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Kenyans Are Among Highest Bitcoin Holders Per Capita According to Citi Report

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A report by Citibank has ranked Kenya as the fifth highest bitcoin holder per capita in the world. Nigeria was ranked third while South Africa took the sixth place. If these results are anything to go by, the future of bitcoin appears to be bright in Africa.

As reported by Kenyan Wall Street, Kenya’s market share of bitcoin as a percentage of gross domestic product (GDP) is slightly over 2 percent. Surprisingly, the USA, which is one of the largest bitcoin markets in the world as mentioned in Futurism, ranks eighteenth.

Interestingly, the report takes a bearish stand with regards to bitcoin and even goes ahead to predict a possible collapse. In fact, the report is of the opinion that the digital currency is “poorly designed.” However, it recommends investment in alternative digital assets such as ether (ETH) and ripple (XRP).

If bitcoin were to collapse, the countries with the largest market share of bitcoin as a percentage of GDP would experience significant wealth effects.

“If a bubble for an essentially ill-designed product pops, values drop to zero. […] If bitcoin were to flop, those countries would already experience a meaningful negative wealth effect,” the report states.

Citibank is Positive about Blockchain Technology

Like most banks around the world, Citi is positive about the blockchain. Thanks to its ability to offer solutions such as transparency, security, and faster financial transactions, the technology underpinning bitcoin could be the next big thing in the years to come.

Blockchain technology can be applied in digital voting, land title registration, audit trails, data management, clearance and settlements, creating secure digital identities, and offering faster and cheaper remittance services, among other use cases.

What Does This Report Mean to Kenyans and Africans as a Whole?

The Citi report indicates that digital currencies are potential wealth creation assets and that Africans can also benefit if they invest in altcoins as well. Furthermore, the report gives a positive view of blockchain technology, reminding Africans of its potential benefits in solving some of the current economic, social, and political problems that the continent is facing.

Lastly, this report is motivating to the African population that could still be thinking of cryptocurrencies as assets meant for the Western world. With three African countries ranking among the highest bitcoin holders, perhaps more Africans will begin to look at digital currencies more favorably.

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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
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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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