Adoption of Bitcoin in Botswana

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Although Botswanan citizens find it easier to deal with Bitcoin with the creation of Satoshicentre set up by Alakanani Itireleng, one of the major Bitcoin resellers, and a Bitcoin ATM set up in Gaborone, capital of Botswana by Express Minds Ltd.

Botswana’s small population has many bitcoin enthusiasts; However, its citizens are going through tough times to get their wallets funded for Bitcoin transactions, mainly because there are no local cryptocurrency exchanges where crypto enthusiasts can trade Pula (fiat currency). of Botswana) for Bitcoin.

Additionally, the Botswana government’s lack of cryptocurrency regulation and reluctance to embrace Bitcoin and other cryptocurrencies make trading Bitcoin in Botswana difficult.

Is Bitcoin Trading In Botswana Illegal?

Bitcoin is not prohibited in Botswana. However, there are no regulations for cryptocurrency transactions. Based on this, the Governor of the Bank of Botswana reportedly declared that it was impossible to transfer Pula into Bitcoin.

Statements by the Governor of Botswana Banks prevent cryptocurrency exchange platforms from establishing a base in Botswana knowing that Botswana banks will not provide intermediary financial services to the people of Botswana and to cryptocurrency exchanges.

Therefore, if you need to transact using Bitcoin, you will need to procure Bitcoin through P2P or other informal means.

Encouraging Bitcoin Adoption in Botswana

What if you could pay your medical bills in Botswana using Bitcoin? To encourage the adoption of Bitcoin in Botswana, Dr Donald Ariisa of the Shahdara Clinic, a private hospital in Botswana, decided to accept payment in Bitcoin, making him the first doctor to accept Bitcoin as a means of payment.

Dr Donald Ariisa reportedly said: Bitcoin and blockchain technology are new and volatile; as an early adopter, I hope to convince the people of Botswana of its viability.

An important catalyst for Bitcoin and the adoption of blockchain technology in Botswana is the drive for diversification of Mokgweetsi Masisi, President of Botswana, who has said that it is more imperative than ever for Botswana to expand its economy beyond of the export of diamonds and metals Thus officially opening Botswana to the adoption of Bitcoin and blockchain.

The story continues

Bitcoin Startups in Botswana

The price of bitcoin has risen 11% in the past 24 hours on Amazon’s crypto rental plans and according to CryptoPredictions.com the price of Bitcoin is expected to rise further to exceed the $ 100,000 mark by the next. end of this year. With the high rate of adaptation of BTC across the world, more and more Bitcoin startups are springing up with the aim of seeing widespread adoption and possibly forcing the Central Bank of Botswana to regulate cryptocurrencies.

One of these early startups is the Satoshicenter, a blockchain startup created by Alakanani Itireleng in 2014 to provide blockchain services to the people of Botswana.

Plaas, an offshoot of Satoshicenter, aims to help farmers and agricultural companies manage production, day-to-day operations and inventory through the adoption of blockchain.

On the other hand, IndieStudio Africa has launched Kogboko, a Blockchain Financial Services Provider that aims to provide financial services to the unbanked population of Botswana, provide finance to individuals and businesses, as well as raise awareness of crypto -coins and blockchain technology in Botswana.

Buy Bitcoin at Botswana’s First Bitcoin ATM

The price of bitcoin remains volatile in Botswana, largely due to the lack of cryptocurrency exchange platforms leading to high arbitrage. The installation of a Bitcoin ATM in Gaborone, Botswana is a welcome development.

However, critics blame the 15% commission charged on bitcoin sales for being high. It’s a welcome relief from the long and arduous journey to neighboring South Africa or relying on families and friends outside of Botswana for Bitcoin purchases.

Therefore, 15% is a relatively small price to pay compared to the cost and danger of travel or the high processing fees charged for fiat money transactions.

Alternative to buying Bitcoin in Botswana

Another way to source Bitcoin is to frequent South Africa-based crypto exchanges and pay online with a globally accepted credit / debit card, which is not readily available to the people of Botswana. .

However, the most popular way of Bitcoin transaction is through Peer-to-Peer mode on various WhatsApp groups and other social media platforms. However, this means of transaction is not regulated and does not control fraudulent activity.

A silver lining in the sky

The people of Botswana can buy bitcoin with fiat currencies on several exchanges and P2P platforms like CEX.io, YellowCard, Binance, Coinmama, Kraken, Paxful, LocalBitcoins, OKcoin and Changelly.

The advent of peer-to-peer and crypto exchange platforms brought great relief to cryptocurrency enthusiasts in Botswana and also catalyzed the widespread adoption of Bitcoin in Botswana.

Will Botswana ban Bitcoin?

The Bank of Botswana is not interested in regulating cryptocurrencies and has no plans to ban cryptocurrencies in the country. The central bank governor will likely follow the trend by providing regulations for cryptocurrencies and cryptocurrency exchanges in the future. However, it cannot declare a ban on cryptocurrencies and related activities because it does not control the internet.

Final result

The people of Botswana continue to push for widespread adoption and regulation of Bitcoin; it has paid a lot of dividends with the installation of Bitcoin ATM, the establishment of the Satoshi Center and other Bitcoin startups, and the proliferation of Bitcoin exchanges and P2P platforms.

Hopefully Botswana will become one of Africa’s best cryptocurrency havens in the near future if it maintains its momentum of widespread Bitcoin adoption.

This article originally appeared on FX Empire

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