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Bitcoin Price In Tunisia, 20% Higher Than Normal

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Bitcoin in Tunsia

Tunisia does not seem to have changed much at least by way of economic policy and dynamics since the Arab spring in 2010. Almost a decade after the uprising, policies in Tunisia do not seem to have changed much to help mitigate the challenges of youth unemployment and a sluggish economy.

Tunisian bitcoin entrepreneur Mohamed Jaziri spoke of the current debacle in a recent interview with CoinTelegraph.

“Tunisia is a country that applies capital controls. We have an inflationary currency that is constantly trending down. Tunisians have no right to possess any form of foreign currency (no dollar, no euro, no yen…). So Tunisians cannot go on Amazon or eBay to shop online. Bitcoin is a huge opportunity for Tunisians to get back their financial freedom and be able to protect themselves from inflation.”

Despite this, the existing policies in the North African nation do not seem to actively promote the use of cryptocurrencies. Jaziri believes the government should adopt a proactive attitude as opposed to the current lackluster approach.

The Tunisian bitcoin community held a conference with the government in November 2015 with an aim to announcing official public backing for the digital currency. It, however,  turned out that the government was reluctant to make such a move.

Jaziri says: “They are not going to issue a law to make it forbidden but they are not going to authorise any business to operate in this field either. I launched an exchange that was working very well but I had to close it down because of government pressure”

Irrespective of this hurdle, tech-savvy Tunisians view bitcoin and other cryptocurrencies as an apt solution to their financial exclusion quagmire. Many Tunisians currently rely on bitcoin as a store of value as well as for remittance purposes.

50 percent of the Tunisian economy remains largely informal. Comparing this figure with other nations on the continent that average between 80 to 90 percent informal economy, it would seem like quite an impressive figure. But the Dinar (Tunisian local currency) is not a free currency thus bitcoin dealers tend to charge 20 to 30 percent premium to offset the risk of the local currency’s non-convertibility.

Jaziri is of the view that bitcoin demands are usually higher in countries where capital controls are stringent. However, he is hopeful of more positive outcomes with regards to cryptocurrency policies soon;

“Bitcoin will grow because it is useful for Tunisians looking for financial freedom. It is a must in Tunisia, we do not have any other way to transfer money freely or engage in cross-border transactions. Tunisians don’t have access to Paypal and Credit Cards. Neteller used to be available but not anymore. The only alternative is bitcoin”

The young tech entrepreneur is upbeat about the eventual mainstream penetration of cryptocurrencies in his country. He says Tunisia will be the heartbeat of cryptocurrencies on the African continent in the next couple of years. He further adds that the plethora of young Tunisian talent he comes into contact with on a daily basis help to keep his hopes alive.

Bitcoin

Binance Launches Fiat-to-Crypto Exchange in Uganda

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Binance Launches in Uganda

Global bitcoin exchange Binance has launched a new fiat-cryptocurrency exchange in Uganda. The exchange will also be offering a reward of 0.5 BNB to the first 20,000 users that register on the site as part of its promotion in Uganda.

The announcement comes nearly two months after Binance partnered with Crypto Savannah, Made in Africa initiative, and Msingi East Africa to promote economic development in the East African country.

Changpeng Zhao and Yi He founded Binance in 2017 and raised $15 million through an initial coin offering for its ERC20 token BNB in July of the same year.

The exchange plans to move its offices to the island nation of Malta after the implementation of stricter regulations in China and Japan. In January 2018, Binance was the largest crypto exchange with a market capitalisation of $1.3 billion.

Binance in Uganda

BinanceBinance will also offer its Ugandan users a month of zero trading fees when trading goes online. The exchange will announce the opening for trading at a later date.

Users can find out if they have won any rewards by logging into their accounts and accessing ‘Distribution History’ in the Account Center. In addition, users will be required to complete ID verification to be able to withdraw funds from Binance.

Ugandan users will enjoy an exchange that offers fast transactions of up to 1.4 million per second and state-of-the-art storage technology for utmost security. The exchange also provides 24/7 customer support and has a user-friendly interface.

The presence of Binance in Uganda aims to boost financial inclusion in the country, which has increased from 28 percent in 2009 to 54 percent in 2013 according to its national financial inclusion strategy 2017-2022.

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LINE Corp to Launch Cryptocurrency Exchange BITBOX in July for Global Trading

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BitBox
Image by linecorp.com

The developers of popular messaging app LINE and LINE Group’s cryptocurrency and blockchain company LVC Corporation have announced that they are set to launch a new cryptocurrency exchange called BITBOX in July 2018. The Japan-based firm made the announcement during the LINE Conference 2018 held in Tokyo.

The New BITBOX Exchange

BITBOXBITBOX will offer over 30 high-demand cryptocurrencies to users globally with the exception of Japan and the US. The exchange will trade coins such as bitcoin, ether, litecoin, and bitcoin cash while charging low trading fees of 0.1 percent. BITBOX will support 15 languages, according to the company press release.

The selected cryptocurrencies for the exchange have undergone an extensive screening exercise and have been picked by an internal committee, promising users a convenient and safe trading experience. LINE will also incorporate its top security standards to the cryptocurrency exchange.

LINE Corporation CEO Takeshi Idezawa said:

“As a key part of LINE’s new financial services, BITBOX shows our commitment to fulfilling the growing demand for more diverse financial options. With BITBOX, LINE users will be able to access cryptocurrencies more easily, while also being assured of state-of-art security measures to protect their assets.”

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Nigerians Have Invested Over $5m in Cryptocurrencies Despite Regulator Warnings Says KureCoin Hub

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Nigerians Invest in Cryptocurrencies

Nigerians have invested over five million US dollars in the cryptocurrency market in the last couple of years according to data from Nigerian cryptocurrency platform KureCoin Hub.

The data shows that Nigerian retail investors are investing heavily in the cryptocurrency market despite warnings from the Central Bank of Nigeria (CBN) and Nigeria Deposit Insurance Corporation (NDIC) against investing in an unregulated market.

KureCoin Hub’s co-founder and CEO Tega Abikure has criticised the stance regulators have taken and argues that the country will lag behind as other countries enjoy the benefits of blockchain technology and cryptocurrencies. Abikure told New Telegraph:

“It is not a matter of whether the government likes it; it is about whether they need it. I am not sure the internet was liked when it first came. […] It is not a matter of whether they are going to embrace it; it is about when they are going to do so.”

Abikure observed that other countries such as Uganda and South Africa have already taken steps towards adopting blockchain technology while Kenya is pushing forward with a functioning blockchain taskforce.

“Nigeria is being left behind,” he noted.

The Blockchain as a Source of Foreign Direct Investments

Abikure also believes that blockchain technology could be a major source of Foreign Direct Investments (FDIs) in the next five to ten years. In addition, he is of the opinion that a lot of money is being made in cryptocurrencies on the continent with most of it leaving Africa’s economy.

On one of the benefits of blockchain technology, he said: “[The blockchain] is completely transparent and cannot be changed; it can be used to create a decentralised system of payment where the taxpayer had an unhindered access to the collector which is the government. It enhances revenue collection and removes the challenges of remittances.”

Blockchain technology can also improve the banking sector, the electoral process, the use of donations in charitable projects, and the supply chain, among many other use cases.

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