Cryptocurrency

[AtW]

Purchasers of what, from Africa?

[scooterscot]

one of many examples
Nigeria's love affair with a Norwegian fish

And less you forget Africa in general is in China's pocket. Growing every day so it is.

[AtW]

[scooterscot]

You might not know... BABB BAX holders do not win from high value transactions but rather the number of users using the network, network effects are the biggest deal regardless of the value of the transaction. Africa is a place with a lot of potential users who are mostly unbanked.

[AtW]

Africa is a place with a lot of potential users who are mostly unbanked.

Yeah, the banks are known to be total morons who don't know where to make money - thank God we've got tulipcoins that will fix it!

[Hobosapien]

Won't the money laundering rules and what else there is covering international trade/purchases, be a problem for a UK based cryptobank? Or is that why they're getting a banking license in Lithuania (or wherever) as the rules are 'different'?

Not saying there isn't a market or opportunity but with the reputation of many African countries (Nigerian scams for one) I'm not sure it will be so plain sailing. Maybe that's why there are so many 'unbanked' besides not currently wanting to buy tulip off Amazon any more than the tribes in the Amazon forest. Mostly local based economy where foreign intervention isn't wanted or required, unless the local 'corruption enforcers' get a cut.

i.e. Be careful with your investments, though that doesn't only apply to cryptos.

[scooterscot]

Yeah, the banks are known to be total morons who don't know where to make money - thank God we've got tulipcoins that will fix it!

Traditionally banks are not in the business of making money. There's a reason why the near 1000 peoples banks in Germany have never required a bail out. Conversely it is now why the UK is in the poo, large banks have bought up the smaller counterparts and now there is now banking support for small businesses.

[scooterscot]

Won't the money laundering rules and what else there is covering international trade/purchases, be a problem for a UK based cryptobank? Or is that why they're getting a banking license in Lithuania (or wherever) as the rules are 'different'?

Not saying there isn't a market or opportunity but with the reputation of many African countries (Nigerian scams for one) I'm not sure it will be so plain sailing. Maybe that's why there are so many 'unbanked' besides not currently wanting to buy tulip off Amazon any more than the tribes in the Amazon forest. Mostly local based economy where foreign intervention isn't wanted or required, unless the local 'corruption enforcers' get a cut.

i.e. Be careful with your investments, though that doesn't only apply to cryptos.

They've also got a banking license application in the UK in process. This ICO is different in that they've not used any of that ICO money for the application process, it is against UK law. China is investing heavily in Africa. I worry more for the Africans in China's debt in the coming years. Nairobi I'd not recognise these days. Was there about 10 years ago, now the pictures I see remind of those old before and after Dubai pics.

[TheGreenBastard]

one of many examples
Nigeria's love affair with a Norwegian fish

And less you forget Africa in general is in China's pocket. Growing every day so it is.

Italy and Nigeria have similar "unbanked" populations.

I'm sure Nigerians love being patronised.

[Zigenare]

Italy and Nigeria have similar "unbanked" populations.

I'm sure Nigerians love being patronised.

There was a certain "Nigerian Princess" who was requesting my patronage not so long ago!