The Zambian Securities and Exchange Commission’s (SEC) CEO, Philip Chitalu, has warned the public that cryptocurrency OnyxCoin creator Kwakoo is not licensed to give investment advice or solicit funds, from within and outside the country alike. The Lusaka Times relayed the Zambian SEC head’s warnings in a report on Aug. 2. According to the report, Kwakoo has been promoting Onyxcoin and soliciting investments from the Zambian public. Relatedly, CEO Chitalu notes that Securities Act, No. 41 of 2016 dictates that certain activities — such as Kwakoo’s — require proper licensure in Zambia, unless specifically exempted by law. Moreover, Chitalu noted …

Bittrex cryptocurrency exchange is partnering with Bahrain-based crypto exchange and custodian provider Rain Management WLL to launch a digital asset trading platform for customers in the Middle East and North Africa (MENA). The new platform will purportedly combine Rain’s staff and expertise in the MENA region with Bittrex’s technology and security infrastructure, according to an announcement on July 31. The platform will offer all the tokens that are currently available on Bittrex and Bittrex International. It will also offer four Bitcoin (BTC) trading pairs with local fiat currencies: the Bahraini dinar, the Kuwaiti dinar, the United Arab Emirates dirham and …

The Ugandan government has partnered with blockchain startup MediConnect to trace counterfeit drugs in the country, according to a press release shared with Cointelegraph on July 22. The President of Uganda, Yoweri Musevini, Minister of Health Jane Ruth Aceng, and other government officials granted support for MediConnect’s blockchain-based platform designed to deal with various issues in the pharmaceutical sector. Specifically, the government stated that it would deploy the platform for tracking counterfeit drugs. The platform enables the recording of prescription medication, thus identifying counterfeit drugs and preventing their distribution in the pharmaceutical supply chain. Per the Ugandan National Drug Authority, …

An angry mob in Ladysmith, South Africa has reportedly torched the residence of Sphelele Mbatha, known as Sgumza, a manager of alleged crypto Ponzi scheme Bitcoin Wallet. The mob was likely a collection of victims who lost money through Bitcoin Wallet, according to a report by local newspaper Ladysmith Gazette on July 10. The local police have been investigating an unnamed Ponzi Scheme in Ladysmith, as reported by major South African news site IOL. According to the report, however, Bitcoin Wallet minimally appears to have made get-rich-quick promises to prospective investors. An unnamed community member reportedly told the publication that …

Bitcoin (BTC) trading in Zimbabwe has continued to surge after the government banned the use of foreign currencies on June 24, business news agency Quartz Africa reported on July 10. The country is reportedly seeing a rise in peer-to-peer (P2P) crypto trading. There are no local exchanges offering cryptocurrency transactions due to the existing ban on providing such services enacted by Zimbabwe’s central bank in May 2018. Since Zimbabwe recently re-introduced its local currency, the Zimbabwe dollar (ZWD), after abandoning it in 2009, Bitcoin has apparently become a more attractive store of value than the new fiat currency, associated as …

The Dubai Chamber of Commerce and Industry (DCCI) has entered a joint initiative to promote the adoption of blockchain trade solutions, according to a press release on July 1 The DCCI, which acts as an international business hub in Dubai, has signed a memorandum of understanding (MoU) with two entities the International Chamber of Commerce (ICC) and Singapore-based blockchain startup Perlin. According to the report, DCCI is the first chamber of commerce in the world to offer blockchain tools developed by the ICC, as well as the Centre of Future Trade (CoFT), a collaborative project the ICC and Perlin announced …

The deputy governor of the Bank of Uganda has warned the public about the limited protections offered them when they invest in unregulated cryptocurrencies. English-language Ugandan daily New Vision reports on June 28 that the bank’s deputy governor — Dr. Louis Kaskende — made his remarks during a Town Hall meeting in the city of Masaka, which was devoted to educating the public about the institution’s activities and role. Despite bitcoin being designed, in particular, as a politically-neutral money, Kaskende reportedly underscored the risks of crypto trading and adoption, stating that: “[...] online cryptocurrency businesses are not regulated at the …

The President of Uganda, Yoweri Museveni, will officiate the 2019 Africa Blockchain Conference, according to a report by Kabuubi Media Africa on June 24 According to the report, The 2019 Africa Blockchain Conference — not to be confused with The Blockchain Africa Conference 2019 which occurred in April — will be held from July 3 to July 4, and the theme is ’Africa 4.0: Preparing Africa for the 4th Industrial Revolution.’ The conference topics will reportedly include fintech, payment systems, and the future of education. President Museveni reportedly supported the use of blockchain technology in Uganda during his inaugural speech. …

Pan-African insurance company Old Mutual has opted out of insuring cryptocurrency mining equipment due to the absence of regulation in the industry, local technology-focused new outlet ITWeb reported on June 10. Following comprehensive research of the industry, Old Mutual has arrived at a decision not to insure equipment used for digital currency mining because of the unregulated nature of the industry. Among other reasons, the company also named cryptocurrencies’ exposure to fraudulent activity and modified electronic infrastructure of mining equipment that leads to overheating and other malfunctions. Christelle Colman, an insurance expert at Old Mutual, said that “we have chosen …

This article has been updated to clarify that Medici Land Governance will give technical training, not trading, to local workers in Liberia. Overstock.com subsidiary Medici Land Governance has signed a memorandum of understanding with Liberia to help the African nation digitize government services, a news release announced on June 10. The pro bono pilot project will explore how Liberia can strengthen its economy through blockchain and enhance interoperability between government departments. As well as strengthen the country’s capacity to generate revenues, the release notes that such infrastructure could reduce corruption. During the project, local workers in Liberia will also be …

Binance Charity Foundation (BCF), the charity arm of major crypto exchange Binance, has signed a Memorandum of Understanding (MoU) with Safe Future, a non-governmental organization (NGO) in Uganda focused on local education improvements. Binance announced the development in an official blog post on May 30. The Binance for Children Special Impact Education Project Uganda reportedly aims to provide a number of new supplies to schools in Uganda, such as solar panels, sanitary pads, school supplies, LED screens, as well as breakfast and lunch for students. According to the CEO of Safe Future, Mula Anthony, these developments will reach 100,000 students …

The National Bank of Rwanda, the country’s central bank, has issued a public service announcement on alleged cryptocurrency scams, according to an official Twitter post on May 30. The central bank specifically warns the public about initial coin offering (ICO) scams and crypto-based Ponzi schemes, which purport to offer a quick and significant return on investment for early adopters. These sorts of scams have reportedly been active in Rwanda, through firms like Supermarketings Global Ltd, 3 Friends System (3FS) Group Ltd, OneCoin, and Kwakoo (OnyxCoin). The National Bank of Rwanda cautions investors to vet their potential projects, and reminds the …