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The cryptocurrency community has seen exceptional growth throughout the past year. Even with the bear market that caused many to withdraw from the cryptographic space, many Africans continued to trade with digital currencies. Technology, to which many have spoken a lot, has created positive changes in various economies throughout Africa.
Cameroonian separatists offer their cryptography to the public
A separatist group in Cameroon, fighting for the independence of the self-declared state of Ambazonia, has recently started selling its cryptocurrency to the public. Reportedly, the newly launched currency, AmbaCoin aims to provide humanitarian aid to the populations affected by the conflict in the English-speaking region.
Cameroonian separatists hope to raise 250 million dollars for the cause. The group also hopes that the new currency will help support efforts to secure the independence of the separatist country. The currency is also intended to allow separatists to stop using the CFA franc as a currency.
While commenting on the matter, Frank, one of the AmbaCoin project members stated that:
"AmbaCoin's idea was to get away from the CFA – we do not see the CFA franc as a legitimate currency for Ambazonia – if we want to be independent, we can not pursue a French colonial currency."
A group of anonymous English-speaking separatist scholars, developers and technocrats, created cryptocurrency. Cryptocurrency has received support from various individuals. However, the Cameroon government did not support it.
Members of the public officially started buying AmbaCoin last year on December 28th. An AmbaCoin token is sold for $ 25. Users can purchase these tokens using cryptocurrencies like Bitcoin, dash litecoin and ethereum. As of January 1, 2019, 30,000 AmbaCoins had been issued based on their website.
AmbaCoin is built on the blockchain of Ethereum. It makes use of the Ethereum system of smart contracts and is based on testing the game by eliminating the need to extract mineral resources.
According to the white paper, the token will be used to access national services, exchanged for returns. The token is not anchored on any traditional currency. Once funding is collected, the AmbaCoin board of directors will make decisions and the Anglophone regions will receive humanitarian aid.
Paxful reports 17,000 peer-to-peer transactions from African markets
Paxful, a peer-to-peer exchange platform recently reported that Africans make over 17,000 peer-to-peer exchanges every day using their platform.
In their report, Paxful said that these exchanges take place with Amazon and iTunes gift cards. The increased use of gift cards on their platform is due to the fact that Africans can buy cryptocurrencies using the gift cards they buy using their local brands.
Paxful has a strong presence in Africa. In 2018, iTune gift cards became Paxful's best trading couple with nearly $ 300 million in transactions from the African market. Amazon followed second with about $ 165 million transactions. Domestic bank transfers remained behind with just under $ 50 million.
The use of cryptocurrencies continues to grow across the continent. Other Africans have experienced the benefits of the transaction in cryptocurrencies and activities related to the blockchain. Despite being a bad year for most cryptographic business, Paxful's trading volume has not been influenced by the bear market. The crypted community in Africa has shown positive growth throughout the past year.
Africans seem to appreciate digital currencies as they provide solutions to financial problems on the continent. For example, despite the ban on using cryptocurrencies, many in Zimbabwe choose to use digital currency instead of local securities due to rising inflation levels. Others love the idea of spending less while doing transactions both locally and internationally. Some love how cryptocurrencies connect them to international markets by allowing them to obtain various services abroad.
In addition to spreading the use of cryptocurrencies, Paxful has also undertaken humanitarian activities in Africa. The company has recently started building its second school in Rwanda to help less fortunate children. He has already built a kindergarten in 2016. Paxful has also provided scholarships to African refugees.
