Binusu, an indigenous firm to front Crypto currency exchange for blockchain technology in Uganda

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KAMPALA–  Crypto currency is still a grey area in this country especially for those who are not in business. With the recent advancement of transacting seamlessly, it is getting there soon and some section of users  have embraced it.

One of the pioneers of Binusu a local Crypto currency exchange which  derived  its name from our indigenous dialect Luganda from “loose money” has  unveiled new features  to provide  customers  in Uganda with top-notch services to  bolster Crypto Exchange.

Speaking  to the press, BrianTweheyo , the Chief Executive Officer, Binusu Exchange  said that their objective was to simplify the use of crypto currencies and  they are doing so as they are fostering on building the trust and confidence among their users.

He also assured them that with a new and improved trading platform and other services, Binusu which begun in Uganda, was now ready to take its services  allover the globe.

” Binusu has for the last six years since 2016, been facilitating users in Uganda to buy and sell crypto currencies with Uganda shillings. It currently supports nine crypto currencies that include Bitcoin, Ethereum, USDT (Tether), Celo, CUSD, BNB, SEA, BCH, LTC and with plans to add more pairs so that they are they are platform  to go  to for all things related to Crypto in Africa” Added Tweheyo.

He also clarified that with this new platform, Binusu seeks to spread the use of Crypto currencies and its various capabilities with blockchain technology and  their user has an option to choose and register as an individual or  business whether you register to use the platform as a private individual or as a business.

Tweheyo also noted that their  vision is  to bring cryptocurrencies to everyone and their new website will reflect Binusu’s commitment to provide a personalized crypto experience with convenience, and variety of features and financial products.

Of late, Bank of Uganda as a regulator of the financial system in  the country is in discussions with the Blockchain Association of Uganda( BAU) on how to consider different Crypto businesses within the National Payments Systems Regulations( NPS)  and the Boutique Uganda Sandbox Framework.

Additionally,   the blockchain and Crypto community in the country considers  this as starting foundation  headed to the  right direction towards regulating and properly managing the industry of crypto currencies.

Notably, the Central Bank  issued a letter that appeared to be welcoming firms to the regulatory sandbox, which blockchain enthusiasts say builds traders’ confidence.

Fortunately, the regulator advised the Blockchain Association of Uganda (BAU) to sharpen up its knowledge of the sandbox regulations, inviting its members along, to further technical discussions.

The Central Bank also advised the country’s Crypto advocacy group to brush up on the sandbox regulations before it made time for further technical discussions.

Experts in Block Chain amplified that 

 they look forward to working with BoU and all other stakeholders in shaping the opportunity for crypto in Uganda, while proactively mitigating the potential risks and ensuring consumer protection.

“As industry practitioners and influencers, we  recognize the great opportunity that crypto presents and also recognize its related risks,” a trader asserted.

In June 2021, the bank launched a regulatory sandbox framework allowing for financial technology (fintech) firms to test “innovative financial solutions” in a controlled environment in the hopes of promoting the uptake of electronic payments and other digital financial services within the country.

Although Crypto is not banned in Uganda and can still be purchased, held, and traded, cryptocurrencies are not regulated and as of now, no firm has been issued a digital asset license to operate in the country.

In Uganda,  there is no regulatory framework for crypto assets, and  since BoU has provided a sandbox for innovative ideas to be tested, enthusiasts think that it is better BoU permits legitimate crypto businesses to operate within the sandbox framework, and for NPS licensees to deal with companies in the sandbox.

Experts hopefully said that  the move  will enable the crypto industry to continue innovating and maturing while allowing BoU to learn from local industry experience and weed out wrong actors.

Further more, Crypto adoption in Africa is  on a steady path   and catching the attention of many venture funds and crypto firms and stastistically between 2020 and 2021, crypto use in Africa increased by nearly 1,200% and it is estimated that about 850,000 Ugandans are using crypto currencies.

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