Customers will be able to trade Bitcoin (BTC), Ethereum (ETH) and Ugandan Shillings (UGX).
Binance said in a blog post today that “Just about anyone in the world can create an account at Binance Uganda “, subject to regulations in the local jurisdiction.
Chief executive Changpeng Zhao also announced today at the UNCTAD World Investment Forum that the company’s Blockchain Charity Foundation is donating $500,000 to Uganda.
Uganda’s government and its financial authorities have adopted a crypto-friendly regulatory environment are now reaping the benefit.
The general trading fee at Binance Uganda is o.1% and the withdrawal schedule is as follows:
The unbanked opportunity in Uganda is promising with only 11% having bank accounts bbut where the middle class is expanding.
Crypto has a key role to play in bringing millions of people into the financial system, enabling anything from micro payments to lines of credit.
The developments in Uganda highlight the growing importance of distributed ledger technology at the margins of the world economy or in distressed economies of more advanced economies.
Binance has been bullish on Africa for sometime, likening it to the opportunities for economic growth that opened up for Asia in the 1960s. Part of the Medium blog post says:
“Investing today in Africa could be the best trade of the century,” said Binance Labs Director Benjamin Rameau in August. Indeed, the investment opportunity in Africa today is similar to that of Asia in the 1960s, before the region’s economic miracles emerged. And this is an opportunity that Binance Labs is willing and capable to take, as blockchain startups emerge in Africa and Binance Uganda encourages increased global adoption of crypto.
Malta is the only one of the EU’s 28 states that has introduced a regulatory framework for crypto.
Gary has been writing about cryptocurrencies since 2013 and currently works as the cryptocurrency analyst at interactive investor, the UK’s second-largest online investment platform. Gary contributes for Coin Intelligence News in a personal capacity and none of his commentary should be considered investment advice. Gary is the winner of the ADVFN International Financial Awards 2018 Cryptocurrency Writer of the Year. Contact Gary on twitter at: @gary_mcfarlane