March 23, 2019

In Rwanda: Engage in Cryptocurrencies At Own Risk, They Are “Shit Coins”


Trustworthy and indepth news stories are more important now than ever.
Support our newsroom by MAKING A CONTRIBUTION HERE
ICT and Innovation Minister Ingabire Paula speaking on a panel at the ‘FinTech Fridays’ March 22 at Marriott Hotel in Kigali, Rwanda

Government and the National Bank of Rwanda (BNR) have maintained deliberate silence on whether to ban or leave cryptocurrencies for reasons beyond their control, a public forum heard Friday.

One of the challenges in trying to regulate the growing industry globally, the Rwanda central bank says, is born in the very logic of cryptocurrency – to disrupt the established follow of cash.

The technology is society’s fight-back to eliminate the need for centralized control of money.

There is no specific data on how many people in Rwanda or firms are involved in cryptocurrency arrangements. There is also a handful of people locally who have any idea about this new mode of money.

A forum on the technology was held on Friday organized by Rwanda Events Group – a private firm in partnership with the Ministry of ICT and Innovation.
.
The so called ‘FinTech Fridays’ forum is an initiative aimed at bringing together industry players to discuss global trends in Financial Technology and bring them to the local context.

The March 22 session at Marriott Hotel was dedicated to discussing Cryptocurrency in Government Services.

There is no simplified explanation as to what cryptocurrency is, which can easily be noticed by asking even the local elites.

A cryptocurrency, as par global industry monitoring firm coinmarketcap.com, is digital or virtual currency that uses cryptography for security. Cryptocurrency is said to be difficult to counterfeit because of this security feature.

As of April 2018, the firm had identified 1,500 Cryptocurrencies including Bitcoin, Ethereum and Ripple. It is the figure that widely used all over.

Ripple has a particular closeness to Rwanda for an entirely different reason.

In May last year, the Ellen DeGeneres’ wildlife fund received a $4million donation via Ripple.

Ellen’s project is leading a major gorilla conservation program, which is also currently constructing a $10m campus in Musanze district, northern Rwanda.

On behalf of Ripple, co-founder of Sound Ventures the firm behind the virtual currency, Hollywood star Ashton Kutcher, made the donation by simply tapping away in seconds on his phone live on Ellen’s TV show. Millions were watching.

Kutcher said: “Usually people come out with the big giant check and do the big giant check thing, but we can actually transfer into Rwandan Francs right now right here and all we have to do is push this button that’s in your account.”

Back at the FinTech Friday yesterday, when the head of the Head of Payments at the central bank, John Karamuka was asked whether there was plan to regulate usage of cryptocurrencies, he directly pointed out that it is impossible.

“You regulate something you can supervise, there is no third party in cryptocurrency,” he said, adding that some emerge on the market today only for you find out at the end of the day that they have collapsed.

“We have 1,500 cryptocurrencies, but some of them are ‘Shit Coins’…,” added Karamuka, who urged anybody trying them to make sure they understand everything about them.

The audience at a ‘FinTech Fridays’ forum at Marriott Hotel in Kigali, Rwanda March 22

ICT and Innovation Minister Ingabire Paula said there have been some local experiments on ways to introduce possible use and regulation of ‘crypto money’.

No steps have been undertaken on whether to allow the public to use crypto money openly or ban it completely, said Ingabire, who emphasized caution for those going to the technology.

“We can’t prevent people from using [cryptocurrencies], but when you do it, do it at your own risk,” she summed up.

We can't do quality journalism without your support

Perhaps it goes without saying — but producing quality journalism isn't cheap. At a time when newsroom resources and revenue are declining, The Chronicles remains committed to "Serving Your Right To Know The Truth". Stand with us as we document Rwanda's remarkable journey for you and the future generation. Do you value our journalism? We can't do it without you. Show us with your support by CONTRIBUTING HERE.
Email your news TIPS to info@chronicles.rw or WhatsApp +250788351327.
You can also find us on Signal

41 Comments

  1. whoah this blog is magnificent i like studying your
    articles. Stay up the great work! You realize, many people are
    looking round for this information, you could help them greatly.

  2. I need to to thank you for this good read!! I definitely loved every little bit of it. I’ve got you book-marked to check out new stuff you post…

  3. You’re so awesome! I don’t suppose I’ve truly read through a single thing
    like this before. So good to find someone with a few unique
    thoughts on this subject matter. Really.. many thanks for starting this up.
    This website is one thing that’s needed on the web, someone
    with a little originality!

  4. Wonderful blog! I found it while browsing on Yahoo News.
    Do you have any tips on how to get listed in Yahoo News?
    I’ve been trying for a while but I never seem to get there!
    Appreciate it

  5. you’re actually a just right webmaster. The web site loading pace is amazing.
    It sort of feels that you’re doing any unique trick. Also, The contents are masterwork.
    you’ve performed a fantastic process on this matter!

  6. Valuable information. Lucky me I discovered your site by accident, and I’m surprised why this accident did not came about in advance!
    I bookmarked it.

  7. you are really a just right webmaster. The web site loading speed is amazing.
    It sort of feels that you are doing any unique trick.
    Furthermore, The contents are masterpiece. you’ve performed a
    magnificent activity on this matter!

  8. Anfang März 1933 wurde er aber zusammen mit dem damaligen Leiter des Krefelder Unterbezirks,
    Heinrich Plum (siehe Stolperstein Heinrich Plum), bei einem Treffen verhaftet und in „Schutzhaft“ genommen. http://snsangjo.kr/bbs/board.php?bo_table=free&wr_id=20343 An den beiden Tankstellen am Platze
    bekommen wir sehr zweifelhafte und zum Teil unglaubwürdige Antworten. seine Erklärung Im Februar beschlagnahmte der Generalbundesanwalt Briefwechsel mit Anwälten, Privatbriefe und andere Texte Meinhofs aus ihrer Zelle.
    http://www.kbcenter.kr

  9. Dès que la bille est mise en rotation, le croupier annonce ostensiblement : « tout
    va ». ttlink.com En outre, assurez-vous que le site est sécurisé par un cryptage SSL, qui garantit que vos informations personnelles sont protégées et que votre argent est en sécurité.
    https://sunje.co.kr:449/yc/bbs/board.php?bo_table=free&wr_id=62560 Plus de
    soixante jeux de casino sont offerts avec un téléchargement rapide.

    https://wiki.prologosconsultoresasociados.cl

  10. Affiliate networks ensure all approved conversions are paid and transfer commissions to affiliates.
    Pop Over Here
    The data collected from trackable links helps
    inform channel strategy, marketing ROI, traffic flows, content performance, A/B test performance and much more.
    http://jbceye.com/g5/bbs/board.php?bo_table=free&wr_id=11838 In short, the more focus you put into your affiliate business to make it stand
    out from the rest, the better you will fair.
    http://www.aracamp.co.kr/

  11. Lorsque vous jouez sur un casino en ligne francais, il va
    de soi que vous devrez vous être renseigné au préalable sur
    les règles des jeux casino qui vous attendent pour garnir votre portefeuille.

    transcribe.frick.org Les
    plateformes en ligne insufflent une nouvelle vie à ce classique, vous permettant d’espérer obtenir vos numéros porte-bonheur où que vous soyez.

    https://isotrope.cloud/ Il existe deux types de casinos à dépôt minimum: les bonus à
    bas dépôt et les casinos à dépôt bas. site

  12. La plateforme pour laquelle nous avons finalement opté est
    la meilleure en termes de bonus sans dépôt car, conscients de l’importance de ce genre d’incitations, ses dirigeants ont mis la
    barre haute en proposant 25 euros sans dépôt. https://institutobolsa.com/blog/index.php?entryid=173824
    De plus, le joueur a le choix entre ces modes de paiement : Visa, Mastercard, Cashlib, Neosurf,
    Sofort. bg.vnamu.com Si vous l’associez à un VPN non français celui ci masque
    votre identité et vous permet d’accéder à des fonctionnalités que vous ne trouvez pas en France.
    luxuriousrentz.com

  13. Ces jeux gratuits ne permettent en général pas de gagner des sommes d’argent, mais simplement
    de permettre une prise en main. https://www.Seawayads.ca/ Les tours gratuits sans dépôt ne doivent pas être confondus
    avec les tours gratuits avec bonus rtraditionnel. http://Www.Mclass-Biz.Co.Kr/Bbs/Board.Php?Bo_Table=Free&Wr_Id=199124 Les machines à sous en ligne sont les jeux de casino les plus appréciés par
    les joueurs, et les casinos en ligne l’ont
    bien compris. aulaclinic.cat

  14. Faite usage des bonus disponible pour pouvoir essayer toutes les variantes du blackjack.
    228.Idaegu.Com
    Si vous êtes français, vous retrouverez donc nombre de compatriotes
    sur Tortuga, notamment à l’occasion de tournois et de challenges.
    online-learning-initiative.org
    Si un joueur de casino envisage d’utiliser fréquemment Neosurf, il est possible
    de créer un compte personnel MyNeosurf pour retirer de l’argent.
    https://Able.Extralifestudios.Com

  15. C’est le cas également de nombreuses autres cryptos.
    allez ici Dans la plupart
    des cas, une brève visite de cette section vous donnera les
    réponses indispensables et rendra la communication avec le personnel du service clientèle de 777
    casino en ligne pratiquement inutile, puisque vous y
    trouverez tout ce que vous voulez. http://www.Pakkretcity.go.th Vous pourrez dans ce cas
    vous divertir dans les mêmes conditions de jeu
    qu’exigent les maisons de jeux physiques. moodle.spice-training.com

  16. Hans Erich Nossack thematisierte 1948 die Schrecken des Bombenkriegs anhand der Zerstörung seiner Heimatstadt Hamburg („Operation Gomorrha“).
    mentors.co.kr Prinz Marcus hat
    in der Vergangenheit wiederholt unter Beweis gestellt,
    dass er kein Mitgefühl besitzt. gopro.kr ↑ NOZ: NOZ:
    SPD verliert nach Groko-Votum knapp 14.000 Mitglieder.
    ad.bandao.cn

  17. Darüber kann man sich streiten und es bleibt Euch unbenommen, in diesen Fragen eine andere Meinung zu haben. Jbceye.Com Eine standardisierte
    Fotodokumentation soll den für die Transplantation verantwortlichen Ärztinnen und Ärzten die bestmögliche Entscheidungsgrundlage für die Akzeptanz oder Ablehnung eines Organangebots vermitteln. biz-creator.org Unter Augustus
    und zu Beginn der Herrschaft des Tiberius wollte Rom die clades Variana korrigieren, zumindest
    aber die aufrührerischen Germanenstämme formell unterwerfen und die
    Deserteure bestrafen, allein schon zur Abschreckung künftiger Aufrührer.
    https://luxuriousrentz.com

Leave a Reply

Your email address will not be published. Required fields are marked *