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Belfrics to Launch Bitcoin Exchanges Across Africa

Praveen Kumar, Chairman and CEO of Belfrics Global SDH, has announced that his outfit will be launching Bitcoin exchanges across Africa in the coming months.

Speaking at the Launch of Belfrics' Bitcoin Exchange in Kenya on Saturday at the Villa Rosa Kempinski, in Nairobi, Praveen outlined plans to open exchanges in Nigeria, Ghana and Botswana soon, and follow it up with other countries.





Four countries so far

The launch, in fact, was brought to four countries in which Belfrics is running Bitcoin exchanges. Prior to the launch, the company was operating in Singapore, Malaysia and India.

Praveen hinted that his global company intends to reach 100,000 to one mln people in Kenya in the next one year to 18 months. He was very upbeat about the success of Belfrics in the East African nation.

Belfrics has entered the Kenyan Bitcoin Exchange Market with a five percent commission on transactions. Meanwhile, BitPesa is already in the market offering a three percent commission.

In 2005, the Central Bank warned Kenyans to desist from the use of Bitcoin and other cryptocurrencies since they are not legal tender and unregulated but did not go ahead to legislate it.

Despite this, Kenyans have ignored the warning and continue to adopt Bitcoin and other virtual currencies at an admiring rate. As a matter of fact, the country has more organizations advocating adoption more than any other African entity.

Source: Cointelegraph.

  • July 31, 2017 10:41 PM MSK