Exchange News

Cryptocurrency exchange expands to Kenya and Uganda after the high court lifts ban.

The top bank in Zimbabwe had imposed a ban on cryptocurrency platforms. More specifically, it requested Golix, a cryptocurrency exchange, to stop its operations in the country. In a defensive move, the exchange moved to court seeking a reversal of the ban. Luckily, the court ruled in its favor after Reserve Bank of Zimbabwe failed to appear in court. Now, the cryptocurrency exchange expands to Kenya and Uganda as it seeks to raise funds in its upcoming ICO.

The expansion into the two east African countries looks like Golix’s plan to gradually enter the African market. Currently, the cryptocurrency exchange is seeking to raise close to 32 million U.S dollars in its upcoming Initial Coin offering which had been halted by the Reserve Bank of Zimbabwe’s ban.

According to Golix’s spokesperson, Nhlalwenhle Ngwenya,

“Zimbabwe’s digital currencies pioneer, Golix is raising $32 million through a token sale in a bid to finance cryptocurrencies infrastructure across the entire African continent”

The Golix (GLX) token will be sold during the ICO and purchases will be made using BTC or ETH with all purchases attracting zero transaction fees.

As it moves to Kenya, Golix will have to be careful since the Kenyan central bank has been vocal cautioning residents not to take digital currencies seriously. In a recent occasion, the governor of the Central Bank of Kenya (CBK), Mr. Patrick Njoroge, said that,

“There are risks associated with cryptocurrency particularly on consumer protection, fraud, hacking and loss of data and they are prone to be used as pyramid schemes”

Although the Zimbabwean crypto regulations are not yet clear, Golix seeks to bring financial autonomy into the entire African continent. Apart from Kenya and Uganda, Golix also has its eyes set on the South African market.

As the cryptocurrency exchange expands to Kenya and Uganda, do you think the African continent has enough space considering that almost every African state has a cryptocurrency exchange?

Let us know your thoughts in the comments section below.

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coinmag

Philip is an experienced blogger keen on staying updated with trends and news surrounding the blockchain and Bitcoin space. With several years of freelance experience in various industries, Philip brings his knowledge and experience into the crypto space.

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