Africa must learn to build it's tech solution - eBitcoinics CEO Bemoan's as Bittrex seizes operations in most parts of Africa

ebitcoinics news   30 Oct, 2019   Views: 289

After bittrex came out with its plans to seize operations in certain countries across the globe many have said that this is the right time for Africans especially to begin looking into building platforms that can complement and compete with these foreign companies.

@Ntkweinor the Chief editor of at eBitcoinics news had been cited to have called for such a thing to happen and not just that but calling for the Unification of African Blockchain Societies, this he believes will help bring better policies and actions to drive toward mass adoption in Africa. Africa mostly in the world that suffers big when these policies are enacted.

Nawaf Abdullah CEO of in an interview said;

Bittrex as a company is doing what is required of them, they have a sound regulatory body in their country, and if it's required for them to layback from certain business jurisdiction there is nothing wrong with it, it should only serve as a wakeup call for this continent. Our regulatory bodies should have a framework also governing business evolving in this ecosystem. Business owners would learn from it, governments and other bodies in charge of regulation and handling business issues would also learn from it, it also means if we do nothing about it, Africa is always going to be the last to do anything, we may end up becoming mere end users of every technology without entrepreneurs been able to build an idea to evolve in various spaces.

 How does that play to the advantage of Local exchanges and companies?

Nawaf: It really does not play any much advantage if no one is paying attention to anything, if we have platforms equally competing with bittrex it means they would only lose their businesses to those reigning in each region they blacklisted, most of the business volumes in this world today is from Africa, nothing matters Africa remains a powerful continent regardless of experiencing bad leadership in some countries within. It is an advantage for startups that have technologies competing with bittrex, or other international companies that allow those blacklisted diasporas to function, for eg. We all heard the news of binance establishing a trading pair for the Nigerian Naira, soon it may be any other country in Africa as well. Entrepreneurs in this space would have to start looking beyond today's challenges and continue building competitive technologies that would serve the everyday need of the African man in this ecosystem.

What advice can you give to people who are dealing with bittrex in Africa?

Nawaf: One thing I would say is to caution countries within Africa that are currently not affected, they should know anything can happen, and it is not worth a company to deal with moving on, and those that are affected have also been warned to move their coins off the exchange, they should do that ASAP, this is not the first time, it happened with many other exchanges, and it would give room for the local companies to also capitalize on their strengths and weaknesses. Africa must learn to build its solution, in every industry and not just blockchain, we are doing just that at, sometimes its hard when you have no system's support, but we are not giving up either, we shall continue building.

Your final words

Nawaf: To all our brethren in Africa, support innovative companies that are thriving by patronizing their products, using, testing, giving feedback for improvement, and growing together with them.We should also give room for collaborations because one person can not do everything, but working as a team, and it helps achieve a lot. We can do better and also compete with the international markets, the only differences between and, for example, is the environment favouring either of them, you can confirm the rest yourself. To all entrepreneurs, keep on keeping on, keep building and fighting for the dream, we shall all get there eventually.

Nawaf is known in the space for his contribution towards the growth of blockchain/cryptocurrency in Ghana, Nigeria and Africa at large. He has been a resource person for many blockchain/cryptocurrency meetups and seminars in the continent. His company is the leading bitcoin and cryptocurrency exchange in Ghana.

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