Connect with us

Bitcoin

Ghana Should Invest 1 Percent of Reserves in Bitcoin Says Groupe Nduom VP

Published

on

ghana reserves in bitcoin

The vice president of Groupe Nduom, Papa-Wassa Chiefy Nduom, is of the opinion that the Central Bank of Ghana should invest one percent of its reserves in bitcoin. He believes that all 13 English speaking African countries should invest in bitcoin. With the dollar predicted to drop in value by up to 10 percent against other reserve currencies in 2018, Nduom is keen on advocating for a new reserve asset for African central banks.

Nduom told Ghana Web:

“Central banks in Africa may buy Euros, Swiss Franc [….] but they can also invest in bitcoin because big investors in the world believe that bitcoin is the new digital reserve currency.”

Why Should the Central Bank of Ghana and other African Central Banks Invest in Bitcoin?

According to a report by Citifmonline, Nduom believes the Central Bank of Ghana should invest in bitcoin for the following reasons:

  • High Potential Returns

If bitcoin hits $100,000 – and the chances are high according to predictions by several financial experts – an investment in bitcoin could mean high returns for African central banks. The risk in investing in such a volatile digital currency is huge, but Nduom feels that the risk might be worth it for the sake of industrialization and decreasing poverty levels.

  • Increased Foreign Exchange

Investing in bitcoin can increase the flow of foreign exchange in Ghana. As reported by Ghana Web, the VP of Groupe Nduom stated, “[….] Ghana trades in the digital currency will not be subject to tax or capital gains but will tax the profit that the exchange [has made]. That could result in massive inflows of foreign currencies in Ghana.”

  • Keeping Pace With the Rest of the World

Africa is often left behind in matters technology and Nduom believes that when central banks invest in bitcoin, this gap can be bridged. Perhaps digital currencies are Africa’s opportunity to once and for all keep pace with the happenings in the rest of the world. In any case, the chance to make the most out of bitcoin is equal across the board. No country has a head start or any other kind of advantage.

  • Working Together as a Continent

Chiefy Nduom envisions a continent that leverages digital currencies such as bitcoin to fund infrastructure development. He implies that African countries have created rigid borders instead of working together for the good of the continent as a whole.

The Blockchain is Valuable

Besides investing in a new digital asset, Nduom advises the Central Bank of Ghana to adopt blockchain technology as well. The blockchain has the potential to completely change the financial sector. Therefore, central banks should get on board as soon as they can.

On the other hand, when the blockchain is used in tracking national expenditure, transparency will prevail. For instance, a recent change in the Ghanaian governance found the new leadership grappling with $1.6 billion in expenditure that the former government had left undisclosed. In such a case, the blockchain would have prevented such a scenario from taking place. That is because the blockchain is decentralised, cannot be tampered with and can be publicly viewable.

In view of Nduom’s opinions, African central banks have a chance to change the African narrative. That is to say that the African continent has a chance to establish itself as a benchmark in the blockchain and digital currency use cases. What’s more, every sector be it insurance, finance, manufacturing industry, and government, should be ready and eager to invest its resources in the blockchain and digital assets for overall development.

Bitcoin

Paxful’s #BuiltwithBitcoin Initiative to Fund Rwanda Water Project and Afghan Scholarships

Published

on

Paxful Fund Rwanda Water Project

Peer-to-peer bitcoin exchange Paxful has announced a new development in its #BuiltWithBitcoin charitable initiative. The company is launching a Rwandan water tank project that will be spearheaded by AnthemGold, their new initiative member; additional classroom resources for the Rwandan nursery school that was built as the first #BuiltwithBitcoin project, and award more than $15,000 scholarships for female Afghan refugees to pursue their careers in the United States.

Paxful’s scholarship beneficiaries include Susan Naseri who is interested in non-profit work and law; Dunia Azizi, who will pursue a mathematics degree; and Farzana Nawabi, who is working towards a bachelor’s degree in nursing. The beneficiaries were chosen by Zam Zam – a non-profit organization partner for the program – based on the personal essays they wrote describing the hardships encountered while getting an education, migrating to the U.S. and blending into the American society while pursuing their careers and raising families.

Susan Naseri, one of the beneficiaries, said: “As a recipient of the Zam Zam Water scholarship, I’d like to express endless gratitude and appreciation to Paxful and everyone involved in the donation process. Receiving this scholarship is not only an immense honor and privilege; it also eases my financial stress significantly. I’m beyond humbled and thankful for this scholarship; thank you eternally for helping me expand my education and fulfill my dreams.”

Paxful Expansion and Partnership

Paxful Fund Rwanda Water ProjectFor the initial scholarship, winners were given $5,000 paid in two installments each of $2,500. Zam Zam Water will continue running the scholarship as an annual program. In addition, both Paxful and Zam Zam welcomed AnthemGold to the #BuiltwithBitcoin initiative after the virtual currency provider contributed enough bitcoin to construct a 35,000-liter water tank as well as fund the cultivation of more than 80 sustainable community gardens and 30 goats for two villages in Rwanda.

Speaking of the initiative, AnthemGold’s CEO, Anthem Hayek Blanchard said: “I am grateful to participate in a project that builds sustainable and essential projects for communities in need. We hope to use Zam Zam’s knowledge to provide people with the building blocks needed to foster and grow.”

Paxful’s announcement comes after its May announcement regarding its investment expansion in Africa by electing a new African Regional Director and building an incubation hub for blockchain technology in Lagos, Nigeria. The hub is expected to launch in the fourth quarter of 2018 and will be a co-working space that will provide services such as mentorship, advice on ICOs, and individual and corporate blockchain training. Paxful will also be sponsoring various crypto-focused events in Nigeria and plans to hold talks with similar events in Kenya, Ghana, and Cameroon.

Continue Reading

Bitcoin

Crypto-Finance Platform Nebeus Enters the Africa Market

Published

on

Nebeus
Image by Nebeus

Cryptocurrency users in Kenya, Uganda, Tanzania, Rwanda, South Africa, Nigeria, and Ghana now have full access to the suite of Nebeus services. The “crypto bank” Nebeus enables users to buy and sell cryptocurrencies, enjoy remittance services, and access crypto-collateral loans, among many other services related to crypto-finance.

Opening access to Crypto-Finance services in Africa

Nebeus is a London-based fintech startup that runs a P2P exchange platform, offers crypto-collateral loans and incorporates a user-friendly bitcoin wallet. Nebeus was founded in 2014 with the aim of delivering a cheap, convenient and highly efficient service that catered to the demands and challenges of the evolving cryptocurrency landscape.

The crypto-finance platform will take advantage of local telcos and mobile money to penetrate these new markets, according to a company press release. Mobile banking has enabled African countries to leapfrog many developed nations by tapping into a previously unbanked segment of the population. The success of mobile money platforms, such as MPESA in Kenya, has attracted a number of fintech and blockchain companies to the African market.

The pay-in and pay-out corridors for the trading service include MPESA in Kenya, Airtel mobile money in Uganda, mobile money (Vodacom, Airtel, Tigo) for Tanzania, mobile money (MTN) Cameroon, Mobile Money (MTN) for Nigeria and MasterCard, Verve (Cards) and online banking for Nigeria. The established network of local payment partners will provide access to crypto-services for a population of over 400 million people.

Nebeus also aims to play a greater role in serving the African remittance market, which is estimated to receive billions of dollars annually. The company’s objective is to become the focal provider for this section of the African economy.

Alex Lempka, Nebeus’ Director of Communications, said: “Cryptocurrencies have a potential to make a significant impact on developing countries in many ways by providing a bridge into the global economy. Nebeus is looking forward to playing a major role in that by providing necessary infrastructure for all participants”.

Continue Reading

Bitcoin

Golix Relaunches ICO and Expands Into Kenya, Uganda and South Africa

Published

on

Golix Launches ICO

Zimbabwe’s digital currency exchange, Golix is relaunching its token sale, which was planned for mid-May but abandoned after the Reserve Bank of Zimbabwe issued a cryptocurrency ban which was later overturned by the Harare High Court.

The exchange, which has been operational for three years, has also announced that it has launched its services in Kenya, South Africa, and Uganda as from Friday 1 June 2018.

“As part of our strategy starting from Friday 1 June, people in Kenya, South Africa, and Uganda will be able to start trading from Golix. This is one of our plans to be the leading exchange in Africa, which inspired by the vision to provide financial autonomy in the continent, ” said Golix’s Head of Growth, Panashe Tapera.

Out of 54 countries in Africa, only three have local cryptocurrency exchanges while the rest are still to realise the potential held by the blockchain technology.

Golix has set its target to avail its services across the entire African continent to address the cryptocurrency infrastructure shortage which has slowed down the adoption of digital currencies.

Golix Lead of Special Projects, William Chui, stated that the token sale was an initiative they set afoot to enable instant remittances and international payments through cryptocurrencies.

The Token Sale

“Since from onset our main agenda is to provide financial autonomy in Africa. The GLX token is going to be used to facilitate and realise this agenda. People from respective different countries will be able to buy the GLX token from the exchange using their fiat currencies. The GLX token will be used to buy other Altcoins in the exchange, all this will be done at zero transactions fee.

“The GLX token will also be used to facilitate remittances and international payments at lesser fees, compared to current banking methods. This cascade immensely towards contribution of GDP growth in African countries,” said Chui.

The GLX token, an Ethereum ERC20 token, will be available for purchase from Friday 1 June 2018 10 AM UTM/GMT on the Golix token sale website, tokensale.golix.com.

Potential buyers can use bitcoin (BTC) and ether (ETH) to buy the GLX token, which has been priced at $0.05612.

1,274,240, 097 tokens will be availed but only 637,120,049 are going to be sold during the token sale and the public will only be able to buy half of the tokens.

*Disclaimer: This post is informational only. Readers should do their own due diligence before taking any actions related to the mentioned company, product or service. BitcoinAfrica.io is not responsible, directly or indirectly, for any loss or damage caused by or in connection with the use of or reliance on any content, product or service mentioned in this article.*

Continue Reading

Popular Posts