Africa and the Middle East
Welcome to our weekly roundup of all important blockchain and cryptocurrency news from around the world. Follow the latest developments in the cryptocurrency space continent by continent, country by country.
Startup lets South Africans invest in crypto for as little as 70 Rands: SAFCOIN, a digital currency startup, is giving South Africans the opportunity to invest in their latest coin project with a minimum investment of 70 rands (SAR) per token valued at USD 18.6.
Neil Ferreira, the co-founder of the coin project said:
“We want to make cryptocurrency trading as accessible as possible, to as many Africans as possible. So it was crucial that our platform was easy to use, secure, and that the tokens were affordable. For the price of a takeaway meal, South Africans can be part of the growing cryptocurrency movement.”
However, South Africans are more interested in investing in Bitcoin rather than other ICOs and cryptocurrencies at the moment, according to latest surveys.
South African community launches own crypto: A small white community living in a remote town of South Africa of Orania and notorious for its closed population consisting of Afrikaners is considering launching its own cryptocurrency according to their Twitter, one of the few communication sources within the community.
The community living in remote area Northern Cape, a province in South Africa, includes just about 1,600 people and almost everybody knows each other. The Town’s Chamber of Commerce published a post on Twitter that it has decided to launch its own cryptocurrency which will present itself as an alternative option to the local Ora currency that may be subject to inflation in the future.
Now, the E-Ora as the new cryptocurrency is called is not an alternative to a cryptocurrency but just fiat currency in digital form under the security and transparency of a blockchain. Daniel James, the chairman of the Chamber of Commerce said:
“If the rand became so weak that one were to decide to walk away from it, one could perhaps couple (the E-Ora) to something else, such as a basket of currencies out there. Or something inside Orania. Something comparable that has value.”
The digital currency is currently being tested out but there are no concrete plans of its full adoption presented by the Chamber.
The largest city of South Africa gets a crypto ATM: The city of Johannesburg, the most populous one in South Africa, is now home to its first cryptocurrency ATM.
The ATM has been installed in the North Western Part of the city’s metro area and is compatible with all major coins. Customers can buy Bitcoin, Ethereum and Litecoin with fiat cash using this ATM. The ATM was installed by the Spar store manager, George Neophytou who said:
“I asked permission to use this location because I work here. What better place to set it up, so that if a user required help, I’d be on site to help.”
Cryptocurrencies are becoming popular in South Africa and more and more stores are now accepting direct cryptocurrency payments as well.
DASH looking to expand to Kenya and East Africa: Dash Hub Africa, a project of Dash’s Decentralized Autonomous Organization (DAO) is looking to establish a Dash ecosystem in Kenya and work towards other areas of East Africa according to the project’s coordinator, Abduallah Adeleke.
The project aims at increased adoption of Dash around the world and Africa, in particular where businesses and consumers can use the cryptocurrency on a daily basis. Adeleke is also trying to form an enthusiastic Dash community in the region that will accept it.
Dash Hub Africa is also active in 17 other members including Nigeria, Kenya, Ghana and Togo.
Blockchain and crypto being used to help refugees: Ethiopia, one of the largest homes of refugees in the world (almost 750,000 from Somalia, Sudan and Eritrea) is trying to use blockchain to help organizations cater for the needs of the displaced people.
Humanitarian organizations are now finding new ways to use blockchain in providing support for African refugees in Ethiopia. The new uses include using the technology as a means of identification that could help solve the issue of refugees being stranded between borders.
Bank of Israel studying crypto adoption: The Central Bank of Israel’s Deputy Governor Dr Bodo-Trachtenberg has said that the bank is optimistic about adopting cryptocurrencies in the central bank’s operations, according to Finance Magnates.
The move comes after increasing tussles between financial institutions and cryptocurrency circles due to lack of regulations had created an environment of hostility in the country. The words of the deputy governor who spoke at the Bit2C Coin Conference in the country have largely been received positively by the crypto community.
United Arab Emirates
Crypto regulations discussed in judicial review: Dubai’s top Judicial Institute in its annual judicial review has addressed the rise of cryptocurrencies and regulations in the country.
According to the ‘Emirates Law, Business & Practice’, the magazine in question, it will dedicate some space for the future of cryptocurrencies in the country and discuss the necessary regulations that need to be passed by the government from a legal perspective.
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