‘We don’t like our money’: The story of the CFA and Bitcoin in Africa
African crypto experts and entrepreneurs explain why the CFA franc is an uncomfortable currency and why Bitcoin is making waves as a replacement. Nearly 150 million people use the franc of the Financial Community of Africa (CFA) on a daily basis, from Senegal in the extreme west to Gabon in the center of the continent.Used in 14 countries, the CFA franc is pegged to the euro, printed in France and its monetary policy is controlled by Western powers. As Fodé Diop, a Bitcoin (BTC) Lightning developer hailing from Senegal details, “The IMF and the French government still control the....
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In the end, this whole story comes down to whether or not anyone should patent a saying used by many people throughout the years. “Internet of Money” is a term that has come up in various discussions throughout the years, and none of this drama was ever associated with somebody bringing it up. Other than the ongoing Bitcoin block size debate, there are other topics being discussed on social media which relate to digital currency and blockchain technology. The topic of one particular discussion comes in the form of Andreas M. Antonopoulos using the term “internet of money” to describe....
Africans rarely use Bitcoin payment services as they don’t trust Bitcoin as a currency. Lorien Gamaroff, CEO of Bankymoon, stated to CoinTelegraph that African residents don’t use services that offer the option of Bitcoin payments for utility bills and others because they just don’t trust cryptocurrency. Nevertheless, this could be the perfect alternative to the traditional banking system, especially considering the fact that most of Africa's population is unbanked. South Africa-based startup Bankymoon offers different solutions for utility bill payments that support Bitcoins and other....
Werner van Rooyen, head of Business Development and Growth at Bitx, one of Africa’s biggest Bitcoin exchanges, spoke to CoinTelegraph about the problems and potential of Bitcoin in Africa. CoinTelegraph: Bitcoin use in Africa has improved in the last couple of years. What has really changed? Werner van Rooyen: Bitcoin, as measured in the amount of transactions per day, is steadily rising in Africa as it is in the rest of the world. Trading between local currencies and Bitcoin is higher today than it had been a few years back and there’s a big increase in Bitcoin awareness and discussion,....
Editor’s Note: This article has been changed to make the nature of the Bitcoin Africa Conference more clear. The name of this title is “Bitcoin Africa Conference,” and this is the first time the conference has been held. The author of this article was not saying that this Bitcoin conference is the very first one in Africa. We apologize for any misunderstanding. As you may know, the world’s first Bitcoin Africa Conference will be held on April 16-17, 2015 in Cape Town, South Africa. With all the buzz surrounding Bitcoin in Africa lately, it is no surprise that the first conference has made....
Louise Hogarth, an Academy Award winning Director and Producer is preparing a new documentary describing the process of paying wages to rural crafters in Bitcoin. With this project, Louise intends to support and bring attention upon one of the poorest communities in Africa and the elephant cause. Hogarth is best known for documentaries tackling controversial issues. Her previous work was filmed in Africa. Angels in the Dust was filmed in South Africa and shares the true story of Marion Cloete and the orphans she is responsible for. Throughout the documentary Hogarth, tries to connect the....