Crypto adoption in Africa is catching attention of many venture funds, 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 objective is to simplify the use of cryptocurrencies and we do so while building the trust and confidence of our users,” said Binusu exchange Chief Executive Officer, Brian Tweheyo.
“With a new and improved trading platform and other services, Binusu which began in Uganda is now ready to take its services to the rest of the world,” Tweheyo added.
According to Tweheyo, Binusu has for the last six years since 2016, been facilitating users in Uganda to buy and sell cryptocurrencies with Uganda shillings.
“It currently supports nine cryptocurrencies that include 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 whether you register to use the platform as a private individual or as a business. Binusu makes it easy for you to buy or sell cryptocurrencies.”
Additionally, “As part of Binusu’s vision which is 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 financial products,” said Tweheyo.
BoU’s take on blockchain
This comes as the Bank of Uganda is currently in discussions with the Blockchain Association of Uganda on how to consider different crypto businesses within the National Payments Systems Regulations and the Boutique Uganda Sandbox Framework.
The blockchain and crypto community consider this as a step in the right direction toward regulating and properly managing the industry of cryptocurrencies. In addition, the Central Bank recently issued a letter that appeared to be welcoming firms to the regulatory sandbox, which blockchain enthusiasts say builds traders’ confidence.
Nevertheless, BoU advised the Blockchain Association of Uganda (BAU) to sharpen up its knowledge of the sandbox regulations, inviting its members along, to further technical discussions.
The Central Bank also advised the country’s crypto advocacy group to brush up on the sandbox regulations before it made time for further technical discussions.
Blockchain experts said they look forward to working with BoU and all other stakeholders in shaping the opportunity for crypto in Uganda, while proactively mitigating the potential risks and ensuring consumer protection.
“As industry practitioners, we recognize the great opportunity that crypto presents and also recognize its related risks,” a trader mentioned.
In June 2021, the bank launched a regulatory sandbox framework allowing for financial technology (fintech) firms to test “innovative financial solutions” in a controlled environment in the hopes of promoting the uptake of electronic payments and other digital financial services within the country.
Although Crypto is not banned in Uganda and can still be purchased, held, and traded, cryptocurrencies are not regulated and as of now, no firm has been issued a digital asset license to operate in the country.
Since Uganda does not yet have a regulatory framework for crypto assets, and since BoU has provided a sandbox for innovative ideas to be tested, enthusiasts think that it is better BoU permits legitimate crypto businesses to operate within the sandbox framework, and for NPS licensees to deal with companies in the sandbox.
According to them, this will enable the crypto industry to continue innovating and maturing while allowing BoU to learn from local industry experience and weed out wrong actors.
Crypto adoption in Africa is heating up and catching the attention of many venture funds and crypto firms. Between 2020 and 2021, crypto use in Africa increased by nearly 1,200% and it is estimated that about 850,000 Ugandans are using cryptocurrencies.
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