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Despite being in the middle of the continent of Africa, various parties look forward to the development of digital money in Swaziland

Written By Hanny & Melissa on Sunday, June 16, 2019 | Sunday, June 16, 2019

Swaziland is a developing country with a low economic level. To ensure that the economy remains stable, the local fiat has to be valued at the South African rand.

There are countries that do not have beaches because they are in the middle of the continent of Africa. Swaziland borders Mozambique in the northeast and South Africa in the north, west and south.

The country's main trading partners are the United States and Europe while domestic employment is heavily dependent on the agriculture and manufacturing sectors.

April 2018 last year, the country's king officially changed the name of the country from the Kingdom of Swaziland to Eswatini. Eswatini it self is a general term in Swaziland which is used by locals to name the country.

Interestingly even though it is in the middle of the mainland of the Continent, the development of Bitcoin in Swaziland
just like most countries in the African Continent, this country's government does not set official rules regarding the circulation of Bitcoin and other digital currencies.

However, related parties consisting of representatives of different banks, regulators and the Swaziland Revenue Authority also raised a number of concerns about Bitcoin. However they do not deny that the crypto currency also has several benefits and advantages.

When the Swaziland Economic Conference was held in 2017, the Central Bank of Swaziland through its governor Majozi Sithole showed his support for crypto assets in the country.

Sithole also stated that regulators were conducting internal research on how they could use Bitcoin and others. "It might not be wise to ignore the virtual currency, and as a central bank we want to accept and support innovation. if this is innovation, we don't want to hold it back. We want to learn more about it". Sithole said

Furthermore, CEO of the First National Bank of Swaziland (FNB), Dennis Mbingo also provided support. He mentioned that crypto assets are not technologies that can be abandoned. Besides because of its popularity, its nature which is not controlled and unregulated by anyone is one of the advantages that can be utilized, but it is unfortunate that the knowledge of these citizens is still lacking regarding the new technology.

Swaziland citizens who wish to exchange, or asset crypto trading can do so through several platforms that operate globally. These platforms include Paxful, Spectrocoin, Coindirect and Localbitcoins.

Blockchain education for Swaziland Central Bank employees even though it does not regulate the regulation of crypto assets, the local government still uses the Blockchain, the technology behind it. In June 2017, the Chairman of the Swaziland Central Bank invited The Blockchain Academy to train 50 of its employees.

The purpose is, of course, to take advantage of the implementation of Blockchain for the domestic financial system. The track record of using Blockchain technology in Swaziland is also recorded when Britain Start Network cooperates with 42 other social institutions such as Oxfam, Care International and this country in 2017.

Furthermore, until 2019 many parties are still looking forward to how the development of digital money in Swaziland. So far there have also been positive steps, so that everyone can hope that the country can become a friendly country for digital currencies in the future...

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