Uganda: Crypto Education Increases User's Freedom for Money

In a bid to increase freedom of money for users, drive block-chain adoption and enable greater accessibility, Ugandans can now access free crypto education globally.

Mr Emmanuel Babalola, Director at Binance Africa said that the crypto education will help users understand the fundamentals of crypto currencies, how to identify scams and keep their crypto safe as they get started on their crypto journey.

"Block chain education is at the heart of our focus in the global market. We want to ensure that more and more people have access to the right information about the workings of the ecosystem because of the profound opportunity it (blockchain) brings to the entire continent," Mr Babalola said.

He added that their classes will focus on teaching new skills such as crypto trading and careers in blockchain development in response to the Covid-19 impact that sparked serious unemployment and a stay home situation.

According to Mr Balola, the teachings revolve on building DeFi & NFT covering savings, Lending and Borrowing, Swaps, Royalties and Renting, Elections, Identity Management, Land Ownership, NFTs marketplaces. The community engaged in weekly workshops, as the hackathon progressed.

Mr Noah Baalessanvu, the Chairman, Blockchain Association of Uganda and head, CryptoSavannah (Technology) revealed that the education was introduced after realising the information gap for crypto currency knowledge between the private sector and the government.

On the private side, he noted that they stopped talking about blockchain and started building solutions in government and the private sector through talking about the future of block-chain and its potential.

"Blockchain is going to become the center stage of systems and dependence of centralized systems is going to be put under pressure because centralized systems come with centralized trust which is breaking down," he said, adding that "the explosion of crypto currencies is an indicator of that frustration."

He further explained that crypto currencies are soon going to become mainstream and stop being headline news and hence traditional finance will imitate crypto.

"Here in Africa we have less to lose by embracing new technologies since our legacy systems are still not as distributed. We now have that ability to leapfrog and this technology gives us the tools that allow us to embrace the new future of finance," he noted.

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