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Namibian Crypto Fundraiser to Save African Wild Dog

A traveler to Namibia has decided to raise funds in cryptocurrency in order to save African wildlife.

When she was in Namibia, Nadja Leroux first accounted cryptocurrency when she was sent a small amount of Bitcoin Cash, enabling her to make transactions even while in the African bush. On returning home, she has now decided to put her new-found knowledge to good use by raising funds towards saving 4,500 African wild dogs.

The African wild dog, also known as African hunting dog, African painted dog, painted hunting dog, or painted wolf, is a canine native to sub-Saharan Africa. It was classified as an endangered species in 2016 and the global population is now down to around 6,000 adults in total.

Leroux now intends to buy an iPad for analysis and record keeping while she attempts to raise the funds needed for her donation of USD 1,600 for the equipment needed, which is likely to be used for tracking the animals and ensuring their safety. She has spent 121 days in the field setting up her project, and so far she has raised USD 33 in cryptocurrency.

Still in Africa, Zimbabwe’s new government is examining cryptocurrency after commenting that it appears that governments who are crypto positive, like Switzerland, are in good shape. The country’s new finance minister, Mthuli Ncube, believes that cryptocurrencies may have a role in bringing the failing economy back on track.

In Uganda, RightMesh AD has listed its token on the country’s Golix exchange with the aim to bring online more Ugandans also Africans throughout the continent. The company has been giving crypto handouts as an incentive to participate in the project which aims to increase connectivity.

A new report by the International Telecommunications Union (ITU) has outlined that Africa will need to invest more in internet connectivity in order to maintain the continent’s current pace of cryptocurrency adoption.

The popularity of Bitcoin in Africa continues to grow as a result of the presence of cryptocurrency exchange platforms. There are benefits to cryptocurrency ownership that are unique to the African continent, many devolving from the widespread unstable economic conditions.

 

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Zimbabwe’s Bitcoin ATM Sits Idle Just as Country Needs It Most

Zimbabwe’s Bitcoin ATM – the first and only one in the country – has been reported to be unusable, just as demand for Bitcoin there is at an all-time high.

Golix, the exchange responsible for installing the machine at their office in Harare, has been embroiled in a high courts battle since May 2018 with the Reserve Bank of Zimbabwe. The central bank had ordered all banks in the country to sever ties with Golix and other exchanges, halting the facilitation of crypto trading. Ultimately, this forced exchanges, including Golix, to cease operations, with bank accounts frozen and large amounts of money owed to customers.

The Zimbabwean Dollar was officially demonetized in 2015 and Zimbabwe no longer has a native fiat currency. This crippled the economy for a time, with people and companies losing entire life savings. At the peak of the inflation crisis, there was 98% inflation rate every day, with inflation rates annually reaching hundreds of billions of percentage increases.

Now Zimbabweans use the US dollar, euro and other major global fiat currencies. They also use some silver and gold. Bitcoin has also been in demand, with average prices in Zimbabwe frequently much higher than average global prices, likely due to its decentralization and resistance to inflation. Citizens likely find these aspects to be highly desirable, given their recent experience with fiat currency.

Golix is hoping that it will have success in Zimbabwe’s High Court and overturn the crypto banking ban, which would allow it to start exchanging crypto for fiat again, a necessary mechanism so they can channel Bitcoin into Zimbabwe. No court date has been set yet, however.

 

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Golix Sues Zimbabwe Reserve Bank over “Illegal” Crypto Ban

Cryptocurrency exchange Golix has filed a lawsuit against the Reserve Bank of Zimbabwe, saying that the bank’s action in issuing a decree on 11 May 2018 banning all cryptocurrency activity was illegal.

Golix filed the lawsuit against the Reserve Bank in the High Court of Zimbabwe. Golix is one of three cryptocurrency exchanges that are active in Zimbabwe, the other two being Bitfinance and Styx24.

The lawsuit argues that the Reserve Bank of Zimbabwe has no jurisdiction to ban cryptocurrency, since that is equivalent to lawmaking which is something only the parliament can do. It argues, therefore, that the Reserve Bank of Zimbabwe is usurping parliament’s power with this action. The lawsuit also mentions that the Reserve Bank couldn’t even manage their own local currency, the ZWL, so they have no right in general to make decisions regarding any form of currency.

Zimbabwe is notorious for the hyperinflation which destroyed its currency, the Zimbabwean Dollar (ZWL), and the same Reserve Bank of Zimbabwe which is banning cryptocurrency was largely held responsible for the crisis.

Essentially, the bank was accused of printing money at will to pay all of its debts, including for funding a war in the Democratic Republic of the Congo. The inflation rates became so extreme that the Zimbabwe fiat currency lost all of its value almost overnight. In November 2008, inflation hit an unfathomable 79.6 billion % per month, and eventually, the ZWL was completely abandoned in 2015.

Foreign currency replaced the ZWL in Zimbabwe, with 90% of currency exchange activity in the country occurring via the USD. Even though USD is the most widely used currency in the country, it is very hard to obtain and usually has to be purchased on the black market illegally.

One new way to obtain USD was through a Bitcoin ATM that the Golix cryptocurrency exchange installed in the capital Harare in March of this year. It dispensed USD for Bitcoin, a rare way for Zimbabwean citizens to get USD outside the black market.

Although cryptocurrency is obviously a very positive development for Zimbabwean citizens who have had to live with hyperinflation, since it provides a store of value which the government cannot manipulate and facilitates obtaining stable and valuable fiat currencies like USD, the government of Zimbabwe is trying to ban it anyways via the action of the Reserve Bank.

The decree banning cryptocurrency states that all financial institutions and banks must halt all cryptocurrency-related activity within 60 days, and the order was thorough in banning any and all cryptocurrency activity even by individuals.

 

Unfortunately, some customers trying to sell Bitcoin and withdraw cash to their bank accounts are finding that it is no longer allowed, even though there is supposed to be a 60-day grace period from the issuance of the decree so that people can get their affairs in order.

 

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