South Africa mountain bike race to award winners with BTC
First started in 2015, Munga MTB is a South Africa mountain bike race organized in December and is sponsored by Bitstamp. This year, 150 bikers will be competing for the top prize of 1.5 BTC.
The Munga race is a single-stage, non-stop event that takes place in Karoo, South Africa. The participants are to complete 120 hours of cycling or reach 1,000 KM to finish the race. Riders will go through five race villages where they can avail of ample resting venues, mechanical assistance points, and watering spots. One must bear in mind that Karoo is a semi-desert natural region of South Africa that is best defined by its hostile environment and the extremes of heat and cold.
Munga MTB director, Alex Harris, explained that there are three categories of the competition: women, men, and the development group. Therefore, the crypto prize money will be distributed equally among the three winners from these categories accordingly. The idea of awarding prize money in the crypto form was proposed by Bitstamp, the world's longest-standing crypto exchange based in Luxembourg.
Since the central bank of South Africa has no formal cryptocurrency regulations, Harris sheds light on how money actually reaches the winner’s wallets, as prize distribution becomes quite a hassle.
Bitstamp found a solution to the issue by depositing the 1.5 Bitcoin into a dedicated Munga Bitstamp account. The winners can then respectively inform Bitstamp to hold the crypto-asset in the same account under their name or, interestingly enough, they can choose to convert their BTC into South African Rand. If sold, the 0.5 BTC is immediately converted into Rand and transferred into the winner's nominated account.
It looks like Munga South Africa mountain bike race is one step closer to making crypto mainstream.