Uganda 🇺🇬 is becoming the first country in East and Central Africa to exchange crypto currencies against fiat money.
Changpeng Zhao, the CEO and founder of Binance, said the company is about to launch a crypto-fiat exchange in Uganda, in an exclusive interview with Cointelegraph on June 28.
“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.”
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Given that this will be “the first time Binance has touched fiat,” the exchange will have a lot of know your customer and anti money laundering (KYC/AML) regulatory questions to figure out, the CEO stressed, before it can scale further.
Binance Uganda will be an independent structure, but with “strong business corporation” with the existing platform.
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Visit #Uganda and #Rwanda and get the support you’ve always wanted to get on the crypto currencies market in #Africa.
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