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Meet Africa’s Blockchain Startups: Cryptogene

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Cryptogene

Cryptogene is a Nigeria-based startup that is building a hub to bring blockchain technology to the mainstream in Africa through education and the development of blockchain tools for individuals as well as organizations.

Cryptogene was founded in mid-December 2016 by a passionate crypto-enthusiast Bashir Aminu as a telegram community where people of all nationalities were welcome to share verifiable sources of information towards building interesting cryptocurrency and blockchain-based technologies.

In an interview with BitcoinAfrica.io, founder “Bash” (as popularly called by the members of Cryptogene’s telegram group) explains how Cryptogene aims to utilize cryptocurrency and its underlying technology to improve business and social infrastructures in Nigeria and beyond.

BitcoinAfrica.io interviewed Bashir, co-founder of Cryptogene, to find out more about this new African blockchain startup.

Cryptogene Bashir Aminu

How did you come to establish Cryptogene?

Last year in December, I had an argument with the billion coin (TBC) supporter about whether TBC was a viable cryptocurrency or not. This was a telegram group that I was in. After laying down my points and convincing everyone that it wasn’t and was, in fact, a scam, I had a lot of messages from people asking me to create a group just for the cryptocurrency market, which I did on the 14th of December last year. That’s basically how Cryptogene came to be.

What makes Nigeria the right place for this kind of innovation?

The blockchain can potentially transform the way we interact with each other and our environment. It could potentially revolutionize banking, government, etc. Nigeria is ripe because we currently have a lot of youths with great ideas and wonderful visions and no one to help them accomplish their goals. A lot of things are still based on who you know. Blockchain can eliminate that.

Centralization breeds corruption and abuse of power especially when you are dealing with centralized systems controlled by humans which affect the lives of many people

Take a look at resources for example. Imagine oil and gas were equally distributed or decentralized around the world. You would not have all these senseless wars or a handful of Nigerian families controlling all the oil wealth.

The future is about putting people and humanity first. This is what Cryptogene aims to achieve. It’s meant to give everyone a fair chance. It doesn’t mean there won’t be competition or reward for hard work. It just means that everyone has a fair chance of succeeding if they put in the same amount of effort and time.

What are the areas of immediate focus for Cryptogene?

Right now, our focus is the following

1. Educate
2. Adopt
3. Implement

1. We educate citizens on what blockchain is all about. What its potential is and how it can help them in their daily lives and businesses.
2. We get into the adoption stage. After we have educated, we have to now convince them that what we’ve educated them on is actually worth it.
3. Implement. After education and adoption comes implementation. Getting things on the ground for blockchain and cryptocurrency use in real life cases.

What are some of the milestones you’ve achieved in your 6 months? And looking forward, what are you excited about?

Over the past 6 months, we’ve witnessed phenomenal growth. We’ve had upwards of a thousand sign-ups on cryptocurrency trading sites like Poloniex and Bittrex, and many of these signups come from people that came from a background of investing in HYIPs and other Ponzis. Cryptogene has been able to change their mindsets towards more use cases. The trading group has grown in leaps and bounds in just a few months. We also have the exchange. It has become a safe haven for buyers to meet sellers and conduct cryptocurrency transactions without fear of being scammed.

For the future, I look forward to a future in which Cryptogene will become a reference point for all cryptocurrency and blockchain activities in Africa and indeed the world at large. I see Africa as a hub for cryptocurrency, where the new generation of startups will spring up and take the world by storm.

It’s been suggested that blockchain may be able to help solve long-standing problems in Africa, which area is Cryptogene interested in?

The economic development of many African countries is dependent on the success of local SMEs receiving the financial support they need to grow. This is where blockchain could prove particularly beneficial. Our platform would allow entrepreneurs share their ideas and get crowdfunded. This is our major play, which is why it’s the final step in our roadmap. We intend to make sure we have enough people understand the potentials of blockchain technology so as to adopt and then finally implement it in their businesses.

What do you see as the biggest challenge to adopting blockchain technology in Nigeria?

I think the biggest challenge to adoption is regulation. The government has a huge role to play in getting this technology mainstream. Blockchain faces a hurdle in widespread adoption by pre-existing financial institutions if its government regulation status remains unsettled.

Are you optimistic about the future of blockchain technology in Nigeria and Africa in general?

Optimistic, yes. Blockchain is going to give Nigeria and indeed Africa what it lacks and has been hampering its development for too long.

1. Transparency: With more people getting to know the capability of the blockchain tech, it would not be long before the people demand such transparency in essentially everything, from the individual workplace to the affairs of the state thereby reducing corruption and eventually eliminating it.

2. Technology: It is arguably true that blockchain is the next technological revolution or fintech revolution and this means that Nigerians and Africans would have a stake in it and not be reduced to consumers but also contributors even at this early stage. We want innovative Africans that create and contribute positively to the growth of the world. An Africa that can look inward and solve its problems.

3. A Global Village: As is the aim of the internet and technology itself, Nigeria/Africa will be made into a more cohesive unit. This promotes peace as well as confidence in a stable business environment.

4. Economic advantage: With security and transparency, more entrepreneurs will seek ways to develop or invest in otherwise neglected sectors. Individuals also get to invest in sectors of their choice without being subjected to the popular corrupt oligarchy. This means an increase in economic and human value, combating poverty and promoting development.

You can find out more about Cryptogene and its activities on its website at Cryptogene.co.

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Ghana’s Securities Exchange Commission (SEC) Warns Public About Investing in Crypto

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In a recent statement, the SEC of Ghana has warned the populace against investing in cryptocurrency and crypto-related investment schemes. This warning comes amidst a growing concern of the Security and Exchange Commission (SEC) about how Ghanaians are diving head first into the cryptocurrency market.

SEC Warns About Crypto

The Director General of the SEC, Rev. Daniel Ogbarmey Tetteh, signed an official statement released by the Commission that cautions the general public about cryptocurrency trading and all crypto-related activities as these are not regulated by the Securities Exchange Commission reports News Ghana

“[Cryptocurrency investments] offered by unregistered and unlicensed entities on digital online trading platforms with promises of high returns on investment are not sanctioned nor registered by the SEC”, the statement read.

The Commission’s statement further read:

Ghana SEC“The SEC wishes to inform the general and investing public that none of these cryptocurrencies is recognised as currency or legal tender in Ghana. The platform on which they are traded are not also licensed nor regulated by the SEC. The SEC would like to make it clear that it does not currently regulate these types of products offerings and their accompanying online trading platforms or Exchanges. Members of the general public who are investing or intend to invest in such currencies or assets may be doing so at their own risk and can in no way be protected under the Securities law regime in Ghana.”

Currently, digital asset trading remains a regulatory and legal grey area in the West African nation. Whereas the SEC has stated that it is presently not in support of or regulating cryptocurrencies, it also has not stated that cryptocurrency trading is illegal.

The regulator only mentions that they are “unregistered, unlicensed, and unregulated under the Securities Law of Ghana“. Thus, this can be very much regarded as a “disclaimer” on the part of the regulatory body to the public to sensitise them that trading in cryptocurrencies in the country presently is only done at one’s own risk.

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Botswana Receives its First Bitcoin ATM

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Botswana Bitcoin ATM

A startup in Botswana recently launched the country’s first bitcoin ATM in a shopping mall in the country’s capital Gaborone.

Botswana’s First Bitcoin ATM

Botswana Bitcoin ATMAccording to a report by Business Times, the new bitcoin teller machine, which is Africa’s tenth bitcoin ATM, is located in Gaborone’s city centre in a large shopping mall.

The company hopes that its bitcoin ATM will gradually increase the use of cryptocurrency in the city. Also, given the many negative stories surrounding cryptocurrencies, transactions without human interactions could be an attractive option to potential customers.

“We have been working tirelessly to make it easier for Batswana [people of Botswana] to buy cryptocurrencies and now we are bringing simplicity, convenience, and trust to the cryptocurrency purchasing experience,” said Express Minds’ Director Brose Watlala.

Mr. Watlala further states that the machine has a maximum daily transaction limit of around $5,000 and is the fastest, most convenient way to currently buy bitcoin in Botswana. Since there are no local cryptocurrency exchanges in the country, the local bitcoin community will likely benefit from the new bitcoin ATM.

The Future of Bitcoin ATMs

Botswana‘s government has paid negligible attention to digital currencies with its central bank not having made any official comments on cryptoassets or the blockchain. Currently, there are no clear rules and regulations around the legality of bitcoin and other crypoassets in the African nation. That means that the new bitcoin ATM may or may not last a long time should the country’s regulatory position towards bitcoin change.

As for now though, Express Minds use their newly launched bitcoin ATM to teach more people about bitcoin and the crypto world, which could go a long way in helping the country’s progress in crypto adoption.

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Kenya’s Regulatory Sandbox Will Not Accommodate Cryptocurrency Firms Says CMA

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Regulatory Sandbox in Kenya

Kenya’s financial regulator, the Capital Markets Authority (CMA), announced that the new regulatory sandbox will not accommodate blockchain firms dealing in cryptocurrencies.

The Regulatory Sandbox in Kenya

“[…] Blockchain firms will be considered so long as they are not dealing with cryptocurrencies since the CMA’s mandate does not extend to currency. The CMA regulatory sandbox can only serve financial innovations that are directly within the regulatory perimeter of the CMA.” said the Capital Markets Authority’s chief executive Paul Muthaura, according to a report by BusinessDailyAfrica.

CMA

The new regulatory sandbox aims to offer a controlled environment for fintech firms to innovate and create financial products that protect the interests of consumers.

The regulatory sandbox has so far received interest from 70 firms that want to join. Most of these firms are in the payments sector while others are crowdfunding platforms in the real estate and health sectors. In addition, some of these firms are from outside Kenya.

The CMA recently held a validation exercise with the 70 firms of the opinions received from the public regarding the new laws guiding the sandbox. Before this, the regulator had requested for public feedback regarding the sandbox’s regulations.

In April, the Authority will issue the final guidance notice to anchor the regulations into law before officially launching the sandbox in May.

An Anti-Crypto Regulatory Space

In the past, the Capital Markets Authority and the Central Bank of Kenya (CBK) have warned Kenyans to avoid participating in initial coin offerings (ICOs) and trading in cryptocurrencies respectively. These warnings were issued because investing in ICOs and cryptocurrencies poses a high risk to consumers.

“There are risks associated with cryptocurrency particularly on consumer protection, fraud, hacking and loss of data and they are prone to be used as pyramid schemes,” the CBK governor, Dr. Patrick Njoroge asserted in 2018

In one of its 2018 soundness reports, the CMA recommended that a special body be created to oversee cryptocurrencies and ICOs. The report stated: “There is a need for regulators to devise a common approach towards handling issues revolving around cryptocurrencies and ICOs. A joint workgroup by financial sector regulators could be put in place to tackle issues around cryptocurrencies and ICOs.”

In light of the upcoming regulatory sandbox, Kenyans could benefit from the platform since the market is currently flooded with fintech solutions, especially those in the mobile lending sector, which are high-risk.

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