around cryptocurrencies and ICOs. When asked whether Golix is planning on rolling out more ATMs in other locations across the country, he said the company will first monitor and assess how the ATM works as well as its acceptance by customers. Last year Reserve Bank of Zimbabwe governor John Mangudya announced in a statement that the use of and trading of cryptocurrencies is not regulated by the countrys laws, adding that virtual currencies present risks like money laundering, terrorism financing, tax evasion and fraud. These agents sell BMTs that can be converted to phone minutes on different local carriers and also help users to convert unused cell phone minutes into BMTs, which could be used for payments of goods and services at TAN retailers.
So how does a company in a country that has been struggling with a liquidity crisis for years guarantee that a Bitcoin ATM will always have cash? After just two months in the country, the CEO of BitMinutes, Tom Meredith, says adoption has been on the up, according to a report by, business Post. He said leading up to the launch, the exchange has had to deal with high demand for cryptocurrency in the country as people want to use it to make international payments with. The prepaid minute is a real asset that can be traded and, according to the company, is already traded informally by mobile phone owners around the world. Were ecstatic that Nigerias citizens have embraced the BitMinutes Nigeria program. Nigerians are already one of the top adopters of bitcoin on the continent, using the cryptocurrency primarily for investment and remittance purposes.
The regulatory sandbox has so far received interest from 70 firms that want to join. Patrick Njoroge asserted in 2018, in one of its 2018 soundness reports, the CMA recommended that a special body be created to oversee cryptocurrencies and ICOs.