Nigerian archbishop, Sam Zuga, who is the founder of the cryptocurrency called ZugaCoin, is defending the cryptocurrency after accusations that it was yet another crypto scam in Nigeria.
ZugaCoin, which is listed on the coin tracker, CoinMarketCap, is trading at $1.38 with a 24-hour trading volume of $12,700 at the time of writing.
From the description of ZugaCoin, the token aims to kickstart funding for Africa’s economy instead of a reliance on China:
“ZugaCoin is a unique brainchild that aims to rebuild Africa’s dying economy by becoming Africa’s first coin in equity and investment funding for Africa’s governments instead of China.” – ZugaCoin
The project also aims to assist people to get loans to start businesses:
“Starting a business in Africa can often be a gargantuan task, especially since the prospects of obtaining a loan are few and far between. We will give out loans to aid businesses and encourage investors.” – ZugaCoin
The project website indicates they have offices in 15 countries in Africa and 32 states in Nigeria, and they are achieving grassroots penetration.
Here is a Facebook video the project posted during a program in one of the cities in Nigeria:
Reports in Nigeria however indicate that traders and holders of ‘ZugaCoin…
