Crypto 24 / 7 News

Posted by Admin | Dec 6, 2019 | Uncategorized | 0 |
A South Africa based Zimbabwean financial consultant Amos Tsopota (pictured) who believes the future of currency is digital urged the government to adopt cryptocurrency saying it could potentially lead the way in its economic turnaround programme.
Addressing business delegates recently in South Africa, Tsopota who is also a director for Africa Digital Coin, (ADC$) said cryptocurrency, a form of digital currency which is not bound by geography because it is internet based was growing steadily in Africa.
With the advancement of technology worldwide Zimbabweans are set to benefit much as the crypto-currency will also become a store of value and avoid the current situation where people’s funds are eroded due to hyperinflation.Zimbabweans will benefit much as they can use the cryptocurrency for buying and selling online and do international remittances at low to zero transaction fees,” said Mr Tsopota.
A cryptocurrency is a digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank.
“We are in the process of finalising a system where you could exchange our cryptocurrency for gold certificates and medallions through our strategic partners in South Africa while we continue to engage the Zimbabwean government and find ways on how we can work together in terms of regulations in the crypto space.
“We will provide loans at low interest rates as they can use the ADC$ for borrowing through our Africa Digital Bank.Through our commodities exchange based on the blockchain technology, Zimbabwe will benefit by receiving billions of dollars in foreign currency from our pool of global investors who will be investing in mining and agriculture there by also creating employment,” said Mr Tsopota.
Turning to Africa, Mr Tsopota said if the continent takes up the initiative it will go a long way in fixing various ailing country’s economies and also benefit the rural populace who constitute a larger share of the population in many African countries.
“There is a real chance for Africa to fully embrace blockchain technology even more so than the first world counterparts to become world leaders in this new space.Africa has through colonisation, been dictated in terms of its infrastructure and this has been mostly a failure for so many banks, it is now upon us as a continent to build our own technological banking infrastructure that will leapfrog it.
“Banking has been problematic for a big portion of the African population as these financial structures are limited to cities whereas the majority of the population is rural.”
In September last year, Finance Minister Professor Mthuli Ncube considered to have cryptocurrencies as an option for Zimbabwe’s economic turnaround programme.
He cited how the Switzerland central bank’s stance on cryptocurrencies helped turn around that country’s ailing economy.
ADC$ is shortlisted in various cryptocurrency exchange platforms namely the Japanese’s Binance, Carlifornia’s Coinbase, Secychelle’s Bitmex, KuCoin, Hong Kong’s Bitfinex, ChangeHero, China’s Huobi, United States of America’s Bittrex and Poloniex.
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