Africa offers favourable markets to crypto scammers

By Harry Clynch
Posted on Wednesday, 7 September 2022 15:11

Representations of cryptocurrency Bitcoin are seen in this illustration, August 10, 2022. REUTERS/Dado Ruvic/Illustration

While consumers globally have fallen foul of crypto scams, schemes such as Platincoin and PLC Ultima appear to be taking advantage of vulnerable individuals in developing markets, where access to formal financial structures, and financial literacy, is likely to be more limited.

Daniel, a young filmmaker from Kampala City in Uganda, decided in 2017 to invest in a new cryptocurrency called Platincoin, which had been launched by German citizen Alex Reinhardt a year earlier.