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Last updated on September 11th, 2020 at 10:35 pm

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Just in, the blockchain and cryptocurrency associations from East Africa puts out a joint statement on Cryptocurrencies and Ponzi Scheme in the region. 

The reason for the collaborative effort from East Africa is because of the increase in the number of crypto scam and ponzi scheme in the region.

Popular crypto scam in the region includes dunamiscoin, bitclub ponzi scheme, one coin and many other ponzi schemes. The bad influence of this crypto scams is hindering cryptocurrency and blockchain adoption in the region. 

Four blockchain associations have come together to address the issue and they include:

The Blockchain Association of Kenya

The Blockchain Association of Rwanda

The Blockchain Association of Tanzania

The Blockchain Association of Uganda

The following topics or questions was addressed in the joint press statement:

What is a cryptocurrency?

What is a cryptocurrency used for?

Are they legal / Are they regulated?

What are Ponzi Schemes and how can Ponzi Schemes are to be recognized?

How can the public distinguish a cryptocurrency from a ponzi scheme?

The associations had said that it is committed in ensuring the safety of the cryptocurrency community against Ponzi Schemes and Crypto Scam in the region. 

The association also said it will be opening a website with ‘Scam Alerts’ for receiving ponzi scheme reports from the public. The site according to the association will also contain guildlines through which the community can refer to for safety measures. 

We could recall that Stakeholders Association of Nigeria (SiBAN) introduced a decentralized monitoring service to fight crypto scam in Nigeria. Nigeria has also introduced a new banking service dubbed Panic Alert in a bid to fight Cyber Attacks in the digital space. 

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