwide Bitcoin mining could power the daily needs of 821,940 average American homes.”
Nigerian SEC Says it hasn’t Authorized a Cryptocurrency Firm in the Country

The Securities and Exchange Commission (SEC) in Nigeria has come out and said that it has not authorized any cryptocurrency exchange in the country despite local reports that some cryptocurrency firms have been given the green signal by the SEC.

Mary Udek, the new Acting Director General of SEC said:

“The commission wishes to alert the public to exercise extreme caution with regards to crypto currencies as a vehicle of investments, especially as none of the persons, companies or entities promoting cryptocurrencies has been recognised or authorised by SEC or by other regulatory agencies in Nigeria to receive deposit from the public or to provide any investment or other financial service within or outside Nigeria”.

DR Congo

Blockchain Technology to Monitor DR Congo’s Cobalt Supply

Blockchain Technology will soon be used to monitor the tracking of journey of cobalt from artisanal mines in the central African Nation of DR Congo according to latest reports from country. Cobalt is a key raw material in the Li-ion batteries that power the green revolution through Tesla cars and every other battery possible. It is a way to ensure that child labour is not being used in the country for mining purposes too.

Most companies involved in mining have been lax in maintaining mining rules and regulations in their operations. The Responsible Cobalt Initiative is partnering with Apple and Samsung to address these concerns and Blockchain Technology can be used to effectively monitor these companies.

Morocco

Morocco Extradites Bitcoin Fraud to the United States

Morocco has extradited a UK national to the US who was accused of defrauding investors in a cryptocurrency related venture in a recent occurrence. Renwik Haddow, the suspect was indicted in June 2017 on fraud charges by the Moroccan authorities in a startup called Bar Works and is now extradited to the US district of New York according to a confirmation Geoffrey Berman, the US attorney for the Southern district. The US’s SEC has field fraud charges against Haddow last year and had been working to get the main accused investigated and extradited.

Kenya

IBM to Test Blockchain-based Loan Program in Kenya

IT giant IBM has recently launched a test project to support small businesses in partnership with a Kenyan logistics company Twiga foods according to reports from the African country. The company is using mobile technology to develop chain for farmers and traders in the agriculture sector and will offer microloans to African clients. The microloans are a great way to offer low-interest funding to African farmers who are often caught up in bad debts.

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