Category: Kenya

Despite $100K Pledged to Charity, Adam Back Remains Silent Over Proposed Debate

Despite $100K Pledged to Charity, Adam Back Remains Silent Over Proposed DebateThere’s over $100,000 on the line that could be given to charity for about an hour of Adam Back’s time. If he chooses to debate Bitcoin Unlimited’s Peter Rizun over why he thinks it’s a bad idea to scale with larger blocks, Paxful’s Ray Youssef‏ has pledged $100K in addition to Roger Ver’s initial $10K […]

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Crypto-Based Transfers Can Cut Remittance Costs in Africa by 90%

As Traditional Remittance Rates Soar, Crypto-Based Transfers Can Cut Costs in Africa by 90%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 […]

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Kenyan Crypto Adoption and Trading Grows Despite Warnings from Regulators

Kenyan Crypto Adoption and Trading Grows Despite Warnings from RegulatorsOver the last two years, the Kenyan government and central bank have been discussing how to regulate bitcoin and other digital currencies. In March 2018, the Central Bank of Kenya warned the general public about cryptocurrency investments. After those warnings, the region’s Capital Markets Authority (CMA) cautioned the public again after investigating a project called […]

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High Cost Slows Down Bitcoin ATM Growth in Africa

High Cost, Lack of Human Feel Slows Down Bitcoin ATM Growth in AfricaThere are more than 4,000 bitcoin automated teller machines (ATMs) in the world, but only just about 10 (or 0.2 percent) of these are in Africa. In a continent widely touted as the next big growth region for cryptocurrency, could it be that the story of Africa’s growth isn’t as real as many “Africa rising” […]

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Steady Rise in Small Businesses Accepting Bitcoin Payments in Kenya

Steady Rise in Small Businesses Accepting Bitcoin Payments in KenyaKenyan health services provider Health Land Spa has started taking BTC and other cryptocurrencies as a means of payment with a view to increasing accountability and averting losses. Across East Africa, cryptocurrency acceptance is on the rise, with at least two restaurants in Uganda and Kenya selling food for virtual currencies. Also read: Wirex Introduces Iban […]

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Zimbabweans Use BTC to Pay for Food Hampers Amid Foreign Currency Crisis

Zimbabweans Use BTC to Pay For Food Hampers Amid Foreign Currency CrisisStudy263, a Zimbabwean-owned fintech startup operating from South Africa, has opened an online store allowing Zimbabweans to buy food hampers that are delivered directly to their homes. Shoppers have the option to pay for items like cooking oil and baked beans in BTC, Paypal or Ecocash, a local mobile money payment system. Also Read: Ivy and […]

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Sompo Holdings Acquires 10% Stake in Kenyan Cryptocurrency Exchange Bitpesa

Sompo Holdings Acquires 10 Percent Stake in Kenyan Cryptocurrency Exchange BitpesaJapanese insurance group Sompo Holdings has acquired a 10 percent stake in Bitpesa, a Kenyan digital currency exchange and payments company, for 570 million yen ($5.02 million). The deal is expected to further digitize the insurer’s international remittance service. Also Read: Namibian Bitcoin Trading Platform BTN Persevered Despite Crypto Ban Crypto-Backed Remittances Sompo Holdings said in […]

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Pan-African Organization Launches Framework to Encourage Cryptocurrency Trade

Pan-African African Organisation Launches Framework to Maximize Trade Using CryptocurrencyOn Nov. 2, the African Digital Asset Framework (ADAF) launched with a mandate to promote cryptocurrency commerce within the continent. Co-founder Felix Macharia said ADAF is an open-source software platform to create cross-border standards for cryptocurrency and blockchain technology. It will also complement the African Union’s Single African Digital Market initiative, which leverages technology to […]

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Africa Dominates Trade Volume on P2P Bitcoin Exchange Paxful

Africa Dominates P2P Bitcoin Exchange Paxful With $64 Million Trades Each MonthPaxful Inc., a peer-to-peer bitcoin exchange, is seeing significant growth in Africa. The U.S.-based company said Africans now accounted for the largest number of people buying and selling cryptocurrency on its platform, with average monthly transactions totaling $64.5 million. Also Read: Brazilian Banks Ordered to Reopen Cryptocurrency Exchange’s Frozen Accounts Millennials Drive Cryptocurrency Adoption in Africa […]

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Kenya’s Bithub Africa Mines Bitcoin Using Solar Power

Kenya's Bithub Africa Mines Bitcoin Using Solar PowerBithub 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. Also Read: U.K Government Moots […]

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Report: Emerging Markets See Sharp Growth in Cashless Transactions

Report: Emerging Markets See Sharp Growth in Cashless TransactionsSouth Africa is the most cryptocurrency-friendly country in Africa, according to the 2018 World Payments Report by French banking group BNB Paribas and IT company Capgemini. Compared to other major economies on the continent, South Africa has allowed digital currency-based payments, trades and investments to flourish almost unhindered. Also read: African Cryptocurrency Exchanges Forced to Step-Up […]

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African Cryptocurrency Exchanges Forced to Step up Security

African Digital Currency Exchanges Step up Security to Safeguard Investor FundsCryptocurrency exchanges in some of Africa’s biggest bitcoin markets have been forced to rethink their security to thwart persistent attacks from hackers, a trend that has troubled trading platforms all around the world. Also read: Cointext Launches Bitcoin Cash SMS Wallet in Argentina and Turkey The Worst Yet to Come for African Exchanges Exchanges in the […]

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Nigerian Startup Kubitx Launches Bitcoin Exchange in Beta

Nigerian Startup Kubitx Launches Bitcoin Exchange in BetaKubitx, a Pan-African financial technology startup registered in Malta, announced the beta launch of its new cryptocurrency exchange on Thursday. The platform, which supports six digital coins, including BCH and BTC, will initially be available to users in Nigeria, before the company expands it to other African countries in the coming months. Also read: Billion-Dollar Startups […]

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Irresponsible Borrowing Leaves Africa on Brink of Debt Crisis – Again

Irresponsible Borrowing Leave Africa on Brink of Debt Crisis - AgainIrresponsible government borrowing has caused debt in many African countries to reach crisis level. Over the past 10 years, more than $80 billion in bonds have been issued to thirsty European investors by governments in Africa south of the Sahara, with public debt now making up about half of GDP. Bilateral loans, especially from China, add […]

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Bitcoin Trading Flourishes on Whatsapp Following African Exchange Closures

Bitcoin Trading Flourishes on Whatsapp Following African Exchange ClosuresGovernments in Africa simply cannot stop an idea whose time has come. In Zimbabwe, financial regulators banned cryptocurrency trading, and shut down two exchanges, thinking to have killed the ecosystem, only for Bitcoin to find a new life on Whatsapp. Kenyan authorities have sounded tough on virtual currency, warning banks and individuals against trading such, […]

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South African Startup Centbee Launches Bitcoin Cash Payments App

South African Startup Centbee Launches Bitcoin Cash Payments AppCentbee of South Africa has announced the launch of its bitcoin cash wallet app in beta, as adoption continues to grow in Africa and elsewhere around the world. Some shops in Kenya already accept bitcoin cash for purchases. Also read: BCH Roundup: Merchant Adoption, Wallet Services And Hackathon. Centbee Wallet App Allows Users to Send Bitcoin […]

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Wave of Mobile Tax Hikes Squeeze Africa’s Poor to Indulge Governments

Wave of Mobile Money Tax Hikes Squeeze Africa’s Poor to Spoil GovernmentsA smart robber fleeces you with a pen and a handshake. From Zimbabwe to Kenya, Uganda to Benin, African governments are on a tax-raising spree, looking for easy money, ostensibly to help fund successive revenue shortfalls and budget deficits. Often, the money ends up being misappropriated by corrupt public officials. The best weapon in government […]

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Pesamill Africa Launches as Kenya’s Latest Exchange Offering P2P And Centralized Trading

Pesamill Africa Launches as Kenya's Latest Exchange, Offers P2P And Centralised TradingPesamill Africa started trading today in one of Africa’s most active bitcoin markets. The exchange will compete with the likes of Bitpesa, and market itself to more than 48 million Kenyans, promising to help them buy and sell cryptocurrency peer-to-peer or through a centralized exchange with an order book. Also read: European Banks Complicit as Corrupt […]

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Pushing the Boundaries of Economic Change: Bitcoin as a Medium of Exchange in Africa

Pushing The Boundaries Of Economic Change - Bitcoin As A Medium Of Exchange In AfricaBitcoin is pushing the boundaries of economic change in Africa. In East Africa, a new deal between digital currency exchange Bitpesa and a Japanese firm shows Kenyans are using bitcoin to pay for used Japanese cars, cosmetics and electrical gadgets. In Nigeria, Sure Remit is helping make cash transfers cheaper and in Zimbabwe, TV subscriptions, […]

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Zimbabwe’s Golix Battles To Grow Volume After Breaking Into Seven African Countries

Zimbabwe's Golix Battles To Grow Volume After Breaking Into Seven African CountriesZimbabwean cryptocurrency exchange, Golix, is now active in seven countries across Africa, but it may be sometime before everyone buys into the project. Volume is still very low amid what looks like close competition between old and new exchanges fighting for a small, elite, but steadily growing market. A lack of market markers – those wealthy […]

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Five Major Banks Penalized in State Funds Theft Case in Kenya

Five Major Banks Penalized in State Funds Theft Case in KenyaKenya’s central bank has penalized five major commercial banks for handling stolen state funds in the corruption scandal involving the country’s National Youth Service and Ministry of Devolution and Planning. In addition, the banks’ CEOs and employees could face arrest, fines, and jail time. Also read: 160 Crypto Exchanges Seek to Enter Japanese Market, Regulator Reveals […]

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Poor Internet Access Could Slow Down Cryptocurrency Growth In Africa

Poor Internet Access Could Slow Down Cryptocurrency Growth In AfricaAfrica is often lauded as the next big thing for cryptocurrency adoption and development. But could poor internet access and connectivity slow down progress? A new report by the International Telecommunications Union (ITU) shows that it will cost $450 billion to connect 1.5 billion people – most of them in Africa – to the internet. […]

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