Month: June 2018

Binance enters Uganda market with plans for crypto-fiat exchange

Binance, considered to be the second largest cryptocurrency exchange in the world, has announced its plans to launch a new crypto-to-fiat exchange in Uganda.

In an interview with CoinTelegraph, Binance founder and CEO Changpeng Zhao said the firm is setting up Binance Uganda, in what would be their first move into crypto-fiat exchange.

“We think that crypto has a very strong use case in less developed countries…there’s more money to be made in a more developed country, but we want to distribute crypto to the rest of the world,” Zhao told the crypto news outlet.

The new platform will support the Ugandan shilling, in addition to a range of leading cryptocurrencies. It follows the firm’s strategic approach to the African market more broadly, where Zhao is known to be bullish.

Zhao pointed out, “Uganda [is a] really interesting situation, only 11 percent of the population has bank accounts. It’s both a challenge and an opportunity. So it may be easier to adopt cryptocurrency as a form of currency instead of trying to push for bank adoption. It’s an interesting experiment – Africa’s a big market, that’s why we’re there.”

Notably, he suggested Binance was carrying the backing of the financial sector, regulators and government in Uganda to bring the project to market. However, Zhao was under no illusions as to the compliance questions Binance would have to answer, with its Uganda platform their first venture in crypto-fiat, as opposed to crypto-to-crypto exchange.

Binance Uganda is to be established as a separate entity, and a separate system to the main Binance platform. While the two companies will remain commercially independent, Zhao stressed there will be “strong business cooperation.”

In practice, the Uganda system is a mirror image of the existing setup, and will replicate many of the same processes. Binance is also known to be working on a number of similar localized platforms, as well as its ongoing efforts to develop a…


What is Ravencoin (RVN)? | Beginner’s Guide

What is Ravencoin?

Ravencoin is a blockchain specifically dedicated to the creation and peer-to-peer transfer of assets. Just as Monero is solely focused on privacy, Ravencoin specializes in asset transfer – nothing more, nothing less.


Although you can exchange assets over other blockchains, like Bitcoin and Ethereum, that’s not their intended purpose. And the lack of specialization leads to problems that are specific to transferring assets. Ravencoin enables you to create and…

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AI and blockchain can dramatically automate legal transactions | PaymentsSource

Just as the e-commerce revolution transformed the world of consumption, the internet of agreements is going to revolutionize supply chains, finance, real estate, intellectual property and employment.

While experts suspect the digital revolution within the legal realm will be gradual, it is inevitable that lawyers will have to adapt to the use of blockchain and artificial intelligence. The internet democratized access to information, and now cryptocurrencies are democratizing access to…

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Rapper Akon floats smart city in Senegal reliant on own cryptocurrency

Dive Brief:

  • Rapper Akon is weighing building a smart city in the African country of Senegal with its economy reliant on his own cryptocurrency “Akoin,” according to the BBC and others.
  • Akon, who is of Senegalese descent, said his cryptocurrency would help build a “real-life Wakanda” called Akon Crypto City, based on the fictional African settlement in the Black Panther franchise of comics.
  • The rapper reportedly said at the Cannes Lions International Festival of Creativity that cryptocurrency and blockchain could be “the savior of Africa in many ways,” as he said it would help fuel entrepreneurship and security.

Dive Insight:

This concept represents an intriguing project by Akon, who has already developed a philanthropic streak in Africa through his Akon Lighting Africa project, which provides solar power to 18 countries on the continent and has earned praise from the United Nations. According to a website touting his new smart city, Akon Crypto City would be built on 2,000 acres of land gifted to him by Senegal’s president, close to the airport and the capital city Dakar and blend “leading Smart City planning designs with a blank canvas for cryptonizing our daily human and business exchanges, with the goal of inventing a radical new way of existence.”

Although this project is light on specifics right now, as Akon himself admitted at Cannes that he will “come with the concepts and let the geeks figure it out,” it is not the first from-scratch smart city to be discussed. Bill Gates has floated one near Phoenix, while the recently-announced Japan-Thailand Millennium Town has similar ambitions to use technology and improve the lives of local citizens.

The plan certainly has good intentions, and its references to Wakanda will not be lost on those who watched the recent “Black Panther” movie and saw an incredible amount of urban development brought on by the country using the fictional metal vibranium for innovations like…


Bancor To Launch First Blockchain-Based Community Currencies in Kenya

ZUG, Switzerland–(BUSINESS WIRE)–Bancor,
the decentralized network for digital currencies, announced today it is
launching the world’s first blockchain-based community currencies in
Kenya aimed at combating poverty through the stimulation of local and
regional commerce and peer-to-peer economic collaboration.

The pilot — which enables Kenyan communities to create and manage their
own digital tokens — will utilize…

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Bancor launches blockchain platform in Kenya to enable community currencies

Join executive leaders at the Data, Analytics, & Intelligent Automation Summit, presented by Accenture. Watch now!

Cryptocurrency platform Bancor announced today that it will launch a new blockchain service in Kenya as part of a financial system designed to help alleviate poverty.

The service will facilitate the creation of “community currencies” to boost local commerce and peer-to-peer collaboration. A community currency is a kind of alternative financial system that a…

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Estonia Grants Licenses for Wallet and Exchange Services to Coinmetro – Regulation Bitcoin News

It isn’t just Malta that is attracting crypto business these days, other small and fast moving countries on the European continent are joining the action. The latest example comes from Estonia, which recently granted licenses for offering wallet and exchange services to the cryptocurrency trading platform Coinmetro.

Also Read: Bitcoin in Brief Thursday: New Tech and a Quick Way to Make a Fortune in…

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Belgian Government Launches Site to Warn Crypto Investors About Scams

The new site, entitled “Too Good to Be True,” is run in part by the Belgian Federal Public Service Economy and the Financial Services and Markets Authority. Saying crypto assets “are the hype of the year,” the site warns that because they are extremely easy to develop, these tokens may be used for illegitimate purposes, including “scams, drug trafficking, terrorism or any other criminal activity.”


Estonia won’t issue national cryptocurrency estcoin, never planned to

Estonia said Monday it is not planning to launch a national cryptocurrency and that it never planned to do so.

A government spokeswoman said the Baltic nation was not looking to issue its own national cryptocurrency as it already uses the euro as its official currency.

Instead, Estonia plans to “explore various possibilities” for blockchain technology, such as the use of crypto tokens within its “e-residency” program, which gives both Estonians and foreigners a digital form of…

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A Slovenian Shopping Mall is Transforming Into an Actual ‘Bitcoin City’

Slovenia’s largest shopping city, aptly named BTC City, is on its way to becoming the world’s first genuine “Bitcoin City.” Slovenia’s Prime Minister, Miro Cerar, recently visited to open the Beyond 4.0 international conference, and to learn more about BTC City’s strategy to become a Bitcoin City.

BTC City is a giant shopping mall in Slovenia and the testing playground for Eligma, the AI-driven, and blockchain-based cognitive commerce platform are utilized by many different retailers in the shopping complex.

On Cerar’s visit to BTC City, the Slovenian State Secretary Tadej Slapnik bought him a cup of coffee, paying with Bitcoin using Elipay – Eligma’s payment system.

Eligma – Creating A Crypto Playground

BTC City is an excellent test ground for Eligma, a controlled environment where they can slowly introduce Elipay into every store, bar, and hotel in the shopping center.

“The shopping center presents a micro snapshot of global commerce because it encompasses a large number of very different establishments that present an array of challenges for Eligma on a scale, manageable in our first development phase.”

More and more retailers are implementing Eligma’s Elipay into their stores, giving their customers the option to pay with Bitcoin now and shortly Bitcoin Cash and Eligma’s token.

The Eligma team has big dreams for their platform – the plan is to transform BTC City into a unified online platform to simplify payment and business processes and enable the creation of a central warehouse, used by all stores.

By doing so, the goal is to drastically lower retailers’ ownership costs by using their stores as showrooms and only keeping the essential items in…


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