Ponzi schemes have created a negative reputation for the industry-Uganda Blockchain Advocate-Interview
Ponzi schemes have created a negative reputation for the industry-Uganda Blockchain Advocate-Interview
awareness and sensitization campaigns are still seen as important channels that gain people for cryptocurrencies and Blockchain. This applies in particular to some parts of Africa, where Bitcoin and other cryptocurrencies prove to be a useful alternative to the Fiat currency.
Blockchain formation and advocacy from Uganda
Despite an increase in the use of blockchain technology and cryptocurrencies that started with the Lockdowns inspired by pandemic, many people, especially in Africa, are still not familiar with these technologies.
To close this knowledge gap, many blockchain enthusiasts in Africa have decided to concentrate their efforts to clarify their compatriots about the basics of the blockchain. In Uganda, the blockchain enthusiasts Daniel Mulondo and Killian Mugenyi have a platform called nilone should not only educate it, but also contribute to the awareness of potential crypto fragrance sharpen.
In an interview with Bitcoin.com News, Mugenyi explains how her efforts to raise public awareness lead to positive results. It also comments on topics that range from digital central bank currencies (CBDC) to ongoing efforts by the Ugandian authorities to regulate digital assets. Below you will find Mugenyi's written answers to Bitcoin.com News about questions that have been sent to him via WhatsApp.
Bitcoin.com News (BCN): You are one of the few personalities in Africa who deal with crypto/blockchain education and advocacy. Can you explain why you have chosen this work?
Killian Mugenyi (KM): The reasons why I and my partner decided to concentrate on crypto/blockchain formation and advocacy group were mainly:
- The countless fraud and snowball systems have brought the industry a negative reputation.
- sensitize the masses for crypto and blockchain so that you can see the value and the possibilities that the industry can use.
- Develop the skills of those who enter the market to develop a sustainable and long -term vision for building, growth and maintaining the industry with qualified workers who understand the dynamics of this new but highly relevant industry.
bcn: makes this work a difference?
km: Indeed, our work makes a big difference and we have achieved a lot. We have more people who join the academy and more parts of the knowledge and successes that they have acquired thanks to our programs. Institutions, foundations, government agencies and many other organizations also report. Many would like to learn and understand how they can capitalize on this new industry chance, which has been misunderstood [to be] a quickly rich scheme. We have also concentrated more on the online training platform, which we are currently revising in order to meet the growing demand and to enable better provision, especially during this covid time.
bcn: Last year it was so Ugandian supervisory authority, the Financial Intelligence Authority, wanted the help of the Ministry of Finance to formulate the appropriate crypto regulation framework. Do you know if there was movement in this question?
km: As far as the regulatory framework is concerned, progress there was slow, as the leading politicians pursue a cautious approach. You are looking for better instructions from industry experts, and here we hope to come into play and help to develop these regulations. We also hope to help the regulatory authorities by extending our support to efforts that aim to create regulatory clarity for crypto/blockchain in Uganda. We recently had some positive news when the project "The Akon City" land was allocated to start building. This decision is encouraging and contributes to promoting our striving for increased acceptance of crypto/blockchain.
bcn: still, on the same topic, bitcoin.com News Started A regulatory sandbox and at that time a FinTech startup had been included in this sandbox. Do you know if more fintechs have been added to the sandbox?
km: The FinTech area in Uganda is quite young with few well-known actors such as the NileOngroup. We are building a platform that attracts international actors who work with us to offer high quality services to governments, institutions and individuals who want to explore crypto/blockchain opportunities. However, there is little information about progress in the regulations, but we build capacities that will help accelerate these efforts as soon as we are involved in the government and supervisory authorities such as the Bank of Uganda and other African nations.
BCN: Last year the central bank of Nigeria introduced its digital currency, the e-naira, while many other central banks in Africa have signaled their own CBDCs-or at least explore the advantages of one. Is this hurry to introduce CBDCs, in your opinion a good thing for crypto?
km: CBDCs have many advantages, such as: B. the simplification of the process for the implementation of monetary policy and government functions. Many functions such as the distribution of advantages or the calculation and collection of taxes can benefit from automation and increasing efficiency. However, CBDCs do not solve the problem of centralization, since they are still controlled by central banks, for example. Against this background, I do not believe that, as Africa and especially Uganda, we are ready for these developments until we have the right guidelines and framework conditions to regulate and support those who try to build the necessary infrastructure and workers for sustainable introduction of crypto/blockchain.
BCN: After all, reports on crypto -related frauds have continued to dominate the headlines, despite the efforts of you and others who hope that cryptocurrencies will be used in everyday life. In your opinion, what else has to be done to reduce or limit the number of investors, become victims of top-class crypto ponzi systems such as MTI or Pinkcoin?
km: I can tell you that our efforts to clarify the masses about crypto/blockchain have had a big impact. More and more people are starting to understand what crypto really is, its application and its possibilities. People are also becoming more careful and conscious before investing in potential Ponzi systems and fraud, and even better, they have a trustworthy party, namely Nileone, where we offer free (fraud) projects. We also help to sharpen the awareness of how (crypto fraud) can be avoided, since it turns out to be a main frightening for adoption.
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