Is a Financial Scam Making its Way into Zimbabwe?
Are Zimbabwe bond notes a scam? According to Ken Yamamoto, the latest form of currency to strike Africa’s borders is nothing more than a corrupt scheme; a frivolous attempt to steal funds from impoverished families and place them in greedy pairs of government hands. Yamamoto writes: “The people scamming you are not Robin Hoods, who stole from the rich to give to the poor. They are gluttonous perennial grabbers fattening their pockets knowing in your fear you can’t do anything.” For the most part, Africa has been a mixed bag for currency innovation. On one hand, companies like Mint have....
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Bitmari, a bitcoin-based money remittance service for the African market based in Zimbabwe, has entered its beta phase, according to techzim.co.zw, a Zimbabwe technology news site. A meeting is planned for Thursday in Harare to answer questions. The service has been signing up users for the past few months and is working to meet Zimbabwe regulatory requirements for financial services. The company’s name, according to its website, is a combination of the words “bitcoin” and “mari,” meaning money or currency. Thursday’s meeting at the Rainbow Towers in Harare is open to the public and begins....
Nov. 22-25, the first ever Blockchain Summer School will be opened in Harare, Zimbabwe. The event intends to educate and explore the benefits of Bitcoin as well as stimulating discussions on the challenges that inhibit cryptocurrency adoption in Africa. The event is organized by Bitfinance, a Zimbabwe-based Bitcoin exchange and infrastructure developer firm in collaboration with the Blockchain Academy. The target audience are local businesses that have been hit hardest by the current financial crisis in Zimbabwe. Tawanda Kembo, growth hacker at Bitfinance, says: “Zimbabwe is the hardest....
At the annual Digital Payments Conference held at the Meikles Hotel Zimbabwe on July 28, the Reserve Bank of Zimbabwe (RBZ) warned the country’s citizens against the various risks involved in using Bitcoin. The central bank’s Senior Executive of the National Payment Systems department Josephat Mutepfa, told the event’s audience—which primarily consisted of financial startups, experts, and entrepreneurs—that despite the popularity of Bitcoin, the Reserve Bank of Zimbabwe discourages the use of Bitcoin. This is due to the lack of regulatory frameworks for exchanges and startups providing....
The country of Zimbabwe is not associated with financial stability by any means, yet things have taken a turn for the worse. Now that cash supplies are nearly non-existent, banks have to turn customers away. An excellent breeding ground for Bitcoin adoption, or will a different solution save the country? Even though various countries around the world are contemplating to go cashless in the future, running out of cash is not what most of them have envisioned. Unfortunately for Zimbabwe, that is exactly what happened. Not that this is a complete surprise, mind you, as the country has been....
Various African countries have been hit with poverty in recent years. Improving that situation will take a global effort, and Ponzi Schemes are not interested in raising social standards by any means. Pyramid schemes are not that uncommon in the African market these days. iRaisers, one of the most notorious Ponzi schemes, has officially launched in Zimbabwe. Given the current financial situation in that country, scammers are looking to take advantage of the situation. Bitcoin Ponzi Schemes are active in the country as well, bringing more negative attention to cryptocurrency overall.....