Why do Africans fall prey to the cunningest crypto-pyramid schemes?


A blockchain meetup in one of East Africa’s finest cities, Kigali, to discuss the need to educate Africans on how to identify a well-programmed crypto pyramid scheme in Africa.

The event that brought participants from the United Kingdom, Asia , Nigeria, Cameroon, Ghana, Kenya, Zimbabwe and financial institutions like SPENN from I & M Bank Kigali started with a hot question: “Why are Africans victims of the most calculated crypto pyramid scheme projects?”

It’s said that people from the majority of industrialized nations think that Africa is an excruciatingly poor continent, with its citizens hunting for every get-rich scheme to survive with minimal inputs.

A new sector of the economy, bitcoin and its blockchain technology are home to numerous prospects for financial freedom as well as numerous fraudulent ventures that prey on regions with little familiarity with the sector 

1) How can Africans spot and avoid crypto-pyramid schemes?

2) In the event of a scam, should insurance companies cover cryptocurrency losses or damage?

3) Should the government establish commissions to monitor and prosecute pyramid schemes across the continent?

Share your thoughts in the comment section below.

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