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Bank of Uganda spark possible cryptocurrency adoption

The Bank of Uganda has sparked possibilities of cryptocurrency adoption in the country with its latest invitation

Although the African continent does not have a very big cryptocurrency market yet the adoption of digital currency is still rising in many countries despite tough regulations. Today, Uganda's central bank has given indications of becoming the next country to open up its doors to cryptocurrency as the Bank of Uganda has invited crypto firms to participate in its regulatory sandbox even though cryptocurrency is not considered a legal tender in Uganda. The regulatory sandbox which began last year in Uganda offers many companies in the Fintech industry the opportunity to explore and test new innovative solutions under the watch of the apex bank.

Source: Yahoo Finance

For crypto businesses participating in Uganda's regulatory sandbox is more than just a participatory occasion but a significant development in recognizing the role of cryptocurrency in the future of Uganda's financial industry. As the government of Uganda has not licensed any organization or firm to sell or trade cryptocurrency in the country. For crypto companies, this is an opportunity to introduce and convince the government on how much cryptocurrency can be beneficial to the citizens and the entire country in transacting with the global economy.

After the Central African Republic in April, many African countries like Uganda are starting to anticipate the digital inclusion drive and are starting to consider new possibilities in the digital world. The crypto companies on the other hand will seek to showcase how much cryptocurrency can contribute to resolving the economic instability ravaging the entire continent.

Uganda in focus:

Population: 45.74 million in 2020 as compared to 44.27 million in 2019

GDP: $37.37 million compared to $35.17 million in 2019

GDP per capita: $817 in 2020 compared to $794 in 2019