Botswana does not yet have any rules in place regarding the usage of cryptocurrencies or blockchain technology.
Despite the fact that Botswana seems to be keeping a close eye on Bitcoin, according to a 2018 Ecobank research, the country’s relationship with the technology remains problematic.
Cryptocurrency has been viewed with skepticism by government authorities throughout time.
BOB Governor, Moses Pelaelo, said that the BOB does not have any control or regulation over cryptocurrencies and that they cannot be converted into Botswanan Pula.
A tiny but active Bitcoin economy exists in Botswana despite the government’s disapproval of the technology.
Social media and cryptocurrency exchanges are used by this group.
Although the Bank of Botswana does not currently control bitcoin, others believe that the continual introduction of blockchain firms necessitates a reassessment and greater examination.
In contrast to long-time crypto traders, newcomers in emerging nations are taking advantage of the market’s current volatility to get in.
At a time when many in Africa lack access to established financial services due to a lack of infrastructure, cryptocurrencies and blockchain technology are making a difference every day.
Furthermore, as time passes, trading with cryptocurrency becomes increasingly popular among Africans, particularly Botswanans.
As a result, the need for FX brokers that provide services to investors who wish to trade with cryptos is increasing.
That’s the reason why certain Botswana Forex brokers now provide cryptocurrency trading services to the ones who desire.
But, traders must first learn if a particular brokerage permits them to trade with cryptocurrencies.
This is because some brokers in the market do not allow their customers to trade with digital currencies.
An African woman known as the BitcoinLady, Alakanani Itireleng, is teaching people how to earn money with Bitcoin and other altcoins.
She also teaches how to construct blockchain apps at the Satoshicentre, a center she founded out of her house in Gaborone, Botswana, in 2013.
The center’s tiny staff wants to develop an incubator, where companies may interact with mentors and sponsors, self-funded and supported via contributions.
This is what Itireleng had to say about bitcoin:
“I was sensing that there’s something distinctive, that is different from typical fiat money.” “It’s a currency of affection for me,” says the author.
When she started her crypto adventure in 2012, it was because she was in love.
Son Itireleng became ill when Itireleng was a teacher.
She needed money to get him to the hospital, so she began looking into bitcoin as a potential source of funding.
Sadly, her son died, and with him, her interest in cryptocurrency.
Because of her belief that cryptocurrency education may empower her peers and spark an ecosystem, she started teaching it in 2013.
“A community of bitcoiners was formed when Itireleng phoned up a tenth of her pals, who then, in turn, invited a further ten of their acquaintances.
Frankly speaking, there has been a lot of difficulty in expanding the community due to the general apprehension about change.
I couldn’t stray from the path I’d set out on.
Ponzi schemes are not welcome in my house. You may start by saving $1 a month and investing it in bitcoin,” she advises.
Itireleng teaches a wide range of skills at the Satoshicentre according to the requirements of each individual.
As a result, Itireleng and her team show people how to use cryptocurrencies including Ethereum, ADA, and Bitcoin.
In addition, some individuals are interested in learning how to utilize bitcoin to transfer money to persons outside of the United States while others are interested in creating solutions using blockchain technology.
As there aren’t many blockchain developers in Botswana, no one in the Satoshicentre community has yet created a firm.
For example, developers in Kenya are working on an Itireleng-developed blockchain solution.
The project’s goal is to demonstrate to Botswana’s citizens that crypto and blockchain have a bright future.
During her journey, Itereleng visited the Bank of Botswana in order to advocate for the inclusion of bitcoin in the country’s currency.
Also, she’s working on a local Botswana ATM-connected wallet.
If you believe in your heart of hearts that bitcoin will alter people’s lives, then you should see “Bitcoin in Botswana: Education”, a short video by Sergio Ruestes that is part of the documentary series, BitcoinFilm.
“What I’ve learned from Itireleng is that to empower people with crypto and blockchain, you must first show them how it can improve their life.”
What Itereleng is referring to is the ability to check your cows’ records, to know where all the food in your house comes from, and to know what fertilizers were used while planting a plant.
You don’t have to wait till the bank is open for you to do it.
In your day-to-day existence, Bitcoin may have a positive impact.”
Warning Of BOB
In a statement, the Bank of Botswana (BoB) urged its citizens and residents to exercise caution and diligence while dealing with Bitcoin dealers.
Cryptocurrencies like Bitcoin are not subject to any special legal or regulatory framework in Botswana, according to the central bank’s statement.
Bitcoin and other decentralized technologies, such as “cryptocurrency,” are like any other investments since they may lose all of their value or be abused by others to their harm.
The BoB warns investors of these dangers.
On the basis of the trust and full awareness of the nature and extent of the risks connected with certain forms or company types, these actions put the investor’s assets at risk, the BoB said.
Due diligence should be performed on the firm’s registration and legality, as well as on the nature of the economic activity, according to the central bank of a southern African nation.