The Ugandan Minister of ICT and National Guidance, Hon. Frank Tumwebaze has said that his ministry is making moves to set up a blockchain taskforce that will help the Ugandan government to explore and utilize blockchain technology.
The ICT minister recently announced this during the African Blockchain Conference which held at the Serena Hotel Conference, Kampala, Uganda. The conference which was organized and hosted by the partnership of the Ugandan Ministry of Information Communication Technology and National Guidance and the blockchain association of Uganda involved various interactive sessions where essential topics relating to the digital currency like cyber security, digital assets, governance, risk and investments opportunities, technology and innovation were discussed. During his speech at the blockchain conference, the Minister said that
“I have agreed with the Blockchain Association of Uganda, that in the coming weeks, the Ministry will appoint an advisory task force of eminent people on blockchain to further assess the opportunities of the technology, and challenges, and advise the government on how to harness the technology. Blockchain technology like any other innovation will successfully take root in Uganda. If you push technology away, others will adopt it.”
Ugandan President embraces Blockchain
The president of Uganda was also present at the event which lasted for two days while giving the opening remark; president Yoweri Museveni explained the necessity of an in-depth research-based study on blockchain technology to identify the vulnerabilities involved, the solution to these risks as well as adequately utilizing its benefits.
Just about three months ago, the Kenyan ICT minister declared a similar blockchain and artificial intelligence taskforce in Kenya to enable their government study and make the best use of blockchain technology. The Ugandan ICT minister has followed suit in this development as it appears to be a potentially profitable idea for the nation at large. A local magazine in the country reported that Mr. Nkwame Rugunda, the chairman of the blockchain association of Uganda insisted that “blockchain sits at the fourth stage of Industrial revolution and will significantly redefine our human and social progress because it addresses the critical underlying fabric that defines our human interactions which is trust.”
The banking system is also welcoming the idea of blockchain technology as the chairman of Ugandan Banks Association, Mr. Patrick Nwehire announced that financial institutions in the country would embrace blockchain technology to help strengthen transactional security while reducing the cost of operation. He also admitted to the fact that the technology comes with its risks which can be mitigated if carefully studied and handled.