13/06/2022
BANK OF UGANDA BLACKLISTS FINANCIAL FIRMS FOR FACILITATING CRYPTO TRADING: NOW WHAT?
The bank of Uganda recently came out and issued a statement blacklisting all payment service providers facilitating crypto-currency transactions. These include mobile money providers, saying that through crypo-transactions the country is exposed to several ills like money laundering, sale of illicit goods, increased online scams.
The government further stresses that cryptocurrency transactions cannot take place without the help of the payment processors.
“We are also aware that such a conversion cannot happen without the participation of the payment service providers” the regulator noted in a statement.
This leads to a pressing question. Is there no future for cryptocurrencies in Uganda? Are there ways Ugandans can circumnavigate the restrictions and continue taking part in this new and exciting industry?
Well, as a person who has been in the industry since 2017, I believe the future for cryptocurrencies is still bright. Still, there ways through which once can participate in crypto trading despite the regulations and restrictions.
BACK TO OUR ROOTS
Initially, before the advent of big crypto exchanges like Binance, we took part in the cryptocurrency trading but with different modes of transacting. These same methods can still be relied upon and work just fine in today’s market conditions.
Some of the methods include face-to-face transactions. Well with this method the seller physically meets the buyer through a broker or direct link between the two. Well this mode of doing business has many cracks like security issues and difficulties with finding interested and able buyers and sellers.
Due to the weaknesses of the above mode of transaction, Peer to Peer (P2P) mode seems more appealing. Peer to Peer is a virtual market place where you can directly trade crypto for cash/fiat through mobile payment processors like mobile money. Yes, I know we talked about the Bank stopping payment processors from taking part in crypto transactions but this time it’s different because they are not directly involved. The onus solemnly falls on the user.
Peer to Peer (P2P) mode of transactions is the best option there is so far. You can beat the current crackdown and participate in this lucrative growing industry. The best Peer to Peer market place I do recommend is the Binance Peer to Peer (P2P) market place. If you want to learn more about Binance P2P, here is a link below:
https://www.binance.com/en-IN/blog/p2p/all-you-need-to-know-about-binance-p2p-bitcoin--crypto-exchange-421499824684901543
I will also be following up with a simple guide on how P2P works and how through it, you can get involved and be part of this interesting cryptocurrency journey.