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Lesotho, a nation in the South African sub-continent has recently signed a memorandum of understanding (MOU) with the Apollo Foundation for creating a multi-functional cryptocurrency. Interestingly, this makes the country one of the first in the African continent to take definitive steps towards adopting crypto and blockchain. 

MOU Signed With Apollo Africa Chairman

For the same, Thesele Maseribane, Lesotho’s Minister of Communications and Technology has signed an MoU on the behalf of the government with Apollo Africa Chairman Anthony Mokhele, who is also the Chief Executive Officer African of  Development Funding group (ADF).

As a matter of fact, Lesotho is one of the smallest countries in Africa with a population of  2.1 million people. As reported by a local media outlet, Africa Blockchain Media, an Apollo supporter revealed that the announcement came as a joint effort of both organizations to accelerate development in the African continent. 

The latter cites Apollo currency as an all-in-one currency. It combines all features of mainstream cryptocurrencies in the fastest blockchain. It includes features like fast implementation of database sharding, adaptive forging, atomic swaps, two-second blocks, encrypted messaging, a decentralized marketplace, a decentralized exchange, decentralized applications, and decentralized file storage, making it the most advanced and feature-rich cryptocurrency on the market. 

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Bank Of Tanzania Warns Against Use of Crypto-Assets

Interestingly, the decision comes amidst when apparently nations are at odds with cryptocurrencies. As reported by Coingape, recently Central Bank of Tanzania (BoT) issued public notice warning citizens against dealing with cryptocurrencies.

As per the circular released by BoT, crypto-assets violate Tanzania’s foreign exchange regulations. Furthermore, the decision is in line with a blueprint used by several central banks. The document has been instrumental in reducing public interest in cryptocurrencies,thus hindering the adoption of cryptocurrencies in Tanzania. 

Also, the confusing crypto scenario in China has given rise to several speculations if the nation really wished to adopt crypto or not. 

Will South African Giant Manage to Build Its Token? 

South Africa Telecommunications giant MTN is also gearing to create a token that will act as a universal digital settlement currency for all financial uses cases for all parties. The purported currency, MTNCoin will run on the Stellar blockchain. Furthermore, MTN believes that the token will help solve the continent’s long-standing challenges. These include a $60 billion remittance market, marked by exorbitant costs and long transaction times. Interestingly, the project also claims to solve the problem of the large unbanked population in Africa. 

SARB Doesn’t Consider Crypto As A Legal Tender

Earlier, this year the South Africa Reserve Bank (SARB), which is a regulator of the financial services industry said, 

“Crypto-assets may create conditions for regulatory arbitrage while posing risks. (While) the financial system and all participants operate in a highly regulated area, which assists in ensuring a sound and safe financial system. Crypto assets, however, perform similar financial sector activities without the need for third-party intermediaries and without similar safety mechanisms. This leaves the crypto asset environment exposed to potential financial and consumer risks.”

This is one of the many reasons the SARB has shied away from endorsing cryptocurrencies as legal tender, a point the MTN paper duly notes. Furthermore, the consultation paper defines crypto assets as a token of value used for payments within a private community. 

With that being said, it can be concurred that with or without regulatory endorsement, cryptocurrencies are expected to grow. While one part of the African Continent, Tanzania says no to crypto, the scene is far opposite in Lesotho. 

Will Other African Nations soon warm up to crypto? Let us know, what you think in the comments below!

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Crypto Adoption: This South African Nation is Building the Most Versatile & Advanced Crypto

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Crypto Adoption: This South African Nation is Building the Most Versatile & Advanced Crypto

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Lesotho, a nation in the South African sub-continent has recently signed a memorandum of understanding (MOU) with the Apollo Foundation for creating a multi-functional cryptocurrency. Interestingly, this makes the country one of the first in the African continent to take definitive steps towards adopting crypto and blockchain. 

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Supriya Saxena

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Coingape

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cryptocoach

Coingape is committed to following the highest standards of journalism, and therefore, it abides by a strict editorial policy. While CoinGape takes all the measures to ensure that the facts presented in its news articles are accurate.

Disclaimer
The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.



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Supriya Saxena , 2019-11-18 13:49:39 ,

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NewsBlock © 2019 - 2020. All rights reserved.


While Bitcoin’s price seemingly moves without rhyme or reason — collapsing by dozens of percent and embarking on face-melting rallies on a whim — the cryptocurrency market is filled to the brim with fractals.

Related Reading: Analyst: Bitcoin Price Likely to Fall to Low-$8,000s as Chart Remains Weak

A brief aside: A fractal, in the context of technical analysis and financial markets anyway, is when an asset’s price action is seen during a different time. This form of analysis isn’t that popular, but it has proven to be somewhat valuable in analyzing Bitcoin.

One recent fractal popularized by a well-known cryptocurrency trader is implying that BTC is going to return to the low-$7,000s in the coming days.

Bitcoin Fractal Implies Retracement to Low-$7,000s

A well-known crypto trader going by “Tyler Durden” on Twitter recently posted the chart below, which shows that a Bitcoin price fractal may be playing out. The fractal has four phases: horizontal consolidation marked by one fakeout, a surge above the consolidation phase, a distribution, then a strong drop to fresh lows.

If the fractal plays out in full, BTC could reach the low-$7,000s again, potentially as low as $7,100. This would represent a 20-odd percent collapse from the current price point of $8,800.

It isn’t only a fractal that is hinting Bitcoin has the potential to visit its lows. As we reported on Saturday, Bloomberg believes that if the GTI Vera Convergence Divergence Indicator flips red, a downtrend could push the cryptocurrency back to $7,300.

Related Reading: Stephen Colbert Pokes Fun at Bitcoin in Monologue: Mainstream Gone Wrong?

Can Bulls Step In?

But again, many believe it is irrational to have such bearish interpretations of the cryptocurrency’s chart at the moment. As reported by NewsBTC earlier, Popular crypto trader Mayne recently noted that the “people waiting for $6,000” are irrational. He quipped that Bitcoin retracing and consolidating after its fourth-biggest bull move in history ($7,300 to $10,500, a 42% gain) is perfectly par for the course, but noted that it’s totally possible we can go lower from $8,800.

The medium-term technicals support this.

Trader and CoinTelegraph contributor FilbFilb found that by the end of November or start of December, the 50-week and 100-week moving averages will see a “golden cross,” which he claims is far more significant” for the Bitcoin market that other technical crosses.

Also, a Bitcoin price model created using Facebook Prophet machine learning found that the leading cryptocurrency is likely to end the year at just over $12,000. What’s notable about this model is that it called the price drop to $8,000 months in advance, and forecasted a ~$7,500 price bottom for BTC.

To put a cherry on the cryptocurrency cake, Crypto Thies observed that when Bitcoin bottomed at $7,300, it bounced decisively off the 0.618 Fibonacci Retracement of the move from $3,000 to $14,000, which correlates with the two-week volume-weighted moving average. He added that summer 2019’s consolidation was marked by Bitcoin flipping major resistances into support levels, implying that a bullish reversal and subsequent continuation is likely possible in the coming weeks.

Featured Image from Shutterstock


Nick Chong , 2019-11-10 12:00:38

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