Ugandan Economy to be Boosted by Cryptocurrency Activity

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Blockchain is about to change the world for the better. African nations are now being part of this revolution, for the betterment of their economic development. Binance has partnered up with Ugandan Blockchain organization, Crypto Savanna to support the country.

The partnership between Binance and Crypto Savanna will help an overall improvement in Uganda. These include generation of employment, the attraction of investments and overall growth in the economy.

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Binance partnering up to help Uganda is a positive move. Binance has an incredibly excellent history where the market cap grew to $2 billion in a little over six months.

Zhao is currently in the African nation of Uganda interacting with people interested in Blockchain solutions. He has even met up with the Blockchain Association of Uganda (BAU) for collaboration. These are signs that Binance will enter the African market in a big way.

Uganda as of now is one of the poorest countries in the world with a GDP per capita of about only $2,000. With Binance entering it will promise to improve lives of young people looking for jobs in the technological sector.

What makes Africa click as a hub for Blockchain companies is the fact that most of the population of Africa does not have access to banks. Another problem is of remittances being made back home from a majority of Africans who work in other countries, which can be solved by the quick and cheaper transactions using cryptocurrency.

Blockchain startups are getting involved in helping nonprofit causes such as charity. For example, Ripple had donated $29 million in XRP to an American public school charity.

The technology of Blockchain too is being used for donating efficiently. For example GiveDirectly an East African charity is using Blockchain technology for helping the underprivileged. Recently it received $1 million from decentralized payment network OmiseGO and Ethereum’s co-founder Vitalik Buterin, which helped provide 12,000 grants.

These are signs of the cryptocurrency industry maturing and becoming something more than just a business. It has become a problem solver for many real-world problems.


Author: Temitayo Olojede ,

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