Mixin Collaborate with City on Instant Messaging Payment System

Jordana Sacks
  • Hong Kong-based Mixin Network and Nepalese global payment service provider City will work together to create an instant messaging payment system.
  • It is hoped the collaboration will help to resolve electronic currency issues relating to the Nepalese rupee exchange rate.

Mixin Limited announced its collaboration with global payment service provider City. The two enterprises intend to work together to create an instant messaging payment system, which will be used as a means of resolving problems with electronic currency processes in Nepal.

Mixin COO Danni Li stated that the company will work with the venture, which belongs to an integrated financial group in Nepal, to build a system based on the distributed ledger technology Mixin specialises in.   

The director of City, Mahesh Kumar Shrestha, explains:

“Nepal is a famous overseas employment country. The nominal GDP of the country is about 19.47 billion US dollars, of which the cross-border payment of overseas workers is about 28.2 percent. In addition, 64 percent of the labour force in Nepal is still concentrated in agriculture, forestry, and fisheries. The payment and exchange of cash is inconvenient, and the mobile payment industry needs to be upgraded.”

Mahesh Kumar Shrestha

Mixin Network is itself a sophisticated distributed ledger, giving it the potential to solve the many electronic currency issues tied to the Nepal rupee exchange rate. It’s hoped that its work will help to improve everything from account dealings to KYC, anti-money laundering technology, and more. 

In addition to the many solutions it might provide, Mixin Messenger will incorporate a number of new and exciting features too, including live chat and e-cash QR code payment, as well as performing a vital role in instant mobile payments for both retail and remittance.   

Recharging and withdrawal services for Messenger will be made available in over 5,000 City branches.

Mixin will also be working closely with ANEX Corporation - a global technology consulting firm - as part of a wider discussion with City around finding a window into the Tokyo market.

Over 5,000 Ugandan Citizens File Petitions Over Cryptocurrency Scam

Michael LaVere
  • Over 5,000 Ugandan citizens petitioned Parliament to issue a refund over funds lost in Dunamiscoins Resource Ltd. closure.
  • Cryptocurrency firm shuttered operation in late December, reportedly taking UGX 23 billion in client funds. 

Over 5,000 Ugandan citizens have petitioned Parliament following a high-profile scam by cryptocurrency firm Dunamiscoins Resource Ltd. 

According to a report by KMA Updates, more than 5,000 Ugandans submitted a petition seeking a refund over money invested in Dunamiscoins, which suddenly shuttered in December 2019. The fraudulent crypto firm billed itself as a privately owned company and claimed it was committed to providing complimentary crypto services to banks in order to benefit the low income and poor. 

In late 2019, Dunamiscoins’s bank account was suddenly frozen, with petitioners arguing that more than UGX 23 billion ($6.2 million) in client funds was locked in the firm. 

Arthur Asiimwe, de facto leader of the petitioners, told the Speaker and members of Parliament, 

[The] government licensed this company and gave it the go-ahead to work as a non-deposit taking financial institution; it carried out its duties as a microfinance company. They gave unrealistic bonuses.

Asiimwe and other petitioners argued that Dunamiscoins was operating as a microfinance company despite being registered as a non-deposit financial institution. While two of the company’s three directors have been arrested, Managing Director Susan Awoni remains at large. 

Asiimwe continued, 

We are not satisfied with what the Police report that they have failed to arrest the third director. We request that the Financial Intelligence Authority follows this up and trace where the money is and we are refunded.

Featured Image Credit: Photo via Pixabay.com