Uganda May Pave Way for Bitcoin Regulations in Africa
African nations may soon introduce Bitcoin regulations as the digital currency adoption rises in the region. Uganda may lead the way. “Banking the Unbanked” is one of the use cases of Bitcoin as projected by the cryptocurrency community. The digital currency has been successful to an extent in that mission. The lack of access to mainstream banking is prevalent in many developing nations across the world, including the African continent. Bitpesa and other cryptocurrency backed services have been offering financial services in these countries for a while now. The increasing usage of Bitcoin....
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One of Africa’s oldest museums, the Uganda National Museum (UNM), is set to create digital representations of the unique artifacts that are on display at this facility. Working in concert with software development firm Murcom, Uganda’s biggest museum is expected to display and auction the digitally represented items on Binance’s non-fungible token (NFT) marketplace. Uganda National Museum Artifacts to Be Made NFTs According to Murcom’s post on Medium, the “blockchain-based digital representations of the various items under the Museum’s custody”....
Education and awareness campaigns are still viewed as important channels that draw people to cryptocurrencies and blockchain. This has been particularly true in some parts of Africa where bitcoin and other cryptocurrencies are proving to be a useful alternative to fiat currency. Blockchain Education and Advocacy From Uganda Despite a surge in the use of blockchain technology and cryptocurrencies that started with the pandemic-inspired lockdowns, many people, particularly in Africa, are still unfamiliar with these technologies. To bridge this knowledge gap, many blockchain enthusiasts in....
The Bank of Uganda (BOU) has hinted that it is open to the idea of crypto firms participating in the regulatory sandbox. The central bank’s position follows its deliberations with a team from the Blockchain Association of Uganda (BAU).
BAU Members Asked to Acquaint Themselves Sandbox Regulations
The Ugandan central bank has said following talks with the team from the BAU, it is now open to the idea of having crypto firms participate in its regulatory sandbox. Consequently, the central bank has asked members of the BAU that may want to join the sandbox to familiarize....
The Bank of Uganda has advised members of the Blockchain Association of Uganda to understand more about cryptocurrency sector. The bank has stated that it will be glad to work with crypto platforms in its forthcoming Regulatory Sandbox. It referenced a meeting between both parties early last month in a letter addressed to Kwame Rugunga, […]