Category Archives: africa cryptocurrency news

Auto Added by WPeMatico

Africa and the Middle East: Crypto and Blockchain News Roundup 30 November – 6 December 2018

Africa

Africa and the Middle East

Welcome to another weekly blockchain news roundup from around the world. Here, we present to you all the latest Bitcoin news, continent by continent and country by country.

South Africa

Cryptocurrency may get Government Approval with Payment System Review: The South African government is looking to legitimize cryptocurrencies in the country through a series of policy changes for the purpose.

The South African Reserve Bank (SARB) is intending to go for a complete overhaul of the National Payment System (NPS) which is the national infrastructure that allows the transfer of funds between individuals and entities. The need for updating the system was felt after the previous system was found inadequate for modern requirements and was set up back in 1998.

The review will also cover the cryptocurrency space and allow regulation of the sector like never before.

The Reserve Bank is also reportedly going to launch a crypto law consultation process that will help the upgradation of NPS and pave way for the integration of space into the national financial fabric.

Nigeria

Government Watchdog to Monitor Risks of Digital Currencies: Nigeria’s financial watchdog Deposit Insurance Corporation (NDIC) has reportedly started monitoring the digital currency space and risks posed by it. 

A Deputy Director of the NDIC Kabir Katata gave this opinion and he said that resolving these concerns for protecting funds of the general public is important:

“We should continue to monitor developments in digital currency so as to resolve any concern on legal, financial and consumer protection,” 

It is yet unclear what kind of measures the agency will take for this purpose.

African Union

Top African Blockchain Events in Africa: Africa’s growing blockchain industry is conducting several important events across the continent this week. They include workshops and seminars in South Africa, Algeria, Egypt, Ghana, Nigeria, Tanzania and Zambia with thousands of participants expected.

The whole list of events can be found here.

Ghana

American Government Warns Ghana of Fraudulent Cryptocurrency Activities: The US government has sent a warning to Ghana and five other African countries for their involvement in cryptocurrency frauds according to the Head of the US Cyber Crimes Division.

Head of the Cyber Crime Division John Hooks said:

“I would like to inform the public, especially in the following African countries and their government: Nigeria, Uganda, Kenya, Tanzania, Ghana, DRC Congo that one Mr. Junior Capputti and Mr. Emerson Pires in the name of president and vice-president respectively, in one programme that they call a company that is known as Mining Capital Coin (MCC). The above-mentioned names are con artists running a non-existence company to lure the public into investing their hard-earned money in the cryptocurrency market,”.

Israel

Tax Agency to Reportedly Target Cryptocurrency Tax Dodgers: Israeli Tax Authority (ITA) is now cracking down on cryptocurrency traders who are accused of tax evasion and has since issued hundreds of warnings to these individuals for failing to report the right numbers.

The Israeli law defines cryptocurrencies and tokens as financial assets and taxes them up to 30%, but the government believes that many of the traders are not reporting their income right.

Saudi Arabia

Bank Announces Blockchain Islamic Financial Solutions: Saudi bank ICD is reportedly trying to develop a blockchain banking product that is sharia-compliant. The new system will allow Islamic banks to manage their liquidity needs in a transparent manner.

While cryptocurrencies are officially banned in Saudi Arabia, the government has found blockchain to be an interesting technology and is thus encouraging industries to adopt it.

Follow BitcoinNews.com on Twitter: @BitcoinNewsCom

Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here.

Image Courtesy:BitcoinNews.com

The post Africa and the Middle East: Crypto and Blockchain News Roundup 30 November – 6 December 2018 appeared first on BitcoinNews.com.

Africa and the Middle East: Crypto and Blockchain News Roundup, 23rd to 29th November 2018

Africa

Africa and the Middle East

Welcome to our weekly roundup of all important blockchain and cryptocurrency news from around the world. Follow the latest developments in the cryptocurrency space continent by continent, country by country.

South Africa

New draft tax law could have crypto implication: A South African law firm’s analysis of the recent draft law published by the national treasury regulator could have negative implications for the cryptocurrency sector. 

According to Cox Yeats Attorneys based in Durban, the recent Taxation Laws Amendment Bill will be bad for the digital currency industry. The bill is the first attempt by the government to regulate the cryptocurrency industry which has largely remained unregulated till now. The proposed changes include revisions to the Income Tax Act and Value Added Tax Act.

Nigeria

Union Bank warns against crypto usage: The Union Bank of Nigeria has cautioned the public against using cryptocurrencies and their transactions according to a letter sent to its users on 26 November.

The letter was published at popular Nigerian online community portal Nairaland which has over 55 million users. The community saw a letter being circulated citing the Central Bank of Nigeria saying that cryptocurrencies are not legal tender and cautioning against transacting in them.

According to the bank: “In order to guarantee the security of our customers’ funds, Union Bank will monitor accounts being used for cryptocurrency transactions and may impose restrictions including closure of such accounts.”

While the Union Bank of Nigeria is a commercially run bank with assets worth USD 4.1 billion, it suggests that even the private banking sector is not keen on adopting cryptocurrencies.

Kenya

Central bank digital currency under discussion: A Kenyan author has recently analyzed the case for a Central Bank Digital Currency (CBDC) in the country. While the Nigerian currency itself is quite prone to inflation, it pales next to the recent price tank of cryptocurrencies in the market so the topic can be a challenging one for the government.

The analysis points out that even though the creation of CBDCs is usually aimed at fixing the issues with the current system, the idea is invariably tied to the whole concept of cryptocurrencies and how they can ideologically not be manipulated by governments. It observes that a CBDC will probably be open for government manipulation and thus it will lose its original purpose. The Nigerian government is advised to think long and hard before embarking on any attempt to launch one.

Uganda

Government looking to regulate crypto as fake schemes proliferate: The Ugandan government is looking to regulate cryptocurrencies in the country after witnessing a recent increase in crypto-related scams.

Minister of State for Finance Planning David Bahati revealed this week that the government was finalizing a bill on national digital payments that has a focus on cryptocurrencies as well. This bill will be given to the parliament for approval in December.

Specifics regarding the new law are not available at the moment but it is expected that cryptocurrency scams are being singled out in the country.

Israel

Businessman charged with ICO embezzlement: A “cryptopreneur” has reportedly been arrested in Israel on embezzlement charges in connection with his role with two Initial Coin Offerings (ICOs) and their missing funds.

According to Israeli media outlets, the court case was initiated by 17 affectees of the ICOs and their defunct binary company AnyOption against Moshe Hogeg, a cryptocurrency entrepreneur. According to reports, issues between the coin holders and Hogeg arose after he failed to meet deadlines. Eventually, he was accused of being involved in the funds going missing.

 

Follow BitcoinNews.com on Twitter: @bitcoinnewscom

Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here.

Image Courtesy: Bitcoin News

The post Africa and the Middle East: Crypto and Blockchain News Roundup, 23rd to 29th November 2018 appeared first on BitcoinNews.com.

Africa and the Middle East: Crypto and Blockchain News Roundup 16-22 November 2018

Africa and the Middle East

Welcome to another weekly blockchain news roundup from around the world. Here we present to you all the latest Bitcoin news continent by continent and country by country.

African Union

Rhino Coin Maybe the Answer to Africa’s Rhinoceros Poaching Problem: A new startup in South Africa is using blockchain technology to record and verify rhino horns harvested from private farms in the country. The new solution could open new doors for preserving wild rhinoceros in the continent where much of the rhino horn trade has been banned yet not close to being stopped.

The new project called Rhino coin aims to create a new coin for every gram of horn via blockchain technology to create an incorruptible database for verifying legal rhino horns. Rhino coins can be purchased through local fiat Rand and can be traded on exchanges.

But, it is yet to be seen how Rhino coin can be adopted in the vast continent where illegal poaching is widespread.

Nigeria

Opposition Leader Pledges Cryptocurrency Policy if Elected: Ahead of the new elections, the country’s main opposition leader and candidate for president Atiku Abubakar has pledged a new pro-crypto policy in the country if he manages to win the election next year.

According to Abubakar, the policy will focus on blockchain education starting from the primary level up till university. He also promised to reform the digital currencies.

More than 50 candidates are taking part in the elections in the biggest African country with Abubakar as one of the leading contenders in the race.

Israel

Investment Firm Launches three New Cryptocurrency Investment Funds: An Israeli investment firm has announced the creation of two new cryptocurrency funds in the sector.

Silver Castle, the investment group has been described as one of the first pro-crypto investment firms in the country for accredited investors. CEO Ali Mizroch said that the first two funds have been launched in the Cayman Islands.

He continued:

“The first fund is algo-based, momentum-driven, long [and] short on bitcoin and top five [crypto]currencies. The second is smart beta, fully-invested in the top 10 coins. We aim to launch our third fund, a VC fund, that will participate in token offerings, in Q1 2019.”

The two funds will reportedly have up to $50 million in investments by the end of the year.

Saudi Arabia

Government Pondering Over Launching a National Cryptocurrency in Partnership with UAE: Saudi Arabia is opening up to the idea of a national cryptocurrency with the government of UAE reportedly onboard.

According to Mohsen Al Zahrani, the Head of Innovation at the Saudi Monetary Authority (SAMA), the country is looking to partner with UAE on the idea of a new cryptocurrency coin that will be released as early as 2019. The financial regulator will reveal more details in the near future regarding the feasibility of the project.

Bahrain

Government Signs Memorandum of Understanding with China Regarding Cryptocurrency Projects:  The government of Bahrain has signed a series of MoUs with Chinese Economic Development Board including a few for exploring the viability of the cryptocurrency projects in the country.

The tiny oil-rich nation is looking to diversify its income and has reportedly signed up Chinese fintech company IAPPAY to develop a mobile payment gateway as well as exploring the viability of cryptocurrency projects.

Fintech was also the focus of other MoUs signed between China and Bahrain. The country is also looking to establish a new AI institute at its university that will help spur innovation in the sector.

Follow BitcoinNews.com on Twitter: @BitcoinNewsCom

Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here.

Image Courtesy: BitcoinNews

The post Africa and the Middle East: Crypto and Blockchain News Roundup 16-22 November 2018 appeared first on BitcoinNews.com.

Africa and the Middle East: Crypto and Blockchain News Roundup, 2nd to 8th November 2018

Africa and the Middle East

Welcome to our weekly roundup of all important blockchain and cryptocurrency news from around the world. Follow the latest developments in the cryptocurrency space continent by continent, country by country.

South Africa

South Africans turn to crypto to avoid inflation: More and more South Africans are starting to own cryptocurrencies as a means to avoid the volatility of the local fiat currency, the rand, which has fallen as much as 20% against the USD last year alone.

According to a survey by Luno, a local cryptocurrency platform, more than 29% of the people surveyed owned cryptocurrencies in the country and almost 70% have heard about virtual currencies. While trading is not commonplace, it is because most see cryptocurrencies are a way to hedge against inflation and instability of the rand.

While cryptocurrency ownership numbers are quite high, only 23% stated that they had used cryptocurrencies for transactions and only 12% had used them for cash transfers to friends and family. This shows that the ownership numbers have not translated to actual market penetration but only act as a buffer against inflation.

Ghana

Local entrepreneur calls Bank of Ghana’s attitude towards crypto “worrying”: National Banking regulator Bank of Ghana’s attitude towards cryptocurrency transactions has been termed as negative and worrying by a local blockchain entrepreneur. He made these comments after the bank repeatedly stated that blockchain is unreliable and people should stop using it.

According to Eric O A Annan, blockchain innovator and entrepreneur of KuBitX, the regulator should come up with necessary regulations to mainstream the industry rather than having a defensive posture. He argues that millions of transactions are taking place through cryptocurrencies and blockchain daily.

He made these comments during the first Blockchain Ghana conference in Accra earlier this week. The innovator also urged the central bank to adopt blockchain technology for efficiency and transparency.

Uganda

Binance signs up 40,000 Ugandans in opening week: Binance got as many as 40,000 sign ups in Uganda within its first week of opening in the country. The massive response indicates that Ugandans are ready to invest in cryptocurrencies by the thousands as it presents viable alternatives to the public.

There are only two cryptocurrencies available for trading right now on Binance Uganda: Bitcoin and Ether. The country may see their use in the microfinance sector as more than 70% of Ugandans remain unbanked.

Israel

Bank of Israel decides against state crypto: The Bank of Israel has official decided against issuing a state cryptocurrency in the country after a government study group recommended against it.

The study group was formed by the governor of the state bank and included members from different government departments, banking community and blockchain industry. The move is in line with the attitude of many other central banks towards state cryptocurrencies.

Abu Dhabi

Securities exchange releases blockchain paper: The Abu Dhabi Securities Exchange (ADX) has published a thought paper on cryptocurrencies and blockchain infrastructure digital assets, according to state news agency WAM.

According to WAM, the paper discusses the required technical and operational criteria for setting up digital assets as well as supporting financial institutions though cryptocurrency assets. The document itself was prepared with the help of Central Securities Depositories under the supervision of International Securities Services Association.

UAE is looking at blockchain technology and cryptocurrencies with excitement and now the national regulator believes that ICOs will be allowed by 2019 in the UAE market for investments. ICO regulations are currently being drafted by the Abu Dhabi and Dubai stock markets.

 

Follow BitcoinNews.com on Twitter: @bitcoinnewscom

Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here.

Image Courtesy: Bitcoin News

The post Africa and the Middle East: Crypto and Blockchain News Roundup, 2nd to 8th November 2018 appeared first on BitcoinNews.com.

Africa and the Middle East: Crypto and Blockchain News Roundup, 26th October to 1st November 2018

Africa and the Middle East

Welcome to our weekly roundup of all important blockchain and cryptocurrency news from around the world. Follow the latest developments in the cryptocurrency space continent by continent, country by country.

South Africa

South African Revenue Service changes crypto tax laws: The South African Revenue Service (SARS) has announced a new amendment to the tax code that can potentially increase taxation on cryptocurrencies.

Currently, cryptocurrencies are classified as tech assets and thus they are eligible for tax breaks from the government that is reserved for research and development projects. Now that the tax code is going to be changed, traders will have to pay increased income taxes on their profits.

Blockchain to aid water regulation: A local blockchain company, HashCash, is working with the government to help regulate water in the country. The high-tech infrastructure deployed by the company will allow the government to monitor the water usage which is a critical issue in the country which was hit by severe drought recently.

Cape Town was the worst city affected by the drought. As a result, various blockchain companies are looking to work on water conservation systems, including HashCash.

Kenya

Kenya opening up to crypto: Cryptocurrencies are getting more and more traction in Kenya especially in the financial sector where it is disrupting the status quo.

Adoption of cryptocurrencies in the country will hope to increase financial inclusion in not only Kenya but other parts of the continent where there is little or no financial inclusion. The increased use of smartphones in the area is allowing the people to move to a cashless, bankless future where cryptocurrencies will play an important part.

Tanzania

Government looks for blockchain solutions: The Tanzanian government is collaborating with academics and researchers to produce blockchain regulations and solutions, according to South African news source The Citizen.

As part of an annual conference on information technology 2018 in Dar Es Salaam, Dr Jim Yonazi, a senior member of Ministry of Works, Transport and Communication, spoke to the blockchain and cryptocurrency industry in devising new use cases of blockchain to devise regulatory moves.

While Tanzania has a practical approach towards cryptocurrencies, progress in this sector has so far been painfully slow, though it had its first baby birth recorded on the blockchain and a few other innovations. The central bank is also studying DLT for effective regulatory practices.

United Arab Emirates

Government recognizes crypto assets as securities: Recently, the Securities and Commodities Authority (SCA) of UAE has approved a resolution to regulate cryptocurrencies and ICO tokens as securities.

It had been deliberating on a regulatory framework for a while and has now declared cryptocurrency assets as real assets of value and thus, they fall under the framework of the SCA. While the framework itself has not yet been updated for the cryptocurrencies, deliberations are underway to do so.

With the new regulatory status, UAE could become home to more and more cryptocurrency startups in the region. The evidence is out there as the country witnessed the launch of the first officially recognized and registered cryptocurrency exchange recently: The Crypto Bulls Exchange (CBX).

The CBX is not only the first cryptocurrency exchange in UAE but in the whole Gulf Cooperation Council (GCC). It also became the first cryptocurrency exchange to offer UAE dirham trading pairs for cryptocurrencies.

 

Follow BitcoinNews.com on Twitter: @bitcoinnewscom

Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here.

Image Courtesy: Bitcoin News

The post Africa and the Middle East: Crypto and Blockchain News Roundup, 26th October to 1st November 2018 appeared first on BitcoinNews.com.

Africa and the Middle East: Crypto and Blockchain News Roundup, 19th to 25th October 2018

Africa and the Middle East

Welcome to our weekly roundup of all important blockchain and cryptocurrency news from around the world. Follow the latest developments in the cryptocurrency space continent by continent, country by country.

Kenya

Restaurant accepts Bitcoin and Dash for food and crypto classes: A new restaurant in Kenya is offering food and cryptocurrency classes in exchange for cryptocurrencies. Situated in the small town of Nyeri, the local tech-savvy restaurant embraced cryptocurrency payment as a first in the region.

The town itself is 150 km from the capital Nairobi and lies near the popular destination of Mount Kenya. According to the proprietress of the eatery, Wambagu: “Since the world is becoming more global, my place is also becoming a global restaurant.”

Wambagu prides herself on being a cryptocurrency pioneer in the country and people flock to her restaurant because of her excellent food. She has also introduced cryptocurrency education classes for interested individuals inside her restaurant every Sunday and attendees can also pay the nominal fee in Bitcoin.

South Africa

South Africa deemed most crypto-friendly country in region: South Africa has been deemed as the most pro-crypto country in the African continent according to a report by French banking group BNB Paribas and Capgemini IT company.

According to the report, South Africa has allowed cryptocurrency payments, trades and investments without too much regulatory backlash. The country is also investing a lot in blockchain and crypto education as well as becoming home to an increasing number of Bitcoin ATMs and cryptocurrency exchanges.

Other African countries are also progressing but a relatively slower pace. Kenya and Ghana are also catching up with South Africa and allowing a pro-crypto culture within the countries.

African Union

Blockchain and crypto making a difference in Africa: Cryptocurrencies and DLT are paving way for economic inclusion and stimulating growth in the African countries. Many public sectors are weighing up the option to use cryptocurrencies to battle corruption and inefficiency in government departments.

While globalization and mercantilism have happened largely at the expense of African nations and exploitation of their resources,  it is refreshing to see that cryptocurrencies and blockchain technology are helping African people and governments push back. The recent adoption of blockchain systems for rare earth metal tracking in Rwanda is a good example because of rampant labor violations going in the mines that provide the world with much of the metals that are used in electronics manufacturing.

Turkey

CoinText Introduced in Turkey: Turkey, along with Argentina, are now within the operational coverage of CoinText, an offline SMS-based cryptocurrency trading solution. With the new service, Turks will be able to use Bitcoin Cash (BCH) through an SMS rather than a wallet which is connected to the internet and thus susceptible to intrusion.

Cryptocurrency trading in the country has reached record levels after a recent plunge in the demand of local currency lira.

Israel

Central banks wants to help blockchain companies: At the Israeli Blockchain Summit in the capital of Tel Aviv, Bank of Israel Head of Innovation and technology, Daniel Hahiashvili, said that the bank is looking to facilitate blockchain companies in the country.

His statement echoed change occurring in the system after the Bank of Israel banned cryptocurrencies five years ago.

United Arab Emirates

Government finds solution for ICO liability: The UAE regulator Securities and Commodities Authority (SCA) has announced a plan that will recognize cryptocurrencies as securities and thus make them liable for SCA’s jurisdiction.

While such a move may be detrimental and less encouraging for cryptocurrencies and new ICOs, it is still one of the more popular ways to regulate new ICOs and their tokens. The SCA has also warned about investing in cryptocurrencies before.

 

Follow BitcoinNews.com on Twitter: @bitcoinnewscom

Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here.

Image Courtesy: Bitcoin News

The post Africa and the Middle East: Crypto and Blockchain News Roundup, 19th to 25th October 2018 appeared first on BitcoinNews.com.

Africa and the Middle East: Crypto and Blockchain News Roundup 12-18 October 2018

Africa and the Middle East

Welcome to another weekly blockchain news roundup from around the world. Here we present to you all the latest cryptocurrency and blockchain news, continent by continent and country by country.

Nigeria

Cryptocurrency Exchanges Increasing Security Layers to Prevent Fraud: Nigerian cryptocurrency exchanges are working to improve their security features following multiple exchange hacks in recent months.

While Nigerian exchanges have escaped largely unhurt, they are working to improve the security of their funds. Exchanges including Luno have added additional security layers for unsuspecting customers, many of whom are not knowledgeable about cryptocurrency hacking activities.

Zambia

Central Bank Says Bitcoin Is Not a Legal Tender: The Central Bank of Zambia has toughened its stance on cryptocurrencies and declared that they are not legal tender and those investing in it will have to bear the entire responsibility in the case of a market failure.

But, at the same time, the Bank has also said that it neither has the power or legal backing to enforce a complete shutdown against cryptocurrencies in the country and would need legislation from the government to enable any future actions. The warning comes at a time when many Africans are looking towards cryptocurrencies as a safe haven against inflation and other fiat-related issues.

Rwanda

Government Tracking Tantalum Metal Mining With Blockchain: The Rwandan government has announced a new blockchain-based project to help track Tantalum mining operations in the country. Tantalum mining is crucial for the electronics industry but the operations are often dogged by claims of mistreatment of workers and labour violations.

Rwanda itself is one of the biggest exporters of the rare earth metals in the world and is now looking towards blockchain technology to regulate the industry. The system was developed by Circulor, a London-based DLT startup and the blockchain used for the purpose was Hyperledger Fabric Blockchain system.

Kenya

Blockchain Being Used for Fair Distribution of Housing: Kenya is using the transparency of the DLT to help create a fair distribution of housing projects and prevent misuse of funds. The move comes after the East African country was rocked by government corruption scandals in the public projects.

The new housing project with more than 500,000 units being proposed by the government has raised eyebrows regarding transparency as a recent Ethics and Anti-corruption Commission (EACC) indicated that the bribe culture is getting worse in the country. Blockchain Technology is being eagerly pursued by the government to help end this epidemic in the country.

Turkey

Text-based Crypto Service Launched: Turkey saw the launch of the first SMS-based cryptocurrency service for Bitcoin Cash by Cointext. As the popularity of Bitcoin grows, Turkey and other countries are getting more and more innovative with ways of using cryptocurrencies, both online and offline.

Offline Bitcoin transfer facilities allow users to bypass exchanges and create a P2P trading environment that is crucial for the future of cryptocurrency development in the world.

United Arab Emirates

Government Planning New ICO Rules: The Emirates government is working on new ICO rules in the country following dangerous security lapses by cryptocurrency companies in the near past. According to Reuters, by 2019, the government will allow firms to raise capital through ICOs instead of IPOs.

The Emirati regulators, however, are working to bring ICOs under their control by that time and have designated cryptocurrencies as securities. According to Obaid Saif Al-Zaabi of the securities watchdog, the regulations will be in place by the first half of 2019 thus opening gateways for everybody to use this option for raising capital.

Follow BitcoinNews.com on Twitter: @BitcoinNewsCom

Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here.

Image Courtesy: BitcoinNews.com

The post Africa and the Middle East: Crypto and Blockchain News Roundup 12-18 October 2018 appeared first on BitcoinNews.com.

Rwanda Government to Track Rare Earth Metal Mining With the Help of Blockchain Technology

The Rwandan government is working to track the supply chain of rare earth metal Tantalum which is used in consumer electronics. Rare earth metals like Tantalum are often considered as conflict metals because they originate from areas of conflict and there have been reports of child and bonded labour being used in their mining operations.

Rwanda is one of the biggest exporters of Tantalum in the world and is also plagued by many of the social problems associated with the industry. The governments in the conflict mineral areas are now focusing on the supply chains of the rare earth metal to hold the mining companies accountable and increase transparency in the shady business.

Tracking the supply chain is incredibly difficult because of lack of trusted technology and now blockchain is being pondered over for a possible solution. For this purpose, the Rwandan minister Francis Gatare, who is also the CEO of the mining, petroleum and gas board has announced that a blockchain initiative called “New and Innovative Mineral Traceability Solution” is being introduced in the country and has already been adopted by one exporter based in the country.

The blockchain-based tracking system is being developed alongside a London-based startup called Circulor. Circulor is offering a supply chain tracking system of their own built on the Hyperledger Fabric blockchain system. Circulor’s aim is to promote ethical sourcing of rare earth minerals and other mining products, especially from conflict zones.

According to Douglas Johnson-Poensgen, the CEO of Circulor:

“Circulor will not only assist miners in Rwanda to adhere to strict guidelines laid out in international agreements to remove conflict minerals from the supply chain but will also record all the production stages before a smartphone or computer reaches the consumer.”

Blockchain-based ethical mining solutions are becoming popular around the world. De Beers, a diamond company started a blockchain trial for tracking diamonds from mines to shelves. Chinese startup ZhongAn Technology has also launched a gem-tracking application for increased transparency in the gems industry. Local African governments are also working hard to develop a reliable blockchain-based tracking system for all the rare earth metals being mined from their countries.

Follow BitcoinNews.com on Twitter: @BitcoinNewsCom

Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here.

Image Courtesy: Pexels.com

The post Rwanda Government to Track Rare Earth Metal Mining With the Help of Blockchain Technology appeared first on BitcoinNews.com.

Africa and the Middle East: Crypto and Blockchain News Roundup, 5th to 11th October 2018

Africa and the Middle East

Welcome to our weekly roundup of all important blockchain and cryptocurrency news from around the world. Follow the latest developments in the cryptocurrency space continent by continent, country by country.

African Union

Crypto regulation rising in many AU countries: Cryptocurrency regulation is being pursued more and more rigorously by the African governments in recent times as they set to curtail the powers of decentralization and borderless options advocated by cryptocurrencies.

Zimbabwe is an interesting case study as the official policy flip-flopped between deregulating and over-regulating the industry. Kenya is also considering placing more regulations on the industry. Other countries like Uganda, Nigeria, Rwanda and Ghana have shown openness in cryptocurrency adoption but they are also planning regulation in the near future.

South Africa

Crypto investors urged to be responsible: With the increase in the number of cryptocurrency investors in South Africa, the investor community is being urged to be responsible by international family office Stonehage Fleming.

Eran Brill, Director of Stonehage’s Investment Management division in South Africa has urged all the investors to give their beneficiaries a full picture of their holdings because in the event of their death, they will have a hard time accessing these assets. He also outlined several ways in which this can be achieved without comprising the security of the wallets and exchange accounts.

Nigeria

Firm launches anti-fraud blockchain: A london-based firm has launched an anti-fraudulent blockchain network partnership with KAD ICT Hub based in Kaduna in Nigeria.

The main purposes of the partnership are microfinance and financial inclusion for tens of millions of Nigerians who do not have access to basic banking services. The move is part of a bigger initiative called Africa Blockchain Lab that was opened back in August 2018.

The anti-fraud network uses Confirm’s AMLT network to investigate suspicious cryptocurrency addresses. The anti-fraud option is important for Africa because many investors and public are inexperienced in cryptocurrency and financial matters.

Zimbabwe

WhatsApp trading hitting record levels: While governments are taking hard measures against cryptocurrencies, cryptocurrency trading in African countries like Zimbabwe are hitting new highs thanks to unconventional means of trading like the popular messaging app WhatsApp.

Zimbabwe is one of the unfortunate countries suffering from hyperinflation and many citizens are turning to cryptocurrencies to help circumnavigate the rampant inflation in the country. A recent insight into the cryptocurrency trading scene based on WhatsApp reveals trading agents using groups and private chats to connect sellers and buyers of Bitcoin. They charge a 5% commission for each trade for their services.

WhatsApp circles saw increased trading after the Reserve Bank of Zimbabwe banned two of the biggest cryptocurrency exchanges operating in the country: Golix and Styx24.

Israel

Government may lower crypto taxes: The Israeli government may just lower cryptocurrency taxation in the country by 50% after months of hostility towards cryptocurrencies.

The announcement was made by the deputy director general for Israel Tax Authority Roland Am-Shalem and it said that it will not insist in calculating FIFO for taxation of cryptocurrencies.

This is finally some good news for cryptocurrency traders in Israel who have suffered due to lack of official recognition of cryptocurrencies in recent times.

United Arab Emirates

Government announces securities status for crypto, plans ICO legalization by 2019: The UAE government is working to legalize initial coin offerings (ICOs) by 2019 and has declared cryptocurrencies to be a form of securities. The latest pro-crypto move is to increase blockchain-related investment in the country and attract DLT-based businesses.

According to the country’s Securities and Commodities Authority (SCA), Obaid Said Al-Zaabi, head of the top regulator said:

“The board of the Emirates Securities & Commodities Authority has approved considering ICOs as securities. As per our plan, we should have regulations on the ground in the first half of 2019.”

However, the utility-security conundrum of cryptocurrencies has not been addressed fully as of yet.

 

Follow BitcoinNews.com on Twitter: @bitcoinnewscom

Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here.

Image Courtesy: Bitcoin News

The post Africa and the Middle East: Crypto and Blockchain News Roundup, 5th to 11th October 2018 appeared first on BitcoinNews.com.

Africa and the Middle East: Crypto and Blockchain News Roundup, 28th September to 4th October 2018

Africa and the Middle East

Welcome to our weekly roundup of all important blockchain and cryptocurrency news from around the world. Follow the latest developments in the cryptocurrency space continent by continent, country by country.

Uganda

Ugandan prince partners with blockchain wallet company: Prince Kudra of the Ugandan territory of Buganda is reportedly partnering with cryptocurrency wallet company CleanPath Emerging Markets (CPEM) and the Ugandan Ministry of Energy and Mineral Development to create a new payment infrastructure project in the country.

The project will be launched through South African startup Wala and its native token DALA will fuel the system. Energy customers are expected to pay, borrow, receive and transact using the decentralized system using DALA tokens.

Kenya

Nairobi professor advises government to move to tokenized economy: A Nairobi-based associate professor has advised the government to tokenize the entire economy.

Dr Bitange Ndemo is one of the strongest advocates of blockchain technology in the country. He told local newspaper The Star:

“We must begin to tokenize the economy by giving incentives to young people to do things which they are paid through tokens that can be converted to fiat currency.”

Ndemo is a doctorate in Industrial Economics from University of Sheffield and and also an MBA from St Thomas, Minnesota. He has also worked with the government as secretary of the Ministry of Information before eventually quitting to work in the academic field.

Turkey

Istanbul to host Blockchain Economy Summit: The first Blockchain Economy Istanbul Summit will take place in Turkey this year from 20 February 2019. The meeting will be the biggest of its kind in the region and various issues related to blockchain and cryptocurrency will be discussed.

Turkey is becoming a popular destination of cryptocurrency and blockchain projects because of its focus on alternative technologies. Over 5,000 attendees are expected to attend the event from over 20 countries. In addition, some 10,000 people are believed to be planning to attend.

Israel

Israel securities regulator to use blockchain for secure internal messaging: The Israeli Securities Authority (ISA) has announced that it has implemented a decentralized ledger technology to secure its internal messaging systems.

The government agency does sensitive work and is involved in regulatory efforts for capital markets and securities. The new blockchain system has been named Yael, according to the Times of Israel, and was done to ensure the credibility of information in the body’s jurisdiction.

The ISA said: “The technology verifies the messages’ authenticity, prevents fraud, and prevents them from being edited or deleted. Additionally, the system prevents the option of denying that a message was received from the ISA.”

Blockchain company Taldor has been employed to complete the integration of the messaging service by the agency. Israel is one the most forward-thinking countries in the world in blockchain technology but it is facing issues in adopting cryptocurrencies as the government is in a fix regarding its adoption.

United Arab Emirates

UAE to regulate crypto as securities: The Chairman of the Securities and Commodities Authority (SCA) Sultan Bin Saeel Al Mansouri has recently said that the SCA has approved a plan to recognize the legality of cryptocurrencies by designating them as securities. The SCA is also in the process of proposing a framework to regulate cryptocurrencies in the country including ICOs, exchanges and other blockchain projects.

While the move was welcomed by the crypto community, there is still some confusion regarding the matter as the agency had previously indicated that it will not regulate or recognize ICOs.

 

Follow BitcoinNews.com on Twitter: @bitcoinnewscom

Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here.

Image Courtesy: Bitcoin News

The post Africa and the Middle East: Crypto and Blockchain News Roundup, 28th September to 4th October 2018 appeared first on BitcoinNews.com.