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High Unemployment is Pushing Young Ugandans Towards Bitcoin

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bitcoin in uganda

The enthusiasm that was seen last year during bitcoin and blockchain conferences in Lagos, Nairobi, Accra, and Johannesburg indicates that bitcoin is booming in Africa. While bitcoin communities in Africa are still small, they are growing steadily. Awareness is increasing thanks to initiatives by mainstream media to report on cryptocurrencies. According to Google Trends, three African countries – South Africa, Nigeria, and Ghana – are in the top five of countries that have Google-searched for bitcoin in the past twelve months. Furthermore, Africans are aware of bitcoin’s potential in solving current problems. For instance, young unemployed Ugandan’s are turning to bitcoin as a source of livelihood despite warnings from the Bank of Uganda that cryptocurrencies are high-risk ventures.

Bitcoin is Creating Livelihoods in Uganda

A report by Trading Economics states that the “unemployment rate in Uganda increased to 2.28 percent in 2016 from 2.15 percent in 2015.”  Notwithstanding these statistics, several Ugandans have decided to take action rather than feel discouraged.

According to a report by BBC, the youth in Uganda are increasingly turning to bitcoin through investment and trading. For example, a Kampala resident, Peace Akware, has made financial plans from the potential gains she will get from the more than one thousand dollars in bitcoin investment she has made.

“[…] I would like to buy a car. I would like to buy land. I would like to build with it,” she stated.

The appeal in making a living from bitcoin in Uganda is so great that Martin Serugga teaches weekly classes in Kampala to people interested in cryptocurrency trading. His classes are regularly attended by more than 50 people. In this case, Serugga has not only created a job for himself as a crypto trading instructor but is also helping others to secure potential livelihoods through trading digital currencies.

The Blockchain as a Job Creator

The blockchain is a decentralised digital ledger that underlies the digital currency bitcoin. Due to its open-source nature it can also be augmented to serve different networks where data needs to be stored and transferred. Hence, it can be applied in a wide range of industries and “offers meaningful solutions to some of Africa’s most pervasive social, political, and economic problems” according to a report by Nasdaq.

It is, therefore, not surprising that several African blockchain startups are already using this technology to address a range of different challenges on the continent. Furthermore, remote blockchain and crypto jobs are constantly increasing and more and more Africans are seizing this opportunity.

Ugandan millennials who are using bitcoin as a source of income are an example to other Africans struggling with unemployment. They are teaching young Africans that there are more job opportunities beyond traditional employers and that the high-risk nature of digital currencies should not be an inhibiting factor.

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Binance Launches Fiat-to-Crypto Exchange in Uganda

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Binance Launches in Uganda

Global bitcoin exchange Binance has launched a new fiat-cryptocurrency exchange in Uganda. The exchange will also be offering a reward of 0.5 BNB to the first 20,000 users that register on the site as part of its promotion in Uganda.

The announcement comes nearly two months after Binance partnered with Crypto Savannah, Made in Africa initiative, and Msingi East Africa to promote economic development in the East African country.

Changpeng Zhao and Yi He founded Binance in 2017 and raised $15 million through an initial coin offering for its ERC20 token BNB in July of the same year.

The exchange plans to move its offices to the island nation of Malta after the implementation of stricter regulations in China and Japan. In January 2018, Binance was the largest crypto exchange with a market capitalisation of $1.3 billion.

Binance in Uganda

BinanceBinance will also offer its Ugandan users a month of zero trading fees when trading goes online. The exchange will announce the opening for trading at a later date.

Users can find out if they have won any rewards by logging into their accounts and accessing ‘Distribution History’ in the Account Center. In addition, users will be required to complete ID verification to be able to withdraw funds from Binance.

Ugandan users will enjoy an exchange that offers fast transactions of up to 1.4 million per second and state-of-the-art storage technology for utmost security. The exchange also provides 24/7 customer support and has a user-friendly interface.

The presence of Binance in Uganda aims to boost financial inclusion in the country, which has increased from 28 percent in 2009 to 54 percent in 2013 according to its national financial inclusion strategy 2017-2022.

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LINE Corp to Launch Cryptocurrency Exchange BITBOX in July for Global Trading

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BitBox
Image by linecorp.com

The developers of popular messaging app LINE and LINE Group’s cryptocurrency and blockchain company LVC Corporation have announced that they are set to launch a new cryptocurrency exchange called BITBOX in July 2018. The Japan-based firm made the announcement during the LINE Conference 2018 held in Tokyo.

The New BITBOX Exchange

BITBOXBITBOX will offer over 30 high-demand cryptocurrencies to users globally with the exception of Japan and the US. The exchange will trade coins such as bitcoin, ether, litecoin, and bitcoin cash while charging low trading fees of 0.1 percent. BITBOX will support 15 languages, according to the company press release.

The selected cryptocurrencies for the exchange have undergone an extensive screening exercise and have been picked by an internal committee, promising users a convenient and safe trading experience. LINE will also incorporate its top security standards to the cryptocurrency exchange.

LINE Corporation CEO Takeshi Idezawa said:

“As a key part of LINE’s new financial services, BITBOX shows our commitment to fulfilling the growing demand for more diverse financial options. With BITBOX, LINE users will be able to access cryptocurrencies more easily, while also being assured of state-of-art security measures to protect their assets.”

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Nigerians Have Invested Over $5m in Cryptocurrencies Despite Regulator Warnings Says KureCoin Hub

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Nigerians Invest in Cryptocurrencies

Nigerians have invested over five million US dollars in the cryptocurrency market in the last couple of years according to data from Nigerian cryptocurrency platform KureCoin Hub.

The data shows that Nigerian retail investors are investing heavily in the cryptocurrency market despite warnings from the Central Bank of Nigeria (CBN) and Nigeria Deposit Insurance Corporation (NDIC) against investing in an unregulated market.

KureCoin Hub’s co-founder and CEO Tega Abikure has criticised the stance regulators have taken and argues that the country will lag behind as other countries enjoy the benefits of blockchain technology and cryptocurrencies. Abikure told New Telegraph:

“It is not a matter of whether the government likes it; it is about whether they need it. I am not sure the internet was liked when it first came. […] It is not a matter of whether they are going to embrace it; it is about when they are going to do so.”

Abikure observed that other countries such as Uganda and South Africa have already taken steps towards adopting blockchain technology while Kenya is pushing forward with a functioning blockchain taskforce.

“Nigeria is being left behind,” he noted.

The Blockchain as a Source of Foreign Direct Investments

Abikure also believes that blockchain technology could be a major source of Foreign Direct Investments (FDIs) in the next five to ten years. In addition, he is of the opinion that a lot of money is being made in cryptocurrencies on the continent with most of it leaving Africa’s economy.

On one of the benefits of blockchain technology, he said: “[The blockchain] is completely transparent and cannot be changed; it can be used to create a decentralised system of payment where the taxpayer had an unhindered access to the collector which is the government. It enhances revenue collection and removes the challenges of remittances.”

Blockchain technology can also improve the banking sector, the electoral process, the use of donations in charitable projects, and the supply chain, among many other use cases.

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