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38 sats \ 0 replies \ @KenyaCoin OP 20 May \ parent \ on: Republicans want to tax remittances sent by migrants, visa holders -- 5% "exise" bitcoin
Less commonly used, but significantly less expensive:
Non-custodial, KYC-Free, LN-based gateways that use LN:
Kenya: Tando.me
Tanzania: Chapsmart.com
Ghana: Bitspenda.app
Thailand: Plebqr.com
Brazil: Nostrpix #894453
Mexico: https://www.swapido.com/en
Users can access Machankura by dialing a USSD code which varies per country. When you dial the number for the first time, a bitcoin wallet that is tied to your phone number is instantly created for you. You are required to create a PIN that will encrypt your wallet and will also be used to confirm all future transactions on Machankura.Once your wallet has been created, a lightning address is generated for you using your phone number. For example: 256234567890@8333.mobi. You can also change this to a username of your choice e.g machankura@8333.mobi. Anyone can send you bitcoin on this lightning address. You can also send bitcoin to any user’s address.
https://8333.mobi/faqs <-- Under How does Machankura Work section
The absence of almost any regulation previously cause many exchanges to stay completely out of Nigeria, and many of those that took the risks have suffered due to selective enforcement of money laundering regulations (e.g. Binance).
At least now there's a path to follow:
Heritage put it best when asked about the outlook for Nigerian Bitcoin builders, “these are necessary growing pains if we're truly committed to transforming how Africans send and receive value globally.”
The author of the article did mention that:
For Bitcoin entrepreneurs in Nigeria, the Act is a welcomed change. However, sentiment is split evenly between relief and trepidation from the potential negative consequences introduced by the (mis)classification of Bitcoin as a security
or maybe the lack of reliable exchanges there.
Bingo -- at least for BTC/CFA via Lightning.
Bitnob just expanded support for CFA:
#962393
https://bitnob.com/blog/send-and-receive-xaf-xof-currencies-using-bitnob
Another government-affiliated agency champions a payment method, and suppresses competition. Said payment method gains share and network effects result in it having the power of a monopoly. Then raises fees, adds taxes ... and bleeds the citizenry dry!
But they are getting revenue they likely otherwise would not have gotten, and that revenue generally has mostly profit as marginal expense on the revenue is minimal. That could help subsidize R&D or production systems that expand their green energy footprint. Or not, who knows. Bitcoin mining doesn't exist to serve the green energy industry.