By Our Reporter
Tanzania is paving the way for all East African countries to accept crypto after their president endorsed it as the future of Finance.
On 14th June, 2021, Tanzania President Samia Suluhu Hassan delivered positive news for the crypto market in Africa but most especially in Tanzania. The speech that was delivered in Mwanza came shortly after El Salvador announced Bitcoin as legal tender. President Samia Suluhu told financiers to start preparing for cryptocurrency urging the central bank to start necessary preparations for the roll out of crypto which she referred to as the future of Finance.
Experts say conditions on the African continent are great for virtual currency adding that it might be the new frontier for cryptocurrency. This literally means that countries in East Africa, Uganda inclusive, will soon join the trend and accept digital currency as a legal way to transact. Wallets, such as Yellow Card are already making this easy for anyone willing to buy or sell crypto in Uganda using mobile money.
Lack of knowledge on how to trade, buy or sell cryptocurrencies such as bitcoin, ethereum and tether remains a barrier to their adoption in Uganda. To drive crypto adoption, blockchain and Financial Literacy; Yellow Card seeks to educate East africans via their recently launched academy.
Noah Baalessanvu, a crypto trader at Crypto Savannah in Uganda says Uganda’s crypto exchange markets are growing and require a minimum of Shs50,000 and a maximum of Shs20 million to start trading.
With the launch of wallets such as Yellow Card which boasts of multiple payment and transaction methods such as, Bank, Cash, and now Mobile Money for those using any of Yellow Card’s Wallets, Uganda is on a path of financial revolution with crypto. Moreover Yellow Card has also positioned herself as the most secure, fast, and efficient crypto wallet in the country.
This all comes at a time when El Salvador, a country in Central America, has announced bitcoin as legal tender making it the first country in the world to do so, and when the Nigerian Central bank is set to launch a new cryptocurrency. This is not very different in Uganda as the populace, especially financers are already having conversations about crypto.
For East Africans to benefit from the benefits cryptocurrency has to offer, we must continue to learn about it, as this will help us properly utilize an increasingly digital future. Academy.Yellowcard.io provides a Simple guide to understand all there is to know about blockchain.
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