We live in an era where technology has become an integral part of our everyday lives. Everything is connected to the Internet. It is practically impossible to conduct any business if you are not good at technology and have an understanding of modern systems.
Cryptocurrency and blockchain managed to gain a foothold sharply in Africa. The region managed to offer unique innovations and at the present moment countries like South Africa, Nigeria, Uganda is one of the leading ones in terms of the use of blockchain.
2017 and 2018 have been years where Uganda has seen a surge in blockchain technology. The country has a huge potential to transform practices of the Ugandan economy.
Blockchain technology has worked flawlessly throughout the years in Uganda. It is only a matter of time until the technology is fully adopted and Uganda becomes a leading country on the continent.
The use of Blockchain
We should note that it was easy to establish a foothold for crypto companies in Uganda as the country was very friendly towards investment culture. Thousands of traders register with Forex brokers in Uganda today and will continue to do so well into the future. One of the most dominant fields where the use of blockchain technology is prevalent is the Forex industry.
The government of Uganda is also considering Blockchain for various ministries, including the Ministry of Lands. The country has a view that properties in Uganda should be registered on the blockchain. This will facilitate more transparency and avoid the threats of fraud and money laundering, which to this day is a huge problem for African countries.
Blockchain has also benefited cross-border transactions. Regulatory systems, various transactions, and additional fees are problems for African countries. Blockchain is a perfect way to remove these barriers and avoid regulatory restrictions.
One of the main challenges that blockchain technology faces is the absence of a regulatory regime. We know that a key characteristic of crypto is the absence of government control and surveillance. Regulators are looking for ways to coexist with cryptos.
Interestingly, Uganda is one of the fewest countries where the government shows notable support for blockchain technology. The country has fully embraced it. Blockchain and crypto do not face much resistance from the Ugandan regulators and the situation is unlikely to change in the future. Unlike other African countries where we have some of the strongest regulations, Uganda understands that there is nothing to worry about when it comes to blockchain technology.
However, the Ugandan government is trying to introduce policy guidelines and industry standards that are necessary for the proper development of the economy. This would open a bunch of new opportunities in the country.
So what is the future of blockchain in Uganda? How will the country manage to establish a strong crypto community? Based on the country’s experience and support for this industry we can say, that crypto has a huge potential in Uganda. It is only a matter of time until the technology is fully adopted and every sector will feature it.