Binance, one of the world’s biggest crypto exchanges, launches a crypto-to-fiat exchange in Uganda. On Oct 15, the firm announced the launch of its fiat to cryptocurrency exchange in Uganda. Also, the firm stated that the users in East Africa can now complete full account verification with immediate effect. Uganda Shilling, the local fiat currency will be available for deposits and withdrawals from Oct 17.
Exchange to initially favor trades only between Ugandan Shilling and BTC, ETH.
Wei Zhou, Chief Financial Officer at Binance says that he is extremely proud to launch the new exchange in Uganda. Also, he revealed that he was planning to launch the exchange since April.
“ We have been diligently preparing for this exchange with our local partners since our team first visited Uganda in April 2018.”
Zhou stated that his firm plans to support sustainable economic development in Africa through the use of blockchain technology.
The exchange will initially support trading of the local shilling unit with bitcoin core (BTC) and ethereum (ETH). More trading pairs are expected in the coming months. Also, “users are exempt from trading fees during the first month.” The Ugandan subsidiary is able to process 1.4 million transactions per second, with 24-hour client support.
According to Coinmarketcap, Binance is the world’s biggest digital currency exchange, with 24-hour volume of about $1.97 billion worth of BTC alone. The company has revealed plans to open fiat-capable exchanges in Liechtenstein, Malta, and Singapore. Until now, the exchange supported crypto-to-crypto trades only. Cryptocurrency and blockchain technology adoption and development are seeing positive growth in Uganda. That’s despite warnings by the Bank of Uganda against the use of unregulated currencies in the form of bitcoin and other digital coins. Uganda has a population of 44 million and is home to various blockchain conferences, associations, and communities, with support at Cabinet level.
African Investors cheer Binance’s Move to Uganda.
The investors in Africa have welcomed Binance to Uganda. Michael Kimani, a popular crypto enthusiast tweeted :
(It) will spark a race across African countries on setting up [a] favorable environment for cryptocurrency trading against African currencies. Muhimu (vital) for cross-border trade, intra-African trade, online payments, remittances, trading, investing…”
Only 33% of the citizens in Uganda use registered financial accounts. The introduction of Binance in the East African nation will boost financial inclusion. Many shops and restaurants in Uganda’s capital, Kampala have started to accept bitcoin as a mode of payment.
Ugandan President Yoweri Museveni favors blockchain technology – but not cryptocurrencies. He told the Africa Blockchain conference organized by the Blockchain Association of Uganda in Kampala that there is a need “to look for a new technology of enabling things to move faster and new systems that go with it.”
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