By CCN Markets: One of Africa’s largest insurer, Old Mutual, announced that it will no longer cover crypto mining equipment due to lack of regulation, wrote IOL on June 12.
After researching the industry, the Pan-Africanist financial group discovered a number of reasons that prompted it to make the decision that will not sit well with crypto miners.
According to a local report, Old Mutual is convinced that the cryptocurrency industry is associated with cybercrime while the equipment used for crypto mining is highly modified and operates on a 24/7 basis, making it susceptible to malfunctions such as overheating.
Old Mutual won’t cover crypto mining equipment anymore
Old Mutual is already advising its branches not to cover crypto mining equipment after the insurer conducted…