‘Everyone Has a Right to Access Funds and Financial Freedom’ – Interview Bitcoin News

The financial tools that cryptocurrencies can be used for are a way to make or store money. However, this is still not true across many countries.

Ignorance and regulatory uncertainty

While there could be many factors why this may happen, the fact is that regulatory uncertainty and ignorance often discourage potential users from using crypto-based fintech.

Entrepreneurs like Tadii Tandayi (CEO and co-founder at Bitflex) have created or launched fintech solutions that are based on blockchain technology to help overcome those and other obstacles. Bitcoin.com News reached out via Linkedin to get an explanation of Bitflex’s plans to make blockchain work for the masses.

Below are Tendayi’s answers to questions sent to him by Bitcoin.com News.

Financial Freedom a Human Right

Bitcoin.com News (BCN). Can you tell our readers why you decided to create this project? Who are the other people behind it?

Tadii Tendayi (TT):BitFlex was founded out of the desire for better access to digital assets in Zimbabwe. It was established in 2017. Given Zimbabwe’s current economic situation this is the easiest way to pay for products abroad.

BCN: Are you already making a profit with your startup or is it going to take longer?

TT:It will be a little longer as Bitflex is focusing on developing strategic partnerships and helping vulnerable communities with crypto.

BCN: You say their firm’s objective is to increase Zimbabweans’ access to digital assets. Please tell us the reason this is so important.

TT:Although financial freedom is a right for all people, it’s not something that can be granted as a privilege to third-world citizens living in Africa or Zimbabwe, getting funding access remains a problem. Open source assets and decentralized assets, such as bitcoins, are great because they don’t see borders, colour or creed. Everybody has access and can use the blockchain to interact, even without an internet connection. The blockchain is not controlled by a single party that can decide where, how and to whom value should be sent. The other reason why it is important to improve Zimbabweans’ access to digital assets are sanctions imposed on the country by the U.S. which affect citizens who have nothing to do with any political qualms. The sanctions block Zimbabweans’ access to the global financial system.

BCN: Are you confident enough Zimbabweans are able to understand the digital currency and their utility in society?

TT: Absolutely! This is obvious. This is a new technology, and it’s not just for Zimbabwe, but all over the globe. These issues need to be dealt with on a national level with education programs that allow us to keep pace with the rest.

BCN: How is Bitflex funded, and from whom?

TT:While we have been building relationships and bootstrapping with our directors, stakeholders, and other people involved in the project, most of it has been about doing business through them. Bitflex was also awarded a grant by Gooddollar, a fantastic blockchain project that is focused on UBI (Universal Basic Income).

BCN: Your company has or plans to use blockchain for remittances. Which is the most recent and which reasons did you choose to use blockchain for this purpose?

TT: While banks and other financial institutions are not as effective in processing money transfers, such services may no longer be adequate for today’s more dynamic and sophisticated money transfer needs. The blockchain, while there are third-party services like Western Union or World Remit that can be used to process money transfers for us, is more efficient and cost-effective than these.

Bitflex appears to also be involved in charity work according to BCN. What makes it so important for startups to get involved with such work?

TT:We believe this is Bitcoin’s goal and we are trying to pay homage. Bitcoin can be used to help everyone gain financial freedom, funds that they have access to. It’s also important to educate people about how cryptocurrencies can be used for social responsibility initiatives.

Everybody has the right to financial freedom and funds, and bitcoin can help us do this.

BCN: What do you expect to see in Africa’s future as a president of an association that uses blockchain technology?

TT: Absolutely! Yes! I personally believe and hope that Africa unites and creates a single Blockchain that works to benefit all participating countries like the European Union’s Euro. Although this is something that would need an immense amount of lobbying and coordination which isn’t easy or cheap.

BCN Why do many Zimbabweans still hesitate to use or trade cryptos?

TT:Two parts to this question: The first, I think Zimbabwe can benefit by adopting and integrating Blockchain technology in its financial systems similar to El Salvador. This will bridge the gap between fiat currency and cryptocurrency.

Although I think that P2P trading is very common in this country, it is often not highlighted because of the absence of an exchange, I am confident that you will find more than you might expect.

BCN: How can we persuade potential users to use our services?

TT:Users need platforms that allow them to trade or exchange digital assets. Coinbase and Binance are two examples. There is no reason why Zimbabweans shouldn’t have access to digital assets like our neighbours in South Africa, Nigeria etc.

Comment on this interview. Please comment below to let us know your thoughts.

Terence Zimwara

Terence Zimwara, a Zimbabwean journalist, writer and author who has been awarded the Zimbabwe Booker Prize. His writings have covered the economic problems of several African countries and how digital currency can offer an escape route.