Dar es Salaam. The new cryptocurrency, mCoin, that works with and without the internet has been launched across Africa by the London-based ONEm Communications.
The cryptocurrency was created to empower the unbanked people, as it provides affordable financial facilities such as electronic payment, current and savings accounts for the billions of unconnected and unbanked people globally, a statement shows.
The ONEm Wallet allows people to send mCoins between one another by using only a ONEm name, instead of inputting a long wallet address. “For the first time people will be able to transfer mCoins from an offline SMS wallet to digital app wallets, “says ONEm Communication statement.
It says mCoin uses “Pseudo-Mining” for coin distribution to the masses and it involves people doing positive things and getting mCoins in return. To mark the occasion ONEm is rewarding people in Africa with mCoins by texting #mine to +447860039088 (Standard international message rates may apply).
“Users will receive 100 free bonus mCoins on sign-up and the first ever SMS wallet. Additionally, they will receive a referral code to share with friends and family whilst also receiving more mcoins for every successful referral,” according to the statement. On any mobile anyone can own, store, earn and trade mCoin using a revolutionary SMS Wallet. According to the World Economic Forum (WEF), there are more than 4 billion people without access to the internet.
According to the World Bank, affordable financial services can be solutions to overcome poverty, reduce income disparities and increase economic growth. Cryptocurrency technology has the potential to be part of the solution.