Connect with us

Bitcoin

More Than 3,500 Bitcoin ATMs Exist Globally, Only a Handful in Africa

Published

on

Bitcoin ATMs

According to data from CoinATMRadar.com, a leading website that tracks bitcoin ATM locations, there are currently over 3,500 bitcoin ATMs installed across the globe.

As bitcoin and other cryptocurrencies grew in popularity, so did the demand for easy buying and selling options for digital currencies. Hence, the birth of the bitcoin ATM market. Canada was the first country to launch a bitcoin ATM in 2013. Subsequently, more bitcoin ATMs were launched in various countries. Today, there are bitcoin ATMs in 67 countries all over the world.

In a post on its website, Coinatmradar wrote: “Today (~4.5 years since first bitcoin ATM installation) there are already more than 3000 ATMs installed worldwide. And the speed of installations is only accelerating over previous years.”

The United States played a key role in the popularity of bitcoin ATMs as the majority of ATMs installed were located in the country. The report cites North America as having the highest percentage of bitcoin ATMs installed at 74 percent with Europe following in the second place at 21 percent.

Bitcoin ATMs in Africa

Data SharingAlthough the US leads in bitcoin ATM installations with over 2,000 locations, African countries have also started making strides in setting up bitcoin ATMs.

South Africa led the continent with the installation of the first ATM four years ago and so far has seen several bitcoin ATMs installed in several cities.

Harare, the capital city of Zimbabwe, has a bitcoin ATM that was launched by Golix earlier this year. Kenya’s capital Nairobi is also home to a bitcoin ATM while Djibouti is the fourth African country to be a proud owner of a bitcoin ATM, according to CoinATMRadar.

Companies like General Bytes and Genesis Coin, which produce most of the world’s bitcoin ATMs, have contributed greatly to the ATM increase across the globe. Additionally, there are over 31 different manufacturers of the bitcoin ATMs and more than 400 operators running them. All manufacturers seem to have one goal which is to meet the increasing demands of cryptocurrency users by installing more ATMs. That said and based on the fact that bitcoin ATMs are seemingly increasing in demand, it will only be a matter of time before other African countries like Nigeria and Ghana follow suit in the adoption of bitcoin ATMs.

Bitcoin

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

Published

on

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.

Continue Reading

Bitcoin

Botswana Receives its First Bitcoin ATM

Published

on

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.

Continue Reading

Bitcoin

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

Published

on

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.

Continue Reading

Bitcoin Price

Popular Posts