Cryptocurrency Comes to Malawi

Cryptocurrency Comes to Malawi

Buy Bitcoin Malawi has said it will soon embark on a massive countrywide exercise designed to raise awareness about bitcoin and other cryptocurrencies.

The company’s chief executive officer Grey Jabesi has said this in the context of the firm’s recent fruitful deal which has seen HeraSoftware, an American Blockchain software company, acquiring five percent stake in Buy Bitcoin Malawi.

Jabesi: To Raise Awareness

Buy Bitcoin Malawi is a cryptocurrency marketplace which allows Malawians to buy or sell Bitcoin and other cryptocurrencies instantly using the Malawi Kwacha.

The company has created an indigenous Bitcoin Application called Khodo which is also available on Playstore.

The application, which has been described by many as user-friendly, allows one to buy or sell Bitcoin with Malawi Kwacha through bank transfer or mobile money.

Following the successful deal with an American investor, Jabesi said Buy Bitcoin has managed to raise some critical capital, stressing that such capital injection will help the company grow its business by
extending footprint across Malawi.

“We are going to allocate the majority of the funds we raised to education throughout the country. We think, if we are to be very successful, it’s very important for people to learn and understand what cryptocurrency is,” he explained in an interview.

Jabesi said the company’s vision is also to expand into multiple African countries, starting with Malawi neighbours.But he stated that that achieving such a feat would require lots of software development work “so that the company can afford to grow our team and speed up software development.”

Jabesi also urged Malawians to widen their perspective by looking at cryptocurrency and Blockchain as technologies, and not currency or
investments.

He said by embracing such a mideset, Malawians would quickly realise that such technologies offer infinite opportunities for innovation and solving some of our everyday problems across multiple sectors.

He added: “My fear is that creating a negative narrative around this technology will only discourage Malawians from learning and experimenting with it. This will result in having no talent pool that specialize in cryptocurrency and blockchain in the country, and which is extremely bad for the public and private sectors. It’s also discouraging to startups like ourselves that are investing time and resources in building solutions in that domain.”

The company’s goal, according to Jabesi, is to emerge as a Malawian regulated cryptocurrency service provider, while placing Malawi among the leading nations in the crypto space.

Local advocates of cryptocurrrencies have in recent times lamented on negative messaging surrounding cryptocurrencies which they argue has essentially denied most people an opportunity to actually discover or experiment with the real cryptocurrencies like Bitcoin or Ethereum and other cryptocurrencies within blockchain technology.

The ICT Association of Malawi president, Bram Fudzulani, told local media recently that at this juncture, Malawi needs cryptocurrencies but said there is need for heavy consumer awareness and protection
before being fully embraced in Malawi.

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