Afrocentric Bitcoin Exchange | Bitcointalksearch.org

Lida93

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Quote from: NotATether on December 13, 2022, 02:04:42 PM

Quote from: Pentafa on December 13, 2022, 06:57:55 AM

The exporting countries are in another continent and do not accept the importing country's currency. They only accept the US dollar and other major currencies.

EU? China & Japan? (Though I doubt that China would ask for US dollars, they would ask for precious metals collateral instead. At least that's how I understand truth do business.)

Quote

Currently the importing country has been purchasing the imports on credit but the facilities have now been exhausted.

Which African county is this if you don't mind sharing? (Doesn't sound like northeastern Africa).

I am pretty sure it's not West African countries neither, cause most International trades here in which the exporting country don't accept the importing country's currency it is then substituted with natural gas or crude oil or any other product based on the comparative advantage of the both countries involved based on their memorandum of understanding. Currently as it stands, many African countries mostly West African countries to the best of my knowledge their laws are not crypto currency friendly, so OP it would be very helpful you come clearly with this said African country of yours as stated by you.

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Quote from: NotATether on December 13, 2022, 02:04:42 PM

Quote from: Pentafa on December 13, 2022, 06:57:55 AM

The exporting countries are in another continent and do not accept the importing country's currency. They only accept the US dollar and other major currencies.

EU? China & Japan? (Though I doubt that China would ask for US dollars, they would ask for precious metals collateral instead. At least that's how I understand truth do business.)

Quote

Currently, the importing country has been purchasing the imports on credit but the facilities have now been exhausted.

Which African county is this if you don't mind sharing? (Doesn't sound like northeastern Africa).

And I doubt of this country is in west Africa as the countries in west Africa are so serious with Bitcoin ban and restriction since the government see bitcoin as a threat to their weak national currencies, most especially in my country, the government have a blanket banned on Bitcoin and other cryptocurrencies, and also there are limits to how much foreign currencies such as US dollar that importers within the country are allowed access to s8nce the central bank control everything.
But individuals still use Bitcoin as an alternative mostly on a p2p level.

Pentafa

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Quote from: Woodie on December 15, 2022, 10:44:58 AM

Aren't bank cards able to aid these kind of transactions regardless of low or high foreign currency availability Huh

There's a $5,000 limit for each bank card.

Quote from: Woodie on December 15, 2022, 10:44:58 AM

...better yet get into some kind of partnership with one of these big exchanges to get cheap coins without been exposed to middleman fees.

(1) Will the coins be acceptable on other major exchanges?

(2) Which major exchanges have CEO/CFOs with the qualifications to understand international financial strategies between Africa and the West? i.e., strategies for repatriating gains/profits realised in an African currency back to the West

(3) If indeed there's such a major exchange with qualified senior management, how does one go about convincing them of a potential annual $2 billion market?

Quote from: Woodie on December 15, 2022, 10:44:58 AM

Is this a general project or targeted towards one's country

One country

Woodie

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Quote from: Pentafa on December 13, 2022, 04:28:09 AM

There's an African country with a huge demand for foreign currency that is failing to import goods and services due to the scarcity of foreign currency.

I guess the idea behind this is try and help strengthen your countries currency, but if you say fail to import because of scarcity of foreign currency..... Are you implying this is strictly on cash basis business? Aren't bank cards able to aid these kind of transactions regardless of low or high foreign currency availability Huh

Quote from: Pentafa on December 13, 2022, 04:28:09 AM

I've proposed a project that utilizes Bitcoin to the government through the ministry of finance and central bank to setup an business entity that purchases bitcoin using the local currency in order to make international payments for the country's import demand.

Let's just say with tax payers money on the line, the government won't venture into trading with a volatile asset, but if you suggested a stable coin you could fancy getting what you want....better yet get into some kind of partnership with one of these big exchanges to get cheap coins without been exposed to middleman fees.

Quote from: Pentafa on December 13, 2022, 04:28:09 AM

Are there any like-minded individuals/organizations I can work on this project?

Is this a general project or targeted towards one's country

Pentafa

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Quote from: bitmover on December 14, 2022, 01:30:22 PM

Quote from: Pentafa on December 14, 2022, 01:03:38 AM

Quote from: bitmover on December 13, 2022, 11:15:15 AM

Your country need a good fiat/btc gateway, i.e., a bitcoin exchange.

Exactly my point, I need to convince international bitcoin exchange providers to establish a crypto exchange that accepts the local currency to sell bitcoin at a price similar to the official US dollar exchange rate.

Do you have any contacts for crypto exchange investors/managers i can talk to?

Quote from: bitmover on December 13, 2022, 11:15:15 AM

Maybe you could create one, or talk to your government to help an international one enter the country(a lot of bureaucracy barriers, most likely)

Cryptocurrency is still unregulated and thus the industry in this central african country i'm referring to lacks any barriers of entry for crypto investors.

Quote from: NotATether on December 13, 2022, 02:04:42 PM

Which African county is this if you don't mind sharing? (Doesn't sound like northeastern Africa).

An agro-based central african country with no substantial amounts of precious minerals

I don't have contacts of Cryptocurrency exchange managers... but even if I do, you didn't even reveled the country you are from...

Malawi

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Quote from: Pentafa on December 14, 2022, 01:03:38 AM

Quote from: bitmover on December 13, 2022, 11:15:15 AM

Your country need a good fiat/btc gateway, i.e., a bitcoin exchange.

Exactly my point, I need to convince international bitcoin exchange providers to establish a crypto exchange that accepts the local currency to sell bitcoin at a price similar to the official US dollar exchange rate.

Do you have any contacts for crypto exchange investors/managers i can talk to?

Quote from: bitmover on December 13, 2022, 11:15:15 AM

Maybe you could create one, or talk to your government to help an international one enter the country(a lot of bureaucracy barriers, most likely)

Cryptocurrency is still unregulated and thus the industry in this central african country i'm referring to lacks any barriers of entry for crypto investors.

Quote from: NotATether on December 13, 2022, 02:04:42 PM

Which African county is this if you don't mind sharing? (Doesn't sound like northeastern Africa).

An agro-based central african country with no substantial amounts of precious minerals

I don't have contacts of Cryptocurrency exchange managers... but even if I do, you didn't even reveled the country you are from...

Pentafa

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Quote from: bitmover on December 13, 2022, 11:15:15 AM

Your country need a good fiat/btc gateway, i.e., a bitcoin exchange.

Exactly my point, I need to convince international bitcoin exchange providers to establish a crypto exchange that accepts the local currency to sell bitcoin at a price similar to the official US dollar exchange rate.

Do you have any contacts for crypto exchange investors/managers i can talk to?

Quote from: bitmover on December 13, 2022, 11:15:15 AM

Maybe you could create one, or talk to your government to help an international one enter the country(a lot of bureaucracy barriers, most likely)

Cryptocurrency is still unregulated and thus the industry in this central african country i'm referring to lacks any barriers of entry for crypto investors.

Quote from: NotATether on December 13, 2022, 02:04:42 PM

Which African county is this if you don't mind sharing? (Doesn't sound like northeastern Africa).

An agro-based central african country with no substantial amounts of precious minerals

Quote from: NotATether on December 13, 2022, 02:04:42 PM

EU? China & Japan? (Though I doubt that China would ask for US dollars, they would ask for precious metals collateral instead. At least that's how I understand truth do business.)

Middle-Eastern companies exporting petroleum products only accept the US dollar and other major international currencies. European companies prefer the Euro/Dollar.
The agro-based central african country lacks any precious metals to barter with.

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Quote from: Pentafa on December 13, 2022, 06:57:55 AM

The exporting countries are in another continent and do not accept the importing country's currency. They only accept the US dollar and other major currencies.

EU? China & Japan? (Though I doubt that China would ask for US dollars, they would ask for precious metals collateral instead. At least that's how I understand truth do business.)

Quote

Currently the importing country has been purchasing the imports on credit but the facilities have now been exhausted.

Which African county is this if you don't mind sharing? (Doesn't sound like northeastern Africa).

bitmover

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Quote from: Pentafa on December 13, 2022, 09:09:12 AM

Because the Bitcoin price is 80% more expensive than the US dollar rate, most private sector companies we've approached are reluctant to take up our crypto-based international funds transfer services for fear of increasing the prices of their products and services. We are still negotiating with some private sector companies though. Unfortunately we do not have a major crypto exchange like Binance that accepts payment in local currency in exchange for Bitcoin.

Looks like your proposed solution can't work, unless you take one step back.

Your country need a good fiat/btc gateway, i.e., a bitcoin exchange.

Maybe you could create one, or talk to your government to help an international one enter the country(a lot of bureaucracy barriers, most likely)

Quote

The government, on the other hand, can afford to pay the higher rates for the crypto-based international funds transfer services to pay for fuel, fertilizer and other major national imports because the cost is passed on to the tax payers.

I don't think it can. No one, no person , institution or government should pay a higher price.

This problem must be solved first.

Pentafa

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Quote from: bitmover on December 13, 2022, 08:55:57 AM

Quote from: Pentafa on December 13, 2022, 04:28:09 AM

There's an African country with a huge demand for foreign currency that is failing to import goods and services due to the scarcity of foreign currency.

I've proposed a project that utilizes Bitcoin to the government through the ministry of finance and central bank to setup an business entity that purchases bitcoin using the local currency in order to make international payments for the country's import demand.

Are there any like-minded individuals/organizations I can work on this project?

Quote from: bitmover on December 13, 2022, 08:55:57 AM

What is the price of bitcoin in usd in your country ? Probably a little more expensive...?

Bitcoin is 80% more expensive than the official exchange rate for the US dollar.

Quote from: bitmover on December 13, 2022, 08:55:57 AM

I believe the main cause of your country high demand for usd is that your fiat is weak, and your government probably created a lot of bureaucracy to make the process of buying usd very complex, expensive and slow so that everyone just give up (unless someone is rich enough)

Correct

Quote from: bitmover on December 13, 2022, 08:55:57 AM

Instead of making a project with the government and the central bank, can't you just offer companies a way payment processor using bitcoin ?

Because the Bitcoin price is 80% more expensive than the US dollar rate, most private sector companies we've approached are reluctant to take up our crypto-based international funds transfer services for fear of increasing the prices of their products and services. We are still negotiating with some private sector companies though. Unfortunately we do not have a major crypto exchange like Binance that accepts payment in local currency in exchange for Bitcoin.

The government, on the other hand, can afford to pay the higher rates for the crypto-based international funds transfer services to pay for fuel, fertilizer and other major national imports because the cost is passed on to the tax payers.

bitmover

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Quote from: Pentafa on December 13, 2022, 04:28:09 AM

There's an African country with a huge demand for foreign currency that is failing to import goods and services due to the scarcity of foreign currency.

I've proposed a project that utilizes Bitcoin to the government through the ministry of finance and central bank to setup an business entity that purchases bitcoin using the local currency in order to make international payments for the country's import demand.

Are there any like-minded individuals/organizations I can work on this project?

In Brazil we also have a huge demanda for foreign currency, and for years the bitcoin was about 10% more expensive here.

Bitcoin price was normal only when binance arrived in Brazil offering a good service. What is the price of bitcoin in usd in your country ? Probably a little more expensive...?

I believe the main cause of your country high demand for usd is that your fiat is weak, and your government probably created a lot of bureaucracy to make the process of buying usd very complex, expensive and slow so that everyone just give up (unless someone is rich enough)

Instead of making a project with the government and the central bank, can't you just offer companies a way payment processor using bitcoin ?

Pentafa

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Quote from: Ucy on December 13, 2022, 05:55:20 AM

Quote from: Pentafa on December 13, 2022, 04:28:09 AM

There's an African country with a huge demand for foreign currency that is failing to import goods and services due to the scarcity of foreign currency.

I've proposed a project that utilizes Bitcoin to the government through the ministry of finance and central bank to setup an business entity that purchases bitcoin using the local currency in order to make international payments for the country's import demand.

Are there any like-minded individuals/organizations I can work on this project?

Better to liase with countries that the country depends on for importation (esp cheap goods import) in order to trade currencies directly with them rather than doing this the way you proposed.
When the world's reserve currency goes up due to demand/supply, the country can use the currencies of other Nations she is importing from.

The exporting countries are in another continent and do not accept the importing country's currency. They only accept the US dollar and other major currencies. Currently the importing country has been purchasing the imports on credit but the facilities have now been exhausted.

Ucy

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Quote from: Pentafa on December 13, 2022, 04:28:09 AM

There's an African country with a huge demand for foreign currency that is failing to import goods and services due to the scarcity of foreign currency.

I've proposed a project that utilizes Bitcoin to the government through the ministry of finance and central bank to setup an business entity that purchases bitcoin using the local currency in order to make international payments for the country's import demand.

Are there any like-minded individuals/organizations I can work on this project?

Better to liase with countries that the country depends on for importation (esp cheap goods import) in order to trade currencies directly with them rather than doing this the way you proposed.
When the world's reserve currency goes up due to demand/supply, the country can use the currencies of other Nations she is importing from.

Pentafa

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Activity: 12

Merit: 9

There's an African country with a huge demand for foreign currency that is failing to import goods and services due to the scarcity of foreign currency.

I've proposed a project that utilizes Bitcoin to the government through the ministry of finance and central bank to setup an business entity that purchases bitcoin using the local currency in order to make international payments for the country's import demand.

Are there any like-minded individuals/organizations I can work on this project?

Topic: Afrocentric Bitcoin Exchange (Read 162 times)