I remember just yesterday writing a post of how Binance is planning on opening up in Uganda! I am here to tell you now that the planning has been turned into action!
Changpeng Zhao CEO of Binance who was here in Uganda announcing his plans of starting branch here in an exclusive interview with Cointelegraph an hour ago today 28th June had this to say.
“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.”
I vividly remember CZ promising the Ugandan market of a Binance branch at the Africa Blockchain Conference a month ago. It is now becoming a reality.
In the Cointelegraph interview which will be out on the Cointelegraph Youtube channel soon
CZ said work on the Uganda venture has been “progressing really fast,” thanks to strong support from government, regulators and the industry:
The government for sure has been supported as even the Africa Blockchain conference was officially opened by the President of Uganda Y.K Museveni.He became the first president to endorse the blockchain technology in the whole world.
It so happens that just the following week the president of China also endorsed blockchain technology as economic breakthrough
It is no surprise as Uganda and China have had great inter relations and partnerships as countries.
As i said in my post of yesterday(which you can upvote hahaha) that CZ has seen potential in Africa or Uganda to be specific!
This is going to be the first Binance branch in Africa......
Uganda [is a] really interesting situation, only 11 percent of the population has bank accounts. It’s both a challenge and an opportunity. So it may be easier to adopt cryptocurrency as a form of currency instead of trying to push for bank adoption. It’s an interesting experiment - Africa’s a big market, that’s why we’re there. Sourced from Cointelegraph
It has also to be noted that this is going to be Binance's first Crypto-Fiat Exchange!
This means there will be strictness on KYC(KNow Your Customer) procedure.KYC means that to use the exchange,your identification documents(like Passport,Driver License opr National Id) have to be approved by the exchange.
The domain name has already been purchased as binance.co.ug.It currently has just only an image which i shared above!
The launch is imminent and we shall be able to win some 0.5BNB coins as Ugandans who register quickly,i am just waiting for the website to be launched and i register and win my share!
You can read the full article interview here below