Binance Uganda will be “the first time Binance has touched fiat” according the the world’s largest crypto exchange founder. This altruistic move marks the first step in expanding cryptocurrency trading into the unbanked world, which will allow 89% of the country’s native population who currently have no access to financial services, to own cryptocurrencies for the first time.
“We think that crypto has a very strong use case in less developed countries… there’s more money to be made in a more developed country, but we want to distribute crypto to the rest of the world”
Fortunately the Ugandan government is renowned for being positive endorsers of the crypto movement, with the permanent secretary at the Ministry of Information and Communications Technology, Vicente Bagiire Waiswa, announcing earlier in the year that the government was exploring numerous blockchain applications.
“The government is going to use blockchain technology wherever it is appropriate, to provide seamless services to the general public.”
The new Binance branch in Uganda will run as an independent exchange to the mother company, but run in exactly the same way as the existing platform; utilising the same regulatory framework, security and system of operation. It will however, be the first major crypto trading platform on the market to provide Ugandan shilling fiat trading pairs.
CZ also discussed that the company is looking to expand further in the near future, into 3 other destinations; as the company strives to encourage mass market adoption of cryptocurrency trading, particularly in less economically developed countries. Binance is also working hard on delivering a decentralized exchange, which will offer a much safer, secure environment for crypto-trading where people can keep control over their own coins.
This article appeared first on Cryptovest
