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Coinfest Nigeria Highlights Blockchain Use Cases Beyond Simply Investing in Bitcoin

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Coinfest Nigeria

The “decentralised convention for decentralised currency” CoinFest Nigeria was held on April 5, 2018, in Abuja. Crypto-enthusiasts, blockchain entrepreneurs, and investors came to together to discuss the future of cryptocurrency and the blockchain in Nigeria.

Coinfest is an annual event held in many countries, including Nigeria, which aims to promote the use of digital currencies and blockchain technology through a collaborative initiative.

Despite the recent drop in the cryptocurrency market and increased regulatory scrutiny for cryptocurrencies, Coinfest NG still experienced a strong turnout with over 150 participants coming from within Nigeria as well as other West African nations.

The event’s keynote speaker, Dr. Andrew S. Nevin, said in his presentation that there is a need for more Africans to see blockchain technology beyond bitcoin, highlighting this as one of the reasons why most African ICOs have failed.

“Despite raising billions, 46% of ICOs have failed globally, and the majority of African ICOs have failed. Only SureRemit and a few others were successful. Yet about NGN32 billion worth of bitcoin have been traded in Nigeria.”

Steemit in Nigeria

Coinfest NigeriaOne of the many topics discussed at the conference was the fast rate at which the Steemit community is growing in Nigeria. Mr. Toju Kaka talked about building a blockchain community through Steemit. He described the blockchain-powered social network as the Telsa of social media, adding that the platform will be a vehicle that will drive cryptocurrency adoption across the world.

Mr. Toju also described how many microbloggers in the country are now leveraging the Steemit platform as means of making money online through posting valuable content. He further went on to say some Steemians are already building hubs in Nigeria.

“As am talking to you right now, there are crypto-enthusiast who have taken it upon themselves to create hubs in some part of the countries like Ibadan, Portharcourt, and Uyo to power Steemians,” Toju said.

AgroPlexi Aims to Provide Financial Inclusion to Nigerian Farmers

One of the interesting startups showcased at Coinfest NG was AgroPlexi, a new platform leveraging blockchain technology to provide financial inclusion in the Agriculture sector.

The founder of Agroplexi, Mr. Ogundele Mayowa, said that one of the major problems of most African farmers is access to funding. Many of them are unbanked and do not have the necessary criteria to qualify for bank loans. This is where AgroPlexi wants to help.

“Here in Nigeria many of us look at the trading aspect, how we can make money from it. But cryptocurrency and blockchain technology is more than just money it’s the future. Agroplexi already has 51,000 farmers in her database and still counting.”

Mayowa concluded by saying that blockchain and cryptocurrency have the potential to solve the problems surrounding poverty and democracy in Africa.

Nigerian blockchain thought leader, Lucky Uwakwe, also spoke at the conference and told participants: “Experts used to say that it takes a good ten years for software to get into the limelight. That is to tell you that if bitcoin can keep on the pace at which it’s growing, in the next two years it will surely dominate the world as PayPal does.”

Coinfest 2018 showcased a wide range of startups, such as Xendbit, Bitmama, and BeepMagnet, which are a testament to Nigeria and West Africa’s growing blockchain startup scene.

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Mauritius to Receive World’s First Digital Asset Custody Regulatory Framework

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Digital Asset Custody Regulatory Framework

Mauritius is set to receive the first digital asset custody regulatory framework in the world, according to an announcement by the country’s Financial Services Commission (FSC). The framework will be effective from March 1, 2019.

The Digital Asset Custody Regulatory Framework

On September 17, 2018, digital assets were recognised as an asset class for Sophisticated and Expert Investors by the Financial Services Commission, Mauritius (FSC). This was followed by the FSC issuing a consultation paper with the intention of getting public and stakeholder feedback on the proposed Custodian Services (Digital Asset) License regulation, as BitcoinAfrica.io reported in November 2018. The license enables its holder to offer custody services for digital assets.

“In revolutionising the global FinTech ecosystem through this regulatory framework for the custody of Digital Assets, my Government reiterates its commitment to accelerating the country’s move to an age of digitally-enabled economic growth. As an African country, we look forward to fostering further innovation and bringing more prosperity to the region,” said Pravind Kumar Jugnauth, Prime Minister of the Republic of Mauritius.

The regulatory framework will make Mauritius the first jurisdiction to create a “regulated landscape for the custody of digital assets. Holders of the Custodian Services (Digital Asset) License will equally have to comply with the applicable framework for AML/CFT, in line with international best practices,” the announcement read.

Support for the Regulatory Framework

Digital Asset Custody Regulatory FrameworkAccording to the FSC, the regulatory framework was created after consultations with the Organisation for Economic Cooperation and Development (OECD) on the regulation and governance of digital financial assets.

The Chief Executive of the FSC, Harvesh Seegolam, asserted: “The FSC is committed to implementing enabling frameworks which facilitate the development of the Mauritius IFC. We continue to collaborate with our international counterparts and stakeholders in introducing the appropriate regulatory mechanisms.”

The Bank of Mauritius is also in support of the regulatory framework. The bank’s governor, Yandraduth Googoolye, said: “The Bank of Mauritius is supportive of innovation in the financial services sector. Banks, depending on their respective risk appetite, are encouraged to develop business relationships with players in the Digital Assets segment.”

In light of this announcement, the custody services license regulation could create a thriving cryptoasset industry in Mauritius, which could help position the country as the go-to digital asset investment hub on the continent.

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Ghana’s SEC Mulls Over Cryptocurrency Regulation Framework

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Ghana Cryptocurrency Regulation

Ghana may soon receive a cryptocurrency regulation framework that would enable local bitcoin startups and exchanges to operate legally and without the threat of a potential regulatory crackdown.

Cryptocurrency Regulations in Ghana

According to News Ghana, the country’s financial regulator, the Securities Exchange Commission (SEC), is contemplating regulating cryptocurrencies. The commission is also considering licensing exchanges dealing with digital assets.

The news comes at the backdrop of the increasing number of fraudulent “crypto” investment schemes in the West African nation. Last year, over 100,000 Ghanaian investors were reportedly victims of a crypto investment scam called Global Coin Community Help (GCCH), which saw the investors lose 135 million Ghanaian Cedi.

The SEC Deputy Director General, Paul Ababio, said: “[…] Desist from dealing with these crypto entities. […] When you choose to go there you are on your own. We have adopted a wide range of changes on it and we are still doing our research and gathering information. We welcome any input that people might have to help us formulate a view on how we should deal with it in Ghana.”

The State of Cryptocurrencies in Ghana

GhanaLike many central banks in Africa, the Bank of Ghana has warned citizens against investing or transacting in cryptocurrencies due to the risk involved.

Frances Van-Hein Sackey, the Secretary to the Bank of Ghana, in response to the GCCH scam, wrote in a statement: “Anyone who does business with these entities does so at his or her own risk and the Bank of Ghana will not be liable for the refund of any deposit lost by a depositor.”

The current state of cryptocurrency in Ghana could, however, change if the SEC regulates the sector, according to a report by GhanaWeb. The SEC ‘Ababio said that Ghana’s Economic and Organised Crime Office (EOCO) is probing three cryptocurrency companies whose operators are currently missing in action.

“[…] It has been very preliminary and it is a new area of our work that we are going to be quite strong on as well. We will be coming out shortly with a lengthier statement and we will name some of these firms,” he stated.

Furthermore, Ababio revealed that some of these firms operate online and do not have a physical presence. These firms will be classified as illegally operating in the investment sector, he added.

What Could This Step by the SEC Mean for Ghana?

According to the CEO of Modulus, Richard Gardner, the move by Ghana’s SEC is commendable since regulation of the sector will provide standard rules for exchanges to operate by. He believes that this will make the industry viable while protecting consumers from exchanges that engage in market manipulation, abusive trading, and money laundering.

Gardner also noted that the public and private sectors should work together towards creating these regulations.

“The best way to regulate an industry, especially one which is so technical, is to bring together those involved in the private sector, along with those from the public policy side. Together, we can usually find a way to encourage industry growth while protecting consumers,” he said.

Regulations can have a substantial impact on the local bitcoin startup community. Hence, it will be interesting to follow these developments in the coming months as they could mean the difference between Ghana establishing itself as an African leader in the cryptocurrency space or not.

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Places in Africa Where You Can Find a Bitcoin ATM

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Places in Africa

There are currently over 4,000 Bitcoin ATMs across the globe. The majority of them are found in the United States. Africa, however, is also home to a handful of Bitcoin ATMs. In this article, you will discover the complete list of places in Africa where you can buy bitcoin with fiat currency using a Bitcoin ATM.

What Are Bitcoin ATMs?

Bitcoin ATMs function like traditional cash machines with the difference being that instead of cashing out money from your bank account, you can buy and, in some cases, sell bitcoin against local fiat currency.

Zimbabwe bitcoin atmIn 2013, Canada received the world’s first Bitcoin ATM in the Waves Coffee Shop in Vancouver. Then, the following year, the first machine in the United States was introduced at a cigar bar in New Mexico. Two months later, Coinme installed another one in Washington that came with a money transmitter license. Since then, the market for Bitcoin ATMs started to steadily grow.

Today, North America leads the pack with 71.9 percent of Bitcoin ATMs, followed by Europe with 23 percent and Asia with 2.3 percent while Australia and Africa have a meagre 1.3 and 0.1 percent respectively.

Bitcoin ATMs in Africa

In total, there are currently nine reported Bitcoin ATMs in Africa. 

South Africa

South Africa, as a leader in bitcoin adoption, is home to five cryptocurrency ATMs that are situated in Johannesburg, Pretoria, Nelspruit and Cape TownOn Average, these ATMs can dispense between a minimum to a maximum of 100  to 1 Million South African rands (ZAR). Most ATMs require identity verification if you are buying more than 5,000 rands.

Nonetheless, none of these ATMs dispenses cash as they operate only fiat-to-crypto. One bottleneck that might discourage people from using the ATMs is high fees ranging from 8 to 14 percent.

Kenya

Kenya received its first Bitcoin ATM last year in the country’s capital, Nairobi. Operated by the BitClub Network, it is also a fiat-to-crypto only ATM and a minimum of 500 Kenyan Shillings worth of bitcoin and litecoin can be purchased using the machine. 

Uganda

The Kampala Post Office hosts Uganda’s only Bitcoin ATM, which is run by KIPYA Bit2Big, a local Blockchain company. Ugandans can use the ATM to buy bitcoin, bitcoin cash and ether.

Zimbabwe

Golix, the first ever cryptocurrency exchange in Zimbabwe and one of the biggest in Africa, also runs a Bitcoin ATM.

Based in the Golix offices in Harare, this machine provides an essential service in a cash-strapped country since it allows buying and selling of bitcoin, bitcoin cash, and litecoin.

Djibouti

Somewhat surprisingly, there is also a Bitcoin ATM in Djibouti. The currently only Bitcoin ATM in the small East African country is located at Appart Hôtel Moulk.

Interestingly, the ATM’s operator, Group DOS, plans to introduce two more Bitcoin ATMs in Djibouti. Group DOS CEO, Eleyeh Issa, told BitcoinAfrica.io that two new Bitcoin ATMs will be set up in the coming weeks, one at the airport and one at a shopping mall. 

While Bitcoin ATMs tend to come with high fees, which makes them less appealing purchase option for larger investors, they do help to push adoption among smaller investors who want to get started with their first bitcoin investment.

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