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On BitcoinTV (Peertube / Fediverse)

Zambia Bitcoin Adoption & Stablecoins Use | Daniel Simwaba | The Anita Posch Show #153 https://bitcointv.com/w/a9e5bd10-7662-4461-aeb2-08fbbbf439fb

Follow on Mastodon (Fediverse): @btcfairness@bitcointv.com and @anita@bitcoinhackers.org

Time stamps:

00:00 bitcoin adoption and stable coins usage in Zambia 00:16 Anita gives an introduction to the video 02:08 Anita introduces Daniel and Ndesanjo 03:18 Who is Daniel Simwaba? 04:32 Daniel's research on Cryptocurrency adoption in Zambia 06:34 Ndesa's own experience on Cryptocurrency adoption in Zambia 08:04 How did Yellow Card come about in Zambia? 11:17 Which crypto currencies are available on Yellow Card in Zambia? 11:55 How do you get bitcoin on Yellow Card in Zambia? 13:93 How to deposit and withdraw funds on Yellow Card in Zambia? 14:45 Does someone using Yellow Card have the keys to their coins? 15:51 Has there been an increase in the use of USDT in Zambia? 17:30 Yellow Card allows you to liquidate your bitcoin to Kwacha and vice versa 19:18 How is bitcoin important to the people of Zambia? 20:34 In which other countries do we find Yellow Card? 20:49 Which other exchanges are there in Zambia? 23:24 Why should people in Zambia educate themselves on bitcoin? 25:41 Closing remarks by Anita

My guest is Daniel Simwaba country manager for Yellowcard, the first Bitcoin and cryptocurrency exchange in Zambia. Joining us is Ndesanjo Macha a Bitcoin blogger, journalist. We're discussing the state of adoption, how to buy bitcoin with kwatcha via Yellowcard and the use of USDT stablecoins. The day of the recording was the 2nd year anniversary of Yellowcard in Zambia and 6th year anniversary of Yellowcard itself.

In this important episode Cedric sits down with Alex Gladstein the Chief Strategy Office for the Human Rights Foundation to discuss France's history of monetary colonialism, the mechanics of the CFA system, Senegal, assassinations, economic apartheid & how Bitcoin fixes this.

Follow Alex Gladstein on Twitter: @Gladstein

Check out the Human Rights Foundation on Twitter: @HRF

There are two forward-looking countries on Earth when it comes to Bitcoin: El Salvador and the Central African Republic.

There are other countries on the other hand, that are not led by gifted and insightful people. Uganda may be one such example, the central bank of which has just made this very ill-advised, ill-timed announcement, demonstrating a complete lack of understanding of all the matters to do with money and the great changes that are coming to how it is accounted for.

Future-oriented governments will be desperate to fully embrace Bitcoin and its dynamics, knowing that the probability that it will become the world’s reserve currency is one.

Doing business on the continent of Africa is very difficult. It is difficult to get payments in and very difficult to get payments out. For example, there is a black market exchange rate, and the government sanctioned exchange rate in Nigeria, meaning that there are two economies running in parallel, on top of the difficulty of moving money out.

Moving money is fraught with difficulties and multiple ways of making a loss on a transfer. These piled up losses can make it impossible to earn a profit, and if you do, impossible to spend or recycle it where you need to spend or recycle it.

What is holding back the Nigerian people is the totally corrupt, protectionist and anti-Nigeria CBN, which is preventing the flow of money and flourishing of innovation there.

Nigerians (presently one-third of them) are openly rejecting the system there and voluntarily opting into a nongovernmental system of money and finance because it is better and more suited to the Nigerian character of innovation.

This article is for a link to an archive of the article, which has no paywall, requires no subscription, and can be easier to read. The link to the original article, on the Bloomberg website is:

Crypto Can Complement Mobile Money in Africa, Kenyan Banker Says https://www.bloomberg.com/news/articles/2022-05-17/crypto-can-complement-mobile-money-in-africa-kenyan-banker-says

Many central banks on the continent have warned against trading cryptocurrency, while some have made it outright illegal. The Central African Republic is the only African nation to have adopted the digital assets.

“Cryptocurrency can as well complement the mobile money wallet, but essentially, we need to talk to the regulators.”

In Kenya, mobile money transactions -- which were only made possible through the willingness of the regulator to try out new technology -- have surpassed the use of hard currency. In the same way, the use of new technology can help increase Africa’s competitiveness because the continent lacks legacy systems.

Chivo wallet is as close to a CBDC as you get without it being on some blockchain or run by a third party.

Chivo wallet doesn't use the banking system. It is a walled garden monetary network. Additionally, the "dollars" in your Chivo balance may not actually be U.S. dollars in a bank account but a dollar-pegged stablecoin token.

Central banks might like that. So that's why they might be there.

If so, hopefully they learn that just like the eNaira CBDC in Nigeria, almost nobody actually needs nor wants to use a CBDC. And without people using it, it fails -- as it is expensive to build and operate.

But as far as this event being interesting ... don't you find it curious that it is mostly only the central banks from developing countries that are in attendance? It would not be surprising to find that the developing world central banks were the only ones invited.

Many bitcoiners, including @Bennd77, are not only into Regenerative Agriculture, but helping to expand local communities.

Zimbabwe's Allan Savory is a pioneer of Regenerative Ag.

The link for this post uses an archive, which has no paywall and no subscription requirement. The source article used for the article is here:

Why a Zimbabwean firm offers pensions denominated in cow https://www.economist.com/middle-east-and-africa/2022/05/14/why-a-zimbabwean-firm-offers-pensions-denominated-in-cows

The pensions are not denominated in Zimbabwe dollars, since they quickly evaporate, nor in American dollars, since many Zimbabweans are struggling to obtain any.

Instead, they are denominated in cows, which the government can’t print. Savers, typically wage-earners such as teachers, chip in cash, which Nhaka immediately turns into cattle. The assets grow by breeding. When a policy matures, clients can demand payment in cows or the cash equivalent.

His scheme is especially suited to a country where savers have lost all confidence in conventional finance. The only way to rebuild trust is to offer people “things they can touch and see”, he says. Nhaka holds viewing days when some of its 70,000 clients can visit the cows.

“Most of these, we’ll be putting a bull on them in 12 months’ time,” he says. That will be “a compounding of the investment return”.

This article appeared in the Middle East & Africa section of the print edition under the headline "Heiferinflation"

How have African societies fared over the past fifty years under fiat money and monetary colonialism? It depends upon whom one asks. It has been fantastic and quite beneficial for African ruling elites and associates. However, it has been a nightmare of inflation, instability, and tyranny for the people.

African economies remained monetarily disconnected. There exists a lamentable state of affairs that severely restricts and disincentivizes trade among Africans

One example, if a Nigerian merchant wishes to buy Ghanaian supplies, she would have to first convert her cedis into US dollars and then to nairas, a process that is burdensome and costly. There is no direct currency exchange even between next-door neighbors like Nigeria and Cameroon. Angola and the Democratic Republic of the Congo. Egypt and Sudan, etc.

The tragedy of fiat in Africa does not end there. Under the France-controlled CFA franc currency arrangement, 14 African countries remain trapped in monetary colonialism which differs from the rest of the continent, which is under not-so-direct monetary colonialism.

Cryptocurrency adoption in Africa has been quiet but fast and furious. This trend highlights that Africans, who are young, tech savvy, and yearning for change, and are looking for ways to escape the problems of fiat money. Africa is a frontrunner in crypto adoption, boasting some of the highest crypto adoption rates worldwide, despite government antagonism.

African leaders must embrace sound money and end monetary (and economic) repression if African societies are to become free, stable, peaceful, and prosperous. Such is Africa's way out of monetary colonialism.

And, an article on The Block:

Nigeria’s young, tech-savvy population has eagerly adopted cryptocurrencies, often using peer-to-peer trading offered by crypto exchanges to avoid the ban.

Nigeria’s markets regulator publishes set of rules for digital assets https://www.theblockcrypto.com/linked/146962/nigerias-markets-regulator-publishes-set-of-rules-for-digital-assets

The regulations “could act as the precursor for a surprise move from the central bank to reverse its approach, providing critical foundations for mass crypto adoption across the country,” Owen Odia, country manager for Nigeria at cryptocurrency exchange Luno, said by email.

The new rules cover the issuance of digital assets as securities, the registration of platforms and digital asset custodians, exchanges and virtual assets service providers.

Yes, a number of countries have had their central bank limit restrict (ban) bitcoin in one manner or another.

Uganda (Central bank) Kenya (Central bank, since 2015) Argentina (central bank restrictions on "financial institutions", but exchanges still operate) El Salvador (IMF, persuading)

This is not a comprehensive list, and in addition there remain dozens and dozens of countries where bitcoin use is banned in one form or another by the government itself (e.g., Ukraine).

The link for this post is for an archive of the article from Bloomberg. The archive can be easier to read. The source article on Bloomberg is:

Nigeria Issues Crypto Asset Rules in Move Seen Boosting Trade https://www.bloomberg.com/news/articles/2022-05-14/nigeria-issues-crypto-asset-rules-in-move-seen-boosting-trade

Case in point. A sovereign country being told by their central bank what that country's policy on bitcoin must be.

Central African bank regulator reminds states of crypto ban | Reuters https://stacker.news/items/28302 https://finance.yahoo.com/news/central-african-bank-regulator-reminds-174042040.html