During the first ever Africa blockchain conference in Uganda, various blockchain players praised the future of the technology as the next move towards a just and cashless economy. As embraced by HE President Museveni, cryptocurrency scams in Uganda are set to be a story of the past as cryptocurrency giant Binance is set to unveil its services in Uganda soon.
Two months back during the blockchain conference, Binance founder and crypto billionaire teased about a launch in Uganda and its by no doubt that the online trading portal already has flames blowing within the country. The Bank of Uganda may soon draw interest in regulating the crypto bodies operating in Uganda as the president nailed the Governor a few months back to embrace blockchain technology and its allied benefits in a statement.
Binance Uganda’s Crypto trading fiat system for Africa
Binance is a giant crypto trading platform founded by Chamgpeng Zhao (A crypto billionaire). However, after expressing interest in pushing the digital economy means to Africa, CZ figured out an equation to launch the extended crypto market to Uganda operating with the first ever Fiat payment system.
According to Cointelegraph the new platform, Binance Uganda, will be operating for the first time using fiat, in this case, the Ugandan Shilling. CEO and founder, Changpeng Zhao, explained that the company is not just chasing more developed markets and sees promise in lesser developed ones.
Uganda [is a] really interesting situation, only 11 percent of the population has bank accounts. It’s both a challenge and an opportunity. So it may be easier to adopt cryptocurrency as a form of currency instead of trying to push for bank adoption. It’s an interesting experiment – Africa’s a big market, that’s why we’re there
The fate of Binance’s first Fiat system in Uganda
Currencies are usually traded in pairs and nowhere in the world have we ever seen a UGX/USD pair come to life. However, Binance is promising a pump for life into the pair with a new redirection to the world of crypto with Ugandans having a chance to buy Bitcoin or even Ethereum coins for less.
Although, the central bank still embeds issues with blockchain technology powered systems. The fate of Binance in Uganda is set to portray a new crypto cycle as the market giant is currently gifting users with free 0.5 BNB coins amounting to UGX 50,000 per coin.
