Changpeng Zhao, general manager and founder of Binance, said that the company is going to open a currency exchange in Uganda.
On Thursday, Binance announced the beginning of support for the Ugandan shilling. The subsidiary company will be called Binance Uganda. Therefore, it may be easier to use cryptocurrency as a form of currency instead of trying to achieve opening bank accounts. In addition, the low standard of living of the population became a reason for a rapid assessment of the possibilities of working with digital money: a tangible reduction in commissions, the possibility of budget transfers.
Binance Uganda will be an independent entity, however with a “strong business relations” with an existing platform.
The new platform will be called Binance Uganda and it will be the company’s first step to launch operations for the exchange of cryptocurrencies for fiat currencies, in this case, Ugandan shilling.
In Uganda, there really is an attractive situation, only 11 percent of the population have bank accounts.
Before the exchange can expand its offer, it has to solve a huge number of issues related to the identification of customers and the fight on money laundering, he added. From the system’s point of view, this will be a separate, but similar, platform of the existing exchange base, with the same operations, security and system.
The company also plans to open representative offices in 2 or 3 places in the short term and continues to work on a decentralized exchanger. In addition, the company also announced its first exchange in the country.
