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Blockchain Entrepreneur to Regulators: ‘Crypto Community a Useful Ally’



Blockchain Entrepreneur to Regulators: ‘Crypto Community a Useful Ally’

To many people, the year 2020 will probably go down in history as one of the most consequential of the century. After all, it was the year when governments, health professionals, and business owners all seemed to have a common goal: stopping the spread of Covid-19 at all costs. Indeed, in a majority of the cases, stopping the spread of the virus was said to require shutting down economies and forcing the scared masses to stay indoors. These measures, in turn, forced ordinary people to find ways to carry on with their lives without offending governments or without exposing themselves to the virus. It is these circumstances that brought to the fore the importance of an equally consequential innovation — blockchain technology.

Kuva Seeks Solution for Crypto’s Uneasy Relationship With Regulators

As some studies have shown, the adoption or use of blockchain technology has surged since the second quarter of 2020. The innovation’s surge in popularity may have convinced many central banks and governments to seriously consider using the same when creating their own digital currencies.

However, despite the innovation’s apparent success and acceptance by stakeholders, many regulatory bodies and governments, including the Biden administration, are still trying to stifle the blockchain industry. Fortunately, this has not stopped innovators and entrepreneurs from trying to make improvements on current chains or from creating new blockchains just as James Saruchera, the co-founder and CEO of Kuva has done.

In his response to questions from Bitcoin.com News, Saruchera, a Zimbabwean native who is now based in the U.K., explains why it is important for governments and regulators to see the crypto and blockchain community as allies. He also shares some of the reasons why his company chose to build its own blockchain instead of using established chains.

Below are Saruchera’s responses to questions sent by Bitcoin.com News.

Photo: hecke61

Bitcoin.com News (BCN): Can you start by giving us a brief background about what motivated you to start this blockchain project?

James Saruchera (JS): Perhaps with the exception of the Chinese yuan, I doubt anyone can name a currency from a developing country that is considered a hard currency. The effect of this is that most people in that part of the world are confined to money that loses 10% or more of its buying power every year, meaning they are effectively and progressively getting poorer even if they diligently saved every cent all year. I saw my own parents’ pension of 30+ years get wiped out in an instant by hyperinflation. I was intrigued by the question of what could happen if billions of people had 10, 20, 30% more spending power each year just by being able to protect the value of what they have. The blockchain technology we are building at Kuva (a Shona word that means “to have”), has the potential to do this.

The effect of this is that most people in that part of the world are confined to money that loses 10% or more of its buying power every year, meaning they are effectively and progressively getting poorer even if they diligently saved every cent all year.

BCN: What are some of the milestones or important goals have you achieved as an organization?

JS: After three years of quiet but intense development, just through word of mouth our recently released pilot platform already has over 10,000 thousand downloads from users in 75 countries. We’re just getting started and are processing over USD$20M so we know we’re onto something.

BCN: Some might argue that there are far too many blockchain projects or start-ups out there and that instead of creating your own, you could have simply worked with what is already there. How would you respond to that?

JS: Building your own blockchain is undeniably a daunting undertaking, and when we first started we certainly thought using an existing blockchain would be the way to go. The reality on the ground in developing countries soon changed this perspective. Challenges like the last mile, interfacing with cash, connectivity and other things render a blockchain being masterminded from San Francisco or Berlin totally inadequate. It didn’t take long for us to realise that we had to build something from the ground up that is tailored to the conditions in emerging markets where this technology can have the greatest impact.

BCN: What would you say is Kuva’s key value proposition?

JS: The Kuvacash wallet is the closest thing in the world right now to truly global mobile money. The Kuva blockchain that drives it is a multi-asset blockchain where users have full control and custody of their funds via their mobile devices. No other blockchain has the capability to bridge between cash, the blockchain world and the global banking system. No mobile operating system can do this. It’s probably one of the easiest ways to buy and sell bitcoin and all you need to transact is a phone number.

BCN: In the past few years, many African central banks have turned from being skeptical of blockchain to becoming leading supporters of this technology. Do you see this as a good thing?

JS: When the internet first came out, there were many skeptics but soon government and industry realised that this was a tool that could grow economies and provide efficiencies. So now we see almost all governments globally championing e-government services, as the benefits are clear and totally outweigh early misgivings. Blockchain technology has the same transformative potential as the internet. In a century, there are very few moments that afford poorer nations the opportunity to rapidly improve the well being of their citizens. It’s critical that African central banks and governments not only embrace this technology but encourage and enable innovation in this space. We are seeing this happen in Latin America as well.

BCN: Some organizations have advocated for what they call private-public partnership as one way of ensuring that CBDCs created by central banks are going to succeed. Do you agree with this?

JS: Historically government-funded agencies like NASA attracted some of the best engineers in the world. However, unlike industries like aerospace, almost all of the technical and strategic blockchain expertise resides in the private sector. Very little government investment has gone into this space which is as strategic as aerospace, so cooperation with the private sector is critical to fill the gap.

BCN: Given your experiences both as an entrepreneur and as someone who has seen the effects of inflation first-hand, do you believe that blockchain is potentially the panacea or part of the solution to the common challenge of currency depreciation?

JS: I feel that the blockchain is only part of the solution because, for example, the buying power of USD stablecoins will depreciate with the USD. It’s one of the reasons Kuva built a multi-currency blockchain in the first place so that it is possible to seamlessly switch to whichever currency is doing the best job of retaining its value.

BCN: It appears that cryptocurrency regulations are becoming tighter both in developed and developing countries. This, unfortunately, affects the growth and adoption of cryptocurrencies. What do you think the crypto community needs to do to reassure paranoid regulators and skeptics?

JS: We know firsthand that most people who own crypto are everyday hardworking people who want to send their kids to school, and have no problem at all with adhering to reasonable know-your-customer processes. They equally don’t want to see nefarious activity. The interesting thing is that blockchain technology is actually much better equipped to provide transparency and traceability that cash just doesn’t have. It’s important that regulators see this community as a useful ally that can provide tools to counter money laundering and financing of nefarious activity. Very few are talking about how we can actually be on the same side and share the same goals when it comes to consumer protection.

What are your thoughts about this interview? Tell us what you think in the comments section below.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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BTC, ETH, XRP, ZEN, UNI, OMG, AXS — Technical Analysis Sept 28



BTC, ETH, XRP, ZEN, UNI, OMG, AXS — Technical Analysis Sept 28

Bitcoin (BTC) was rejected by the $44,000 horizontal resistance area.

Ethereum (ETH) is following a descending resistance line and potentially trading inside a descending wedge.

XRP (XRP) is following a descending support line.

Horizen (ZEN) has broken down from an ascending support line.

Uniswap (UNI) has broken out from a descending wedge.

OMG Network (OMG) is following an ascending support line.

Axie Infinity (AXS) has broken out from a descending resistance line.


On Sept 27, BTC was rejected by the $44,000 resistance area and created a long upper wick (red icon). This is a bearish sign since the area had previously been acting as support, and the rejection now validates it as resistance.

Technical indicators in the daily time frame are bearish. Both the RSI and MACD are decreasing. The former is negative while the latter has just fallen below 50.

The next closest support area is found at $38,000.


ETH has been decreasing underneath a descending resistance line since Sept 3. Most recently, it was rejected by the line on Sept 16.

Due to the long lower wicks, the support line cannot be accurately determined. However, it’s possible that ETH is trading inside a descending wedge.

Despite the wedge normally being considered a bullish pattern, technical indicators are neutral. The RSI is right at the 50-line and the MACD is below 0, although it is increasing.

Therefore, the direction of the trend cannot be accurately determined at the current time.


XRP has been following a descending support line since Aug 17. So far, it has been validated multiple times, most recently on Sept 21. The final touch of the support line (green icon) also coincided with the 0.618 Fib retracement support level at $0.85.

Despite the fact that XRP is trading above a confluence of support levels, technical indicators are not bullish. The RSI is at the 50-line and the MACD is negative, even though it is moving upwards.

The closest support and resistance levels are found at $0.76 and $1.07 respectively.


ZEN has been decreasing since Sept 15, after creating a double top pattern and a long upper wick. The pattern was also combined with a bearish divergence in the RSI.

Shortly after, it broke down from an ascending support line. The breakdown is supported by the MACD and RSI, which are both decreasing.

The closest support area is found at $53.


UNI has been decreasing since Sept 2. After the Sept 7 drop, it created a descending wedge, which led to a low of $17.73 on Sept 26.

However, UNI rebounded and broke out from the wedge. The breakout is supported by the increasing MACD and RSI.

The closest resistance area is found at $26.15, created by the 0.618 Fib retracement resistance levels.

If UNI is successful in moving above it, it may move toward new highs.


OMG has been following an ascending support line since July 20. However, since Sept 6, it has failed to break out above the $10.60 area, which is the 0.618 Fib retracement resistance level.

Despite the rejection, technical indicators are bullish. The RSI has generated a hidden bullish divergence and the MACD is positive.

Therefore, an eventual breakout would be likely. This could take OMG toward the $15.33 all-time high price.


AXS has been increasing since Sept 21 when it bounced at the $48.28 support area. The next day, it created a bullish engulfing candlestick and broke out from a descending resistance line.

Following this, it reclaimed the $63 horizontal area and validated it as support.

Both the MACD and RSI are increasing, supporting the continuation of the upward movement.

The next resistance area is found at the all-time highs of $94.50.

For BeInCrypto’s latest Bitcoin (BTC) analysis, click here.


All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

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Bitcoin (BTC) Fails to Move Above $44,000 Resistance



Bitcoin (BTC) Fails to Move Above $44,000 Resistance

Bitcoin (BTC) attempted to move upwards on Sept 27 but was rejected by the $44,000 resistance area.

While BTC is still trading inside the upper portion of a descending parallel channel, the price action is lacking bullish signals.

BTC gets rejected

On Sept 27, BTC made an attempt at moving above the $44,000 area but was promptly rejected (red icon). The area had acted as support in August and the beginning of September but turned to resistance after the breakdown on Sept 20. The rejection created an upper wick and a bearish candlestick. 

Besides trading below resistance, technical indicators for BTC have turned bearish as both the RSI and MACD are decreasing. The MACD has just crossed into negative territory while the RSI is below 50. 

If BTC were to continue moving downwards, the next closest support area would be found at $38,000.

Current channel

The six-hour chart shows a descending parallel channel, which usually contains corrective structures.

Currently, BTC is trading inside its upper portion. Furthermore, it’s trading just above the 0.5 Fib retracement support level.  

Despite being above a confluence of support levels, technical indicators are bearish/undecided. The MACD is negative and has lost its strength while the RSI has just fallen below 50.

The two-hour chart shows that BTC is following an ascending support line and has made three higher lows since Sept 21. While this can be seen as a bullish structure, the price action is not bullish. 

The previous resistance area at $43,000 that was expected to act as support did not. On the contrary, BTC fell right through it. Furthermore, both the MACD and RSI have turned bearish.

While there is very strong support at $41,500, created by the 0.786 Fib retracement support level and the ascending support line, the price action does not seem bullish.

Wave count

The most likely wave count still indicates that the decrease from Sept 7 to Sept 21 was part of an A-B-C corrective structure, in which waves A:C had an exact 1:1 ratio. This is also supported by the presence of the descending parallel channel.

However, the movement since the low does not seem impulsive, casting some doubt on the possibility of this being the correct count.

Alternative counts could see the movement as a flat A-B-C corrective structure (upper image), or in the more bearish case a 1/2-/1-2 wave structure (lower image). 

At the current time, the correct count cannot be determined.

For BeInCrypto’s previous Bitcoin (BTC) analysis, click here.


All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

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Europe becomes largest crypto economy with over $1T in transactions — Chainalysis



Europe becomes largest crypto economy with over $1T in transactions — Chainalysis

DeFi has become a major catalyst for Europe’s crypto economy. Large institutions have also upped their share of transactions significantly.

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Europe becomes largest crypto economy with over T in transactions — Chainalysis

The region of central, northern and western Europe, or CNWE, has emerged as the world’s most active cryptocurrency block, receiving over $1 trillion worth of digital assets over the past year, according to new research from blockchain analytics firm Chainalysis. 

The report, which was released Tuesday, found that the CNWE region accounted for 25% of global crypto activity between July 2020 and June 2021. The region witnessed a sharp uptick in transaction volume across all crypto sub-categories, especially decentralized finance, or DeFi.

Chainalysis describes crypto transactions as anything involving trade, investments and business dealings.

Europe has also become a hotbed for institutional investing, with transactions values in this category growing to $46.3 billion in June 2021 compared with just $1.4 billion in July 2020. Perhaps surprisingly, the United Kingdom is the single largest crypto economy in the region at $170 billion worth of transactions. Nearly half, or 49%, of the value was sent via DeFi protocols.

“The U.K.’s growth is driven mostly by growing institutional investment, based on the large-sized transfers driving most of its transaction volume,” Chainalysis senior content marketing manager Henry Updegrave told Cointelegraph. 

A secular bull market for Bitcoin (BTC), the growth of competing smart contract platforms and the arrival of decentralized finance all contributed to crypto’s massive rally during the study period. It comes as no surprise that CNWE’s crypto market activity peaked in May 2021 during the height of the bull market, which was one month removed from Bitcoin hitting $64,000.

Chainalysis’ data corroborates a growing body of evidence showing that large institutional investors have become a driving force within crypto. Wealth managers, family offices and other institutional players have poured billions of dollars into Bitcoin and Ether (ETH) investment products offered by Grayscale, CoinShares, 21Shares and others.

Related: Crypto asset manager Cobo raises $40M to launch DeFi-as-a-service

Beyond the advanced economies of Europe, Chainalysis research has documented the growing uptake of crypto in emerging markets. The Chainalylsis 2021 Global Crypto Adoption Index named Vietnam, India and Pakistan as the leading countries for adoption based on on-chain value received, retail transactions and peer-to-peer exchange trade volume.

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