African Blockchain Initiatives Are Planning To Eliminate Ponzi Schemes

Prashant  |  Jan 10, 2020

Blockchain initiatives and cryptocurrencies have become quite critical in helping Africans to tackle growing fraud in the country, reported The Guardian. The Blockchain Association of Uganda believes emerging technologies such as DLT and cryptocurrencies can help in empowering critical industries under the newly signed Africa continental free trade area.  A lot of emphases is being put towards creating awareness and educate the masses about possible scams related to cryptocurrencies and blockchain.

Kwame Rugunda, chairman of the Blockchain Association of Uganda along with Blockchain Association of Kenya, Blockchain DLT Rwanda Association, and Blockchain Tanzania Community has released a joint statement calling for educating the common public to differentiate Ponzi schemes from the real ones.

The initiative launched by different blockchain associations in Africa is planning to create a website which would provide scam alerts related to Ponzi schemes. The information available on the website will be crowdsourced and the general public can refer to the website to get information on different crypto projects currently running to verify the authenticity of the program.

Government Authorities Working in Coordination in Africa

The blockchain associations from different countries in Africa are also seeking help from government agencies in their respective countries to support their crime-fighting initiatives. They believe the collaboration between policymakers, government bodies and various industry experts can boost the initiative and help it reach the larger population.

Rugunda while talking about the importance of collaboration between government bodies and private sector noted,

 “The scams are polluting an important nascent industry and this is why we must come together collaboratively – both private and public sectors – which is what we seek to achieve ultimately.”

Africa is struggling as a nation due to high poverty rates, lack of banking facilities to masses and many other regional and tropical problems. Blockchain and cryptocurrencies can surely help in uplifting the underprivileged as well as the unbanked. Even in the recent past, several crypto initiatives have already benefited many in the country. One, in particular, was the use of Dash crypto in the form of gift cards which the people can retrieve offline at retail stores.

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