The Securities and Exchange Commission of Zimbabwe (SECZ) and the Reserve Bank of Zimbabwe (RBZ) are reportedly developing a framework for virtual asset trading. The framework aims to provide clear legislation, client protection under the Data Protection Act, and educational support. Challenges include infrastructural investment and licensing fees for foreign-supplied systems. An informal virtual asset […]
Bitcoin News
Zimbabwean Millionaire Crypto Couple Rescued After Kidnapping by Individuals Posing as Interpol Officers
A Zimbabwean millionaire couple, based in South Africa, has been kidnapped by a gang seeking to profit from their cryptocurrency valued at .9 million. The couple, Professor Sheperd Sikhosana and his wife, Sekayi Adelpha Sikhosana, were kidnapped in Pretoria, South Africa, and smuggled into Zimbabwe. The gang, led by Moses Nhachi Chademana and Liam Evans, […]
Bitcoin News
Zimbabwean University Partners With Web3 Hub to Host Its First-Ever Blockchain Hackathon
On Dec. 8 and 9, the University of Zimbabwe in partnership with the South Africa-based Mzansi Web3 Hub, held the learning institution’s inaugural blockchain hackathon. Taurayi Rupere, the chairman of the institution’s computer science department, said the hackathon’s goal is to produce “open-minded” developers who “think outside the box.”
Overwhelming Interest in the Hackathon
The University of Zimbabwe (UZ) recently partnered with South Africa-based Mzansi Web3 to hold the learning institution’s first hackathon. About 175 students from different faculties and stages of their courses registered to participate in the Dec. 8 and 9 hackathon.
Taurayi Rupere, the chairman of the institution’s computer science department, told Bitcoin.com News that the hackathon’s goal is to produce “open-minded” developers who “think outside the box.” While organizers of the two-day event were initially targeting students from the computer science faculty, Rupere said the excitement sparked by the hackathon eventually forced his department to extend the invitation to students from other fields.
During an interview, the UZ’s computer science department chairman discussed some steps that the university can take to help both students and non-students learn more about blockchain technology.
“We need to run a course to conscientize the market itself, we need to do this for two or three months. We can also do this via the research projects that our students do,” Rupere said.
He added that both the UZ and students are hopeful that the hackathon is not going to be a one-off event but the first of many more to come.
Enhancing Younger Generations’ Understanding and Skills
Shaheer Karrim, the founder of Mzansi Web3 Hub, told Bitcoin.com News that he is hopeful the educational initiatives his organization is currently undertaking in Southern Africa “will enhance the younger generations’ understanding and skills in blockchain technology.” They will also enhance “Africa’s active participation in the global digital revolution.”
Karrim also spoke of the ongoing role of the Internet Computer Protocol (ICP) in making blockchain technology popular not just in Southern Africa but across the continent. He said:
“The rise in blockchain technology adoption by African governments and corporates indicates a recognition of its potential to revolutionise various sectors. The Internet Computer Protocol, known for its advanced technological stack, is becoming increasingly popular worldwide.”
According to Karrim, teaching the continent’s future generations about blockchain technologies will ensure that African countries’ youth are well-prepared to benefit from “the impending digital revolution.” Confidence Nyirenda, the lead ambassador of Mzansi Web3 Hub in Zimbabwe, said the purpose of this and upcoming hackathons is to introduce the Internet Computer Protocol (ICP) to students.
Register your email here to get a weekly update on African news sent to your inbox:
What are your thoughts on this story? Let us know what you think in the comments section below.
Gold-Backed Digital Tokens Now an Approved Payment Method Says Zimbabwean Central Bank
Zimbabwean residents and institutions can now pay or settle domestic transactions using the recently launched gold-backed digital tokens, the central bank has said. Bank governor John Mangudya said the central bank has enlisted the services of external auditors to “validate the availability and adequacy of gold to ZIG at any given time.”
Preserving Value With Gold-Backed Tokens
The Zimbabwean gold-backed digital tokens are now an approved method of paying or settling domestic transactions, the head of the country’s central bank has said. In a statement issued on Oct. 5, John Mangudya, the governor of the Reserve Bank of Zimbabwe (RBZ), added that the digital tokens will also continue to act as a value preservation instrument.
Introduction of the Zimbabwe Gold-Backed Digital Token (Zig) as a Means of Payment pic.twitter.com/o1CL5dsbaQ
— Reserve Bank of Zimbabwe (@ReserveBankZIM) October 5, 2023
As reported by Bitcoin.com News over the past few months, the RBZ has been working on the supporting infrastructure. Initially, the central bank said the tokens, which are now known as ZIG tokens, would be useful in insulating holders against inflation and currency depreciation.
Buying Digital Tokens With Local Currency
Meanwhile, prior to launching gold-backed digital tokens, the RBZ had already launched physical coins to serve the same purpose. Commenting on how the value of the ZIG tokens is determined, the RBZ boss said:
The value of ZIG will be at par with the value of the physical Mosi-au-Tunya gold coin and will remain informed by the international gold price. Banks will maintain dedicated ZIG accounts and intermediate transactions in ZIG in the same way they intermediate in local and foreign currency.
The Zimbabwean central bank added the applicable money transfer tax will only be half the rate usually applied for foreign currency-denominated transactions.
According to a report in the Herald, ZIG tokens are issued in units of one milligram of gold worth just over 6.1 cents. The report added that both individuals and institutions will be able to purchase the tokens using local and foreign currency.
In what is seen as an attempt to assuage skeptics, Mangudya said the RBZ has enlisted the services of external auditors to “validate the availability and adequacy of gold to ZIG at any given time.” However, the central bank’s statement does not reveal the names of the auditors.
Register your email here to get a weekly update on African news sent to your inbox:
What are your thoughts on this story? Let us know what you think in the comments section below.
Report: Zimbabwean Economist Says Portion of Goverment Employees’ Salaries Must Be Paid in Gold Coins
A Zimbabwean economist has said authorities should consider paying a portion of government employees’ salaries with gold coins. The economist said partially paying government workers with gold coins can “help curtail the black market dominance” in the country’s currency market.
Dollar Shortages and Rising Inflation
A Zimbabwean economist, George Nhepera, has urged authorities in the Southern African nation to consider paying a portion of government workers’ salaries with gold coins. According to the economist, paying part of the workers’ salaries with gold coins can “help curtail the black market dominance” in the country’s currency market.
Nhepera’s call for measures to cushion government workers with gold coins follows the local currency’s sharp depreciation in June. The currency’s plunge on the parallel market is reported to have sparked a wave of steep price hikes which eroded the purchasing power of salaries denominated in local currency.
While workers have in some cases demanded to be paid in U.S. dollars, Zimbabwean authorities insist that the country does not have enough greenbacks and therefore this may not be a sustainable option. The government’s reluctance to pay workers with U.S. dollars coupled with rising inflation has now prompted experts like Nhepera to suggest alternatives that the Zimbabwean government can choose.
Analyst: Calls for Gold Coin Denominated Salaries Must Be Rejected
In remarks published by the Chronicle, Nhepera, who is also the Lupane State University business clinic development manager, said the government should think of using recently launched financial instruments.
“To this end, they should be promoted in terms of their use for both people-to-people transactions and people-to-business and business-to-business. Once this has been achieved with full market confidence, surely our government can take a giant step to include a portion, say 50% of the civil servant salaries and benefits be paid in these innovative instruments,” the economist said.
As reported by Bitcoin.com News, the gold coins were launched by the Zimbabwean central bank as part of measures that were aimed at diminishing local residents’ demand for U.S. dollars. The gold coins were also expected to act as “an alternative retail investment product for value preservation.”
Meanwhile, in the same Chronicle report, Morris Mpala, an economic analyst, is quoted arguing against Nhepera’s suggestion. According to Mpala, paying part of government employees’ salaries with gold coins “defeats the purpose of encouraging the use of local currency to the populace.” The economic analyst added that while the idea might seem noble, from the standpoint of “liquidity management” this should not be encouraged.
Register your email here to get a weekly update on African news sent to your inbox:
What are your thoughts on this story? Let us know what you think in the comments section below.
Report: Zimbabwean Crypto Trader Uses Recovery Phrase to Steal Digital Assets Worth $457K From Client
A Zimbabwean crypto trader has appeared in court to face theft and money laundering charges after prosecutors accused him of stealing digital assets worth more than 7,000 from his client. The crypto trader is accused of siphoning the digital assets using seed phrases and passwords he obtained when he helped set up the client’s crypto wallets.
Crypto Trader Used Wallet Seed Phrases to Steal Digital Assets
A Zimbabwean crypto dealer, Lloyd Chiyangwa, has been accused of siphoning more than 7,000 worth of assets from crypto wallets belonging to one of his clients, a report has said. According to prosecutors, Chiyangwa stole the funds using the seed phrases and passwords he obtained when he initially helped the unidentified client create crypto wallets.
As per the report in the Herald, Chiyangwa’s client initially bought the digital assets in July 2020 from an unidentified United Kingdom-based company. At the time of the purchase, the client lived in India. However, after returning to Zimbabwe sometime in 2021, the client sought the crypto dealer’s help in setting up five wallets, namely: Trust Wallet, Metamask, Exodus, Cosmostation, and Wemix.
Crypto Trader a Flight Risk
Although Chiyangwa is alleged to have committed the crime between Oct. 2021 and March 2023, the client only discovered the theft in May when he attempted to trade using the Trust Wallet. According to the report, Chiyangwa withdrew the funds from the client’s wallet in seven transactions. The largest single withdrawal was 1,500 while the lowest was ,155.
Chiyangwa, who now faces theft and money laundering charges, is alleged to have used the stolen funds to buy two iPhones, a laptop, and a Mercedes Benz.
Meanwhile, in their submission against Chiyangwa’s bail application, prosecutors insisted that the crypto dealer, a holder of two passports and owner of two South African bank accounts that received part of the stolen money, is a flight risk and hence not a suitable candidate for bail. According to the report, Harare regional magistrate Marehwanazvo Gofa remanded Chiyangwa in custody while the court studies his bail application.
Register your email here to get a weekly update on African news sent to your inbox:
What are your thoughts on this story? Let us know what you think in the comments section below.
Zimbabwean Blockchain Startups Launch Service to Help Migrants Efficiently Move Funds Across Borders
Two Zimbabwean startups, Flexid and Uhuru Wallet, recently launched a platform that offers digital identity and remittance services to migrants living and working in South Africa. The two startups hailed what they’ve described as the “first cross-chain collaboration between the two companies.”
Harnessing the Benefits of the Blockchain
The Zimbabwean blockchain startup Flex ID and the South Africa-based Whatsapp remittance platform, Uhuru Wallet, recently said they have launched a platform that offers “combined digital identity and remittance services to millions of Zimbabwean immigrants in South Africa.”
In a statement shared with Bitcoin.com News, the two startups hailed what they described as the “first cross-chain collaboration between the two companies.” As revealed in the statement, Flex ID, which was co-founded by Victor Mapunga, harnesses the Algorand blockchain, while the Uhuru Wallet is built on the Stellar blockchain.
Remarking on the two startups’ joint solution, Trust Jakarasi, the CEO and founder of Uhuru Wallet, said:
We are excited to partner with FlexID to offer our customers a more streamlined and secure remittance experience. By combining our strengths in digital identity and remittance services, we can better serve the needs of Zimbabwean immigrants in South Africa.
Some of the challenges which the two startups are hoping to overcome via the new partnership include “providing a seamless and secure remittance experience” for Zimbabwean immigrants. Through this working arrangement, the startups also hope to handle or overcome the problem of high sending fees, limited access to formal financial services, as well as identity verification issues.
Limited Access to Financial Services
Mapunga, in the meantime, spoke of the virtues of blockchain as well as the importance of deploying the technology.
“By leveraging blockchain technology, we can provide a secure and efficient way for users to verify their identity and access financial services, no matter where they are,” the CEO of Flex ID insisted.
Although South Africa is ranked among the biggest senders of remittances in sub-Saharan Africa, it costs anywhere between 5% and 20% to send money to Zimbabwe when using registered money transfer agencies. This, in turn, forces many Zimbabwean migrants to use alternatives such as couriers or unregistered remittance platforms.
The emergence of a blockchain-based solution widens options for Zimbabwe migrants and will likely help drive down the average cost of remitting funds.
Register your email here to get a weekly update on African news sent to your inbox:
What are your thoughts on this story? Let us know what you think in the comments section below.
CEO Of Zimbabwean Crypto Exchange Loses Password to Bitcoin Cold Wallet
n CEO of the Zimbabwean Golix cryptocurrency exchange allegedly lost the password to a Bitcoin cold walletn
CryptScout #BitFeed RSS – Bitcoin and Cryptocurrency News 24/7
Zimbabwean Exchange Adds Ethereum, Re-Enables Bitcoin Buying
&8230nThe post Zimbabwean Exchange Adds Ethereum, Re-Enables Bitcoin Buying appeared first on CryptoCoinsNews.n
CryptScout #BitFeed RSS – Bitcoin and Cryptocurrency News 24/7
Zimbabwean Bitcoin Exchange Prepares for Segwit2x Hard Fork
[…]
The post Zimbabwean Bitcoin Exchange Prepares for Segwit2x Hard Fork appeared first on CryptoCoinsNews.