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Pioneering crypto exchange moves to spread blockchain technology

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Pioneering crypto exchange moves to spread blockchain technology

Crypto Adoption in Africa is Catching the Attention of Many Venture Capital Funds and Crypto Firms

| THE INDEPENDENT | Binusu, a local cryptocurrency exchange and pioneer of fiat to crypto exchange in Uganda has unveiled new features to provide users in Uganda with top notch services in Fiat to Crypto Exchange.

“Our goal is to simplify the use of cryptocurrencies and we do this while building trust with our users,” said Brian Tweheyo, Managing Director of Binusu Exchange.

“With a new and improved trading platform and other services, Binusu, which started in Uganda, is now ready to offer its services to the rest of the world,” Tweheyo added.

According to Tweheyo, Binusu has, over the past six years since 2016, facilitated users in Uganda to buy and sell cryptocurrencies with Ugandan shillings.

“It currently supports nine cryptocurrencies including Bitcoin, Ethereum, USDT (Tether), Celo, cUSD, BNB, SEA, BCH, and LTC,” he said.

With plans to add more pairs, Tweheyo says Binusu aspires to be the go-to platform for all things crypto in Africa.

He said, “With this new platform, Binusu seeks to spread and use cryptocurrencies and its various capabilities with blockchain technology. You can choose to register to use the platform as an individual or as a business. Binusu allows you to easily buy or sell cryptocurrencies.

Additionally, “As part of Binusu’s vision to bring cryptocurrencies to everyone, the new website will reflect Binusu’s commitment to providing a personalized crypto experience with convenience and a variety of features and of financial products,” said Tweheyo.

BoU’s view on blockchain

This comes as the Bank of Uganda is currently in talks with the Blockchain Association of Uganda on how to consider different crypto businesses under national payment system regulations and the Uganda Sandbox Framework store.

The blockchain and crypto community sees this as a step in the right direction to properly regulate and manage the cryptocurrency industry. Additionally, the Central Bank recently released a letter that appeared to welcome companies into the regulatory sandbox, which blockchain enthusiasts believe boosts merchant confidence.

Nevertheless, BoU advised the Blockchain Association of Uganda (BAU) to deepen its knowledge of sandbox regulations, inviting its members to continue technical discussions.

The Central Bank also advised the country’s cryptocurrency advocacy group to review sandbox regulations before taking the time to pursue technical discussions.

Blockchain experts said they look forward to working with BoU and all other stakeholders to shape the Ugandan crypto opportunity, while proactively mitigating potential risks and ensuring consumer protection.

“As practitioners in the industry, we recognize the great opportunity that crypto presents and also recognize the risks that come with it,” said one trader.

In June 2021, the bank launched a sandbox regulatory framework allowing financial technology (fintech) companies to test “innovative financial solutions” in a controlled environment in hopes of promoting the adoption of electronic payments and other digital financial services in the country.

Although Crypto is not banned in Uganda and can still be purchased, held and traded, cryptocurrencies are unregulated and to date no company has received a digital asset license to operate in the country.

Since Uganda does not yet have a regulatory framework for crypto assets and BoU has provided a sandbox to test innovative ideas, enthusiasts believe it is better for BoU to allow legitimate crypto businesses to ‘operate within the sandbox, and NPS licensees to deal with companies in the sandbox.

According to them, this will allow the crypto industry to continue to innovate and mature while allowing BoU to learn from local industry experience and weed out bad actors.

Crypto adoption in Africa is heating up and attracting the attention of many venture capital funds and crypto companies. Between 2020 and 2021, the use of crypto in Africa has increased by almost 1,200% and it is estimated that around 850,000 Ugandans use cryptocurrencies.

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