The founder of Binance is on a two day working visit to Uganda to explore opportunities for using Blockchain technology in the country
The founder of Binance, the world’s largest cryptocurrency exchange, Mr. Zhao Changpeng, who is on a two day working visit to Uganda to explore opportunities for using Blockchain technology in the country, has called on President Yoweri Museveni at State House, Entebbe.
The billionaire Mr. Changpeng is in Uganda at the invitation of the Blockchain Association of Uganda, to deliver a keynote address at the Africa Blockchain Conference. The Kampala conference will bring together policy makers, industry players and academia to address the role of Blockchain technology in Africa’s transformation.
Blockchain technology allows digital information to be distributed but not copied, thereby creating the backbone of a new type of Internet. This new technology has gained global attention that it has built trust into systems used for transfer of value information such as money and intellectual property.
According to experts, Blockchain technology can be used in Uganda to address several ongoing challenges in the country, like authentication of land titles, eradicating the problem of counterfeit drugs entering the country and authenticating of university degrees.
The first application of Blockchain technology globally was cryptocurrency, a type of digital currency that is cryptographically secured and distributed on network. Binance is a platform that is used for exchanging cryptocurrencies.
During the meeting, which was also attended by Prime Minister, Dr. Ruhakana Rugunda, Mr. Chengpeng told President Museveni that he wants to set up Africa’s largest cryptocurrency exchange in Uganda to lead to the inflow of capital into the Ugandan economy. The President welcomed this development and pledged Uganda’s commitment to becoming a global Blockchain destination.
Through the Binance Foundation, Mr. Changpeng will also develop Uganda’s talent pool, in partnership with Crypto Savannah, a Blockchain innovation centre in Kampala.
The talent pool project is projected to start by training 1,000 Blockchain experts, who will in turn train others. The training is expected to empower the young to build businesses that can attract investment through Initial Coin Offerings, which are a Blockchain-based crowdsourcing mechanism.
Ministry of ICT and National Guidance, Republic Of Uganda