Russian Bitcoin Tycoon Expands Into Africa

Russian Bitcoin Tycoon Expands Into Africa

Russia strives to lead the global block chain movement; Even President Vladimir Putin is looking at the creation of a national cryptocurrency.

But the main task to promote the world block chain economy is implemented by small groups of special software engineers working far behind the Kremlin’s walls, tirelessly working in the back rooms and squeezing offices to use financial evolution.

The founder of the Token Fund, Vladimir Smerkis, is one of the soaring figures on the Blockchain scene, alongside Ethereum founder Vitalik Buterin and Bitcoin ambassador Andreas Antonopoulos. The fund, opened at the beginning of 2017, is working on a software that manages the cryptocurrency assets of individuals, companies and mutual funds in Eastern Europe.

A former manager of Mail.Ru, Smerkis recently opened an office in Dubai, UAE, covering the Middle East, North Africa and Sub-Saharan Africa.

The fund model was so successful that investors and hedge funds from South Africa to Switzerland wanted to label their systems in their local markets.

Opinions helped Vladimir and his team to think. Instead of licensing the software to worldwide investment companies, she decided to create a turnkey platform for global users, Tokenbox.io, and decide on a planned round of financing for the project next month.

Previously, He talked about his vision for the future of crypto currencies, the company’s plans for Africa, and how the blockchain could change the world.

African governments do not know what to do with their cryptocurrencies

Take Nigeria, for example, the largest economy in the continent. The Central Bank talked about warning local banks of trading in virtual currencies and investigating potential policy recommendations. In Kenya, authorities ceased comparing crypto currencies and pyramid schemes to create a task force to examine the potential benefits of basic block chaining technology.

This silence and strong embassy mix is ​​common across the continent. A new report by Ecobank about the state of the cryptocurrency regulation in Sub-Saharan Africa. Only two of the 39 analyzed countries have shown a positive or permissive stance on the crypto currencies of South Africa and Swaziland, while only Namibia cryptocurrencies have been banned. Elsewhere, cryptocurrencies are stuck in the regulatory limbo.

But while governments are trying to decide, citizens in many countries are warming up for virtual currencies. In Zimbabwe, the Cryptocurrency trade increased rapidly due to the economic crisis with the return of local residents to the value store. Indeed, for a short time, Zimbabwe had the highest bitcoin prices in the world. In Nigeria, crypto currencies have also become popular: last year in Nigeria, peer-to-peer bitcoin trade increased by 1,500% – only crossed by China.

Without a coherent arrangement, local cryptocurrency entrepreneurs are inspired by other places. Timco Ajiboye, co-founder of Bitcoin Africa, a bitcoin swap, says the company is modeling its security features according to the stock markets in more regulated countries. Ultimately, governments on the continent will decide on the regulation of virtual money. At that time, Ajiboye says the focus should be game to make the risks of encryption synonymous with higher security than it is even if it means pushing local exchanges and entrepreneurs to improve their games.

Gina James

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