Belfrics plans to set up Bitcoin exchanges in African countries

nnnBelfrics currently announces its operations in Kenya to develop its operations into four countries and plans to set up Bitcoin exchanges in more African countries in the future. The company hopes to be able to achieve success in East African countries in the future, and this is also welcomed by Kenyan Bitcoans, which will help push the Bitcoin and block chains in local applications.n
nnTranslated by: Inan
nBelfrics chairman and chief executive officer Praveen Kumar announced that the company will be in the next few months in many African countries to set up special currency exchange.n
nPraveen announced that the establishment of the Belfrics Kenya Exchange on April 29 at the Kempinski Roma Kempinski in Nairobi also revealed that it would soon be set up in Nigeria, Ghana and Botswana and gradually extended to other African countries.n
nMost of the guests of the day were Kenya’s Bitco community members, and Praveen told them:n
nn”We were shocked by the previous trading volume test in Kenya and decided to launch the Bitcoin Exchange on the African continent in the coming months.”n
nnHe explained that the situation in Kenya had given them great inspiration and decided to change the plan. It is because of this, the company will also work in other African countries.n
nCurrently operating in four countriesn
nThe establishment of the exchange in Kenya makes Belfrics operating in four countries, after the company in Singapore, Malaysia and India operations.n
nPraveen hinted that its company intends to serve 100,000 to 1 million Kenyans in the next year to 18 months. He is very optimistic about the success of Belfrics in East African countries.n
nWhy is this important?n
nChairman Kim Kimani, chairman of the East African Blockchain Association, paid tribute to Belfrics’ accession to the Kenyan market in his opening remarks.n
nKimani is one of the major advocates of Bitcoin and block chain technology in Kenya and the entire East African region. He believes this is a great opportunity to promote the adoption of Bitcoin and block chain technology in Africa.n
nAfter the conference, Mengistu Humne, an Ethiopian Bitcoan miner living in Kenya, told Cointelegraph that he was excited about Belfrics’ entry into Kenya. Humne said:n
nn”It was a good sign because we had been hard to find Kenyans who were interested in joining our mining plans.”n
nBelfrics vs. BitPesan
nBelfrics has entered the Kenyan Bitcoin Exchange market and set the transaction commission to 5%. However, with the market in the BitPesa commission of 3%.n
nBut Justus Mutui Kimasyu, head of the Belfrics Kenya branch, told Cointelegraph that it was not a threat to them:n
nn”BitPesa’s minimum bit of money is $ 700, but we allow customers to buy any number of bits of currency as they wish.”n
nnKenya’s Bitcoin is ahead of South Africa, Ghana and Nigeria, and despite the resistance from the central bank in Kenya, the country is working to achieve the mainstream use of digital money.n
nIn 2005, the Kenyan central bank warned Kenyan people to stop using Bitcoin and other digital currencies because they were not legal and unregulated but did not enact laws for them.n
nHowever, the Kenyan people did not care about this warning, continue to use Bitcoin and other virtual currency. In fact, Kenya advocates the use of digital money in organizations more than other entities.n

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