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.
Africa to become next frontier for crypto: Interest in cryptocurrencies and blockchain technology is increasing in Africa as the sprawling continent continues to advance in the new tech according to latest reports fueling the notion that the continent could become the next frontier in the development of the crypto world.
High inflation figures and rampant exploitation by big companies are some of the factors that will actually help the development of blockchain technology in the continent to bring social justice, transparency and better utilization of resources.
According to gobitcoin.io, the main countries where the blockchain revolution is happening include Ghana, Botswana, Kenya, Nigeria and Zimbabwe. Many of these countries have high inflation rates, thus encouraging the use of cryptocurrencies.
Cobalt mining to be accountable, less controversial through blockchain: According to latest reports from DR Congo, blockchain startup Dorae is working to trace various raw materials produced in the country including cobalt, to hold miners accountable.
Cobalt mining is often seen as one of the most controversial businesses in a country dogged by controversies involving child labor and corruption. According to the Dorae initiative:
“Through adoption of the Dorae system, government and industry can combat issues such as child labor, regional conflict and environmental abuse, as well as increasing tax compliance and recalibrating the economics of supply chains to reward producers observing proper standards.”
Blockchain tech to help verify Kenya’s land records: Kenya’s problematic and disputed land management process is a constant headache for the public but blockchain-based startup LayBy is working on using the incorruptible nature of the blockchain to verify land transactions and help create a fraud-proof land registry.
According to the company’s official statement: “The platform, which shall be accessed using a special digital utility key called the Harambee token, will transform the way we buy and sell real estate by doing away with the hidden costs, unnecessary intermediaries, and reduce transaction time significantly. It will enhance data security and eliminate manual errors and duplication of verification processes.”
LayBy has offices in other parts of the world and is working to create transparent land records across the world.
70% of crypto investors under age of 30: More than 70% of cryptocurrency investors in South Africa are below the age of 30, according to latest findings by Paxful, an African cryptocurrency marketplace.
With over SAR 500 million worth of monthly transactions happening in the cryptocurrency exchange on Paxful alone, the future of cryptocurrencies in bright in the country but the demographics point to a more younger investor audience, of which 65% are male.
The main driving force behind the South Africans’ entry into cryptocurrency investment includes low fees, secure and speedy transactions, relative stability and international acceptance of the currency.
Women crypto owners rising: Women cryptocurrency owners are increasing in numbers, according to recent findings by AltcoinTrader, a leading crypto exchange operating in the country.
While there is still a huge disparity in the investor statistics as men dominate the field, women are catching up, the survey concludes. The age group that is the most interested in investing in the cryptocurrency is between 18-40 years. Women are becoming more involved in cryptocurrencies because of a safer and more secure investment opportunity for them.
Small businesses to leverage Bitcoin and blockchain: Bitcoin is gaining popularity in the biggest African economy, such that many small and medium enterprises are looking to get into the space, according to latest reports from Nigeria.
While only one in ten small-scale proprietors currently say that they use cryptocurrency payments, the demand is increasing as cryptocurrencies remove geographical, cultural and ethnic borders.
Central bank to appeal overturning of crypto ban: In response to the country’s top court overturning a sweeping crypto ban, the central bank is re-engaging in the regulatory tussle.
The bank is arguing that banning currencies and exchanges from operating falls under its jurisdiction and, therefore, the ban was lawful and should be upheld. The tussle between the bank and the cryptocurrency exchanges will determine the future legal outlook for cryptocurrencies in the African nation.
Israeli firm seeking permission to pay employees in Bitcoin: An Israeli firm Spot.IM is asking to pay its employees in Bitcoin, according to Israeli paper Calcalist.
While there is increased regulatory confusion and uncertainty regarding the future of cryptocurrencies in the country, the company is aiming to break the cryptocurrency ice in the country by engaging more and more people in the cryptocurrency debate.
Follow BitcoinNews.com on Twitter at https://twitter.com/bitcoinnewscom
Telegram Alerts from BitcoinNews.com at https://t.me/bconews