Belfrics Plan to Launch Bitcoin Exchanges Across Africa

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

At the Launch of Belfrics' Bitcoin Exchange in Kenya on Saturday at the Villa Rosa Kempinsk, in Nairobi, Praveen listed plans to open exchanges in Nigeria, Ghana and Botswana soon, and proceed later with other countries.

"We were overwhelmed with the tests trials that were run in Kenya in terms of volume and have therefore decided to launch Bitcoin exchanges across the continent in the coming months," Praveen told a ballroom full of people mostly from the Bitcoin Community in Kenya. "Actually we don't see this as a launch since we've got a good business so far and this is a launch party."

He narrated how the Kenya experience has been a great lesson for them to change their game plan and It is in this direction that they are set to work in other African countries.

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.

Kenya, which is a leading Bitcoin adoption in Africa amongst countries like South Africa, Ghana and Nigeria is making sweeping incursions to break into the mainstream even though there has been some resistance from the Central Bank of Kenya.

In 2005, Kenyans were warned by the Central Bank 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.

Even with all the warnings, 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.

Credit: Cointelegraph