Africa Update: Bitcoin in Zimbabwe, Pseudo-Mining and Abra Lures Africa With Monero
The week starts with some developments in Africa’s crypto space which may shape related discussions in the region for coming days.
Zimbabwe embracing Bitcoin?
It starts with Zimbabwe’s newly appointed finance minister, Mthuli Ncube, who made public his intention to push the country’s central bank to take a cue from the Swiss central bank and learn to understand and invest in Bitcoin.
As reported by ITWeb Africa, the minister is the first top African government official that signals an embrace of cryptocurrency. Zimbabwe has been experiencing cash shortage due to declining exports and the over-issuance of Treasury Bills (TBs) to finance government spending. As at the last notice, the Reserve Bank of Zimbabwe has been cautious with cryptocurrencies.
“Pseudo-Mining” in Africa
The Zimbabwe call comes as mCoin launches its “Pseudo-Mining” Programme across Africa for coin distribution to users. It entails people doing positive things to get mCoin in return. The coin claims to be the only cryptocurrency that works with and without the internet giving many people, especially the unbanked in parts of Africa, access to the cryptocurrency through their mobile phones to own, store, earn, and trade it via an SMS wallet.
Its creators believe that having blockchain technology accessible over SMS alongside real use applications is the first step in giving billions of unbanked people the chance to experience e-commerce on a basic mobile without the internet.
Abra aims Africa
Global currency wallet and exchange, Abra, is spreading its wings into emerging economies – including Africa – as part of its efforts to drive global financial inclusion. Abra adds private cryptocurrency Monero to its platform in a move it says will help consumers in Africa and other emerging economies to get equal access to all classes of investing, payments and credit services.
The South African-based Lead Maintainer of the Monero Project, Riccardo “fluffypony” Spagni, notes in a statement that Monero’s inclusion in the Abra platform will further enable investors in emerging markets like Africa to access new markets and opportunities.