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Binance Enables Ugandans Purchase Cryptos Using Local Currency

The biggest cryptocurrency exchange in the world launches fiat to crypto exchange in Uganda. The newly opened exchange marks the further expansion of the exchange into the continent of Africa as cryptocurrency trading is aided in Ugandan despite nonaccommodative stance of the bank of Uganda towards cryptocurrency.
The newly launched exchange will enable Ugandans to complete full account verification, deposit and withdrawals of the local fiat currency, the Ugandan shilling, will be enabled starting from Wednesday.
Wei Zhou, the chief financial officer at Binance, mentioned that the firm is very proud to launch its first crypto to fiat exchange in Uganda officially. Also, further expressing his excitement, saying that the firm has been diligently preparing for the opening of the exchange with its local partners since Binance team first visited Uganda in April 2018.
Further, the Chief financial officer of Binance, Zhou confessed that the step of the firm is only the first of its plan to utilize blockchain technology to support sustainable economic development in Africa and that more innovation is underway to be introduced into the region.
The cryptocurrencies that would be supported on the platform before the introduction of others are Bitcoin BTC and Ethereum ETH pairing the local currency, Shilling as noted by the firm. Users of the Ugandan subsidiary platform will be exempted from trading fees in the first month, and the platform can process 1.4 million transactions per second with 24 hours client support.
Meanwhile, the world biggest exchange with a 24-hour volume of about $1.97 billion worth of BTC alone is also planning to open fiat to crypto exchange in Liechtenstein, Malta, and Singapore to change the conventional crypto to crypto exchange.
Uganda has seen an increase of cryptocurrency growth adoption recently, as the country has been prominent with crypto and blockchain conference hosting. This is against the stance of the warning of the bank of Uganda against using unregulated currencies in the country.
While the presence of Binance is expected to boost financial inclusion in a country where only 33% of its citizens use registered financial accounts, African cryptocurrency proponents are already welcoming the new development in the crypto community in Africa. Michael Kimani, a leading cryptocurrency figure in Kenya noted that it is excellent news and it will spark a race across African countries on setting up a favorable environment for cryptocurrency trading against local African currency.

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