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Africa and the Middle East: Crypto and Blockchain News Roundup, 1st to 7th June 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.

Africa

African Union

Africa has potential to become next frontier in crypto: According to a report by Economist Nigeria, Africa is in line to become the next cryptocurrency hub in the world. Economists believe that the technology has the ability to cause disruption in fintech circles because it is not bound by geography and records transactions in real time.

African countries with especially high inflation rates are among the places where cryptocurrencies are becoming increasingly popular as they have the ability to combat the crushing inflation despite being volatile themselves.

According to Tech journalist Mukesh Sharma, “Africa is rarely mentioned among the largest markets for cryptocurrency, but it may be set to steal a march over other markets.”

Mobile phone users that will increase to around 725 million subscribers by 2020 will present more and opportunities for cryptocurrencies to succeed. African governments themselves are in favor of blockchain technology as it will attract vital foreign investment and innovative development in the region. More than 15 cryptocurrency startups have taken root in the continent since the year’s start too. Mining, trading and ICOs are becoming more and more popular as well.

Zimbabwe

High Court reverses crypto ban: In a surprise move, the central bank of Zimbabwe lost its case against banning cryptocurrency exchange trading as the local high court ruled in favor of exchange Golix that filed the application, according to latest reports.

What’s surprising is that the Central Bank’s legal team failed to show up in court and thus the court had no choice but to award the case to Golix. The move was welcomed in Zimbabwe as many people there are now investing in cryptocurrencies to elude the hyperinflation that is rampant in the country. The Reserve Bank is already one of the least popular government institutions in the country.

No one from the central bank was available for comment.

Egypt

Egyptian Grand Mufti against Bitcoin: According to latest reports from Egypt, the Grand Mufti has declared that Bitcoin and other cryptocurrencies are against the principles of Islamic currency. The move comes after the mufti traded barbs with the imam of a local UK mosque that started accepting cryptocurrency donations.

The issue of Bitcoin is not yet resolved by the Muslim clergy but now more and more people are open to the idea of cryptocurrencies and their usefulness.

South Africa

Central Bank developing blockchain-based internal tokens payment: The South African Central Bank (SARB) is working on a proof-of-concept based interbank payment system that uses an Ethereum-based fiat token, according to latest reports from Cointelegraph.

The project Khokha as it is called has been entailed in the latest report by SARB. It says:

“The aim is to build a proof-of-concept (PoC) wholesale payment system for interbank settlement using a South African Rand token on distributed ledger technology (DLT), while also investigating interconnected issues such as the platform’s scalability, resilience, confidentiality, and finality.”

Blockchain startup ConsenSys has joined in with seven partnering banks to form a trial team for the new blockchain payment system. PricewaterhouseCoopers Inc (PwC) has also joined in as a support partner.

Crypto miners may be targeting South African computers: South African computer users could be the latest victims of crypto jacking according to latest reports of African newspaper The New Age that used visiting computers’ computing power to mine cryptocurrencies.

A shady code was unveiled by a tech-savvy visitor to the website who noticed that his system slowed down a lot upon visiting the website. Upon investigation, it was found that a crypto mining script had been inserted into the website’s code to mine Monero, a popular cryptocurrency focused on privacy.

The newspaper has denied adding the code and could face investigation.

Uganda

President promotes blockchain technology: President of Uganda Yoweria Kugata Museveni has made encouraging statements regarding the future development of blockchain technology. He made the remarks at the first Africa Blockchain Conference held in Kampala, Uganda this week.

President Museveni welcomed the technology to increase transparency in the monetary system of Africa and the world. He spoke at length about how businesses had become used to “secrets and deceit” and that blockchain provided a solution. He said he strongly believed that blockchain technology could streamline the goods and services across his country but also cautioned against complete breakdown of current infrastructure.

The Middle East

Israel

8 Israelis arrested in Philippines for crypto scam: Eight Israelis and 480 local Filipino residents have been arrested in a possible Bitcoin scam in the Philippines, according to latest reports from the Pacific nation. The group was reportedly involved in fraudulent activities amounting to millions of dollars.

The local police undertook these raids following tip-offs by people within the crypto community. According to the police, the Israelis were involved in supervision of the scam and they had defrauded citizens of New Zealand, Russia, Australia and South Africa who thought they were investing in cryptocurrencies.

Public outraged by crypto regulation crisis: A regulatory impasse is creating problems in Israel according to latest reports coming from the Middle Eastern country. The country is facing protests from the crypto community that claim they have been promised legislation.

Due to the said delay in regulating the space, the individuals and businesses operating in the country will continue to face massive issues in cashing out cryptocurrency deposits from local banks. The government cited money laundering fears as the reason behind the delay in the key legislation and has so far failed to make a breakthrough.

 

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