Crypto Africa Roundup: Binance Uganda, Bank of Zambia Warns Against Crypto and Chainex

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In our Crypto Africa Roundup, YouHash take a look at some recent developments on the fast-growing crypto continent.

Newcomer ChainEX Digital Currency Platform Expands Access to Digital Assets

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In a rapidly growing market dominated by Luno, relative newcomer ChainEX is quietly attracting interest by providing clients access to over 80 digital assets through a high quality and efficient platform.

Launched in 2018, ChainEX provide their growing customer base with live trading, a multi-currency exchange, fiat pairing, low fees (0.25%), and secure trading – and all through a powerful yet intuitive platform.

With tech savvy South Africans constantly looking out for alternatives that offer wider product offerings at improved pricing, it’s hardly surprising that there is growing interest in ChainEX.

Stay away from Cryptocurrencies Warns the Bank of Zambia

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The Bank of Zambia, the country’s central bank, has reminded citizens that it does not consider digital currencies to be legal tender. As such, citizens are warned to treat them with caution.

In addition, since cryptocurrencies are unregulated in Zambia, the BoZ reiterated that it has no authority to investigate instances where investors lose money.

The BoZ’s position in terms of cryptocurrencies is consistent with many other African central banks whereby they do not recognise them as legal tender.

Binance Uganda Scheduled to Go Live

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Leveraging the experience and might of Binance, one of the world’s leading crypto exchanges, and with technology being used by more than 30 exchanges around the world, Binance Uganda opened for registrations in June and was scheduled for launch this week.

Deposits are accepted in Ugandan Shillings, Bitcoin, and Ether, and will commence with BTC/UGX and ETH/UGX trading pairs. For the first time, Ugandans are now able to access crypto using local currency.

Government to Harness Blockchain Technology to Manage Ambitious Housing Project

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Kenyan news source The Star reported on 15 October that the government plans to utilise blockchain technology to manage a 500,000 unit low cost housing project.

In a country where 97% of the employed population earn less than $1,000 per month (Sh100,000 at current exchange rate), the government aims to assist potential home owners purchase affordable housing. According to the Star report, blockchain technology will be employed to ensure fair distribution of housing to deserving participants and reduce corrupt activities by legislators and recipients alike.

The government is keen to re-establish trust with its citizens after a recent National Youth Service scandal in which private sector officials and civil servants looted $78-million.MARCUS SWANEPOEL

Getting to Know Africa’s Blockchain Movers and Shakers

Marcus Swanepoel

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Marcus Swanepoel is a co-founder (along with Francois Paul, Carel van Wyk, and Timothy Stranex) and CEO of Luno, a cryptocurrency platform operating in 40 countries around the world, and now based in London, UK. Luno has over 2-million clients and provides an array of services including digital wallets, exchange services, and merchant integration. Marcus holds an MBA from INSEAD, is a qualified Chartered Accountant and CFA charter holder.