Bitcoin trading in Emerging Markets: going “crypto native”

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In one of my previous posts, I mentioned that emerging markets are more “bitcoin or crypto native“. And according to LocalBitcoins, 2018 was a great year for bitcoin trading especially in emerging economies – 4 out of the top 10 countries by bitcoin trading volume, were emerging markets.

4th Place Venezuela: Bitcoin and Dash go head-to-head

Venezuela is not an emerging market but I wanted to highlight why this South American country embraced cryptocurrencies so well.

If you are like me, sometimes is difficult to follow why things got so bad in Venezuela – here is an overview on how their economic situation got to this point.

If the fiat currency where you live is worthless and hyperinflation is rampant, the obvious move is to adopt a cryptocurrency. So, P2P transactions with Bitcoin and now Dash, have become the norm.

Experts say, DASH is has surpassed the volume of bitcoin trade.
It’s difficult to find websites that offer specific volume data on the DASH/VEF market, so there’s no reading of just how quickly Dash usage has expanded since the end of 2016 when it was first started in Venezuela. But no doubt, the adoption has been high.

Dash is accepted at 1,741 merchants and counting, including Calvin Klein, Subway, and Papa John’s, with dozens of videos out there documenting purchases at these locations.

Paying for Subway in Caracas

7th place Nigeria: despite government backlash Bitcoin trading is going strong

Nigerias use bitcoing mostly for P2P transactions – as most of the population still is unbanked. Cash and alternative methods of P2P payments contributed for the exponential rise of bitcoin transactions in the country.

In the end of 2018, there was a backlash from the Union Bank of Nigeria PLC, Nigeria’s sixth largest bank by assets. The bank issued a general notice informing its customers that all accounts linked to cryptocurrency trading activities will be monitored and may be subject to restrictions going forward.

The pronouncement comes at a time when the Nigerian cryptocurrency ecosystem is in the news for a potential government regulatory framework promised by the main opposition candidate in next year’s elections as reported by CCN

Even entrepreneurs are choosing bitcoin over the Nigerian Naira. As reported by CCN, web designer Soji from Lagos said:

 “I can use Bitcoin for anything now […] It means I can invest and also pay anybody currently, except old people, I will send them Bitcoin. “

This post was originally published on Emerging Markets Today

Crypto Price Index Wins Royal Family Endorsement

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Dave Pulis ZBX CEO

Crypto Price Index partners with Emirati Royal Family, ZBX exchange and ICO Malta 

The Crypto market is still regarded by many as inferior to traditional financial products. Crypto Price Index (CPI) intends to change that.

CPI is an emerging Decentralised Finance (DeFi) project which aims to allow users to participate in the crypto markets in a stable and less volatile manner. CPI achieves this via an index coin linked to the average value of the top 200 crypto assets.

CPI has recently won the full endorsement and support members of Emirati Royal Families through their direct participation on the company’s board, bringing a global level of stability and recognition to the emerging class of DeFi protocols which market commentators expect to disrupt the financial industry. 

The CPI project will democratise access to crypto assets by allowing non-technical users to acquire exposure to the broader crypto asset market via the ownership of a single index token called the CPI200 token. Participants in the CPI protocol will perform an integral function in the governance of the protocol through a governance token referred to as the CPI token ensuring that the protocol’s ruleset is aligned with the community’s interests at all times. 

Herbert Law, CEO of Crypto Price Index, was keen to welcome Highness Sheikh Abdullah Bin Rashed Al Sharqi as well as His Excellency Khalfan Saeed Khalfan Al Mazrouei to the board, and issued the following statement:

“I feel what we have is an amazing event which has happened by forming this partnership with the Royal Family. Our CPI project now has one of the more powerful platforms ever we created in the crypto industry. 

David Pulis, ZBX CEO

The CPI project has appointed ICO Launch Malta as technical partners, with the CPI platform being built on the ICO Launch Malta DeFi Product Stack. By building upon this proven and heavily audited technology layer, CPI offers its users full transparency and auditability of their holdings. Jan Sammut CEO of ICO Launch Malta issued the following statement: We are thrilled to be part of the CPI project, who’s ethos is congruent with our objective to democratise the financial industry by disintermediating it to a purely trust less P2P market. CPI has selected ZBX as exchange partner for their upcoming launch, which is scheduled for the end of year. Dave Pulis, CEO of ZBX commented:

The Crypto Price Index is a much- needed vehicle that will enhance our product offering for both institutional and retail investors worldwide”

For more info about CPI

Contact: Myriam Gauthier

Phone: +356 9981 4554