The Noones application: Making bitcoin accessible in the “Global South”

The Noons is aimed in particular at citizens who reside in countries where cryptocurrencies are difficult to access. These are generally the least banked countries or those whose legislation prohibits cryptocurrencies.

Although overall, most countries tend to adopt a tolerant policy towards cryptocurrencies, some countries like Morocco, Bangladesh and Bolivia prohibit the use and possession of cryptocurrencies. It is then a real obstacle course to obtain bitcoin (or other cryptocurrencies) in certain countries.

It is more complicated for people from countries where the banking infrastructure is not developed. This is for example the case for those who want buy bitcoin in Africa. It is then necessary to use peer-to-peer platforms and carry out your chat with alternative payment methods. This explains why these are the most used platforms in these regions.

With this in mind, there is a real difference in access between people from generally industrialized countries who buy cryptocurrencies, legally and by bank card, and residents of poorly banked countries where means of payment are limited.

The difficulty of accessing cryptocurrencies between different countries

However, bitcoin is a decentralized cryptocurrency with no controlling entity. No government can stop the network from working. So, even if a country decides to make bitcoin an illegal asset, this is not a problem. Citizens can still obtain them on peer-to-peer platforms or on exchange platforms open to all nationalities.

For example, the Morocco has banned owning cryptocurrencies, but it is estimated that 3% of the Moroccan population owns them. Many countries such as Nigeria, Algeria, Cuba, Nepal and evenIran, are in this situation.

There are several exchange platforms such as Kucoin , bybit ou OK which accept all residents without exception or almost. These platforms have a marketplace space peer-to-peer (P2P) where it is possible to buy and sell cryptocurrencies.

->See the best peer-to-peer platforms to get bitcoin

Noones: The new marketplace open to all residents of countries where bitcoin is difficult to access

The Noons was launched after the first P2P platform in Africa, namely Paxful closed its doors. It closed due to various legal problems. The news was painful for many people using the platform and seeing no other alternatives. It is indeed a widely used platform in Ivory Coast, Senegal, Rwanda, Haiti etc.

The Noones application was developed by a team of entrepreneurs including Ray Yussef Nessary (the founder of Paxful and the NGO Built with Bitcoin). We also find Nicholas Gregory (CEO of CommerceBlock) as well as Bernard Parah (the co-founder of Bitnob). They have considerable experience in the world of cryptocurrencies and bitcoin applications.

They came together to end what they consider to be “economic apartheid”, a phrase used heavily by Ray Yussef, the founder of the first peer-to-peer paxful platform in Africa. Noones was created with the aim of resolving the financial discrimination that residents of developing countries are unwilling victims of.

“Billions of people in the Global South face international currency controls that exclude them from the global stage. Bitcoin offers an inclusive solution that can strengthen economies and give people a fighting chance.

Ray Youssef, Bitcoin Magazine

👋 The application is currently in beta version at the time of writing but Noones has nearly 1 million users at the moment.

The Noones application includes private and decentralized messaging as well as a peer-to-peer platform, accessible to all. The application will also support lightning network in order to facilitate bitcoin exchanges.

The peer-to-peer platform will allow users to buy, sell and trade bitcoin and stablecoins including USDC and USDT.

Let us recall the words of Ray Youssef, the co-founder of Noones “It is time to advance a new financial standard – one where people can easily access the global financial system and money flows freely around the world through trade among peers.”

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Note: This is not investment advice. Always do your own research.