KEY TAKEWAYS: East Africa’s Blockchain Associations Speak out on Opportunities and Risks in Cryptocurrencies

Key takeways from a panel of the leaders of Blockchain Associations of East Africa, convened by Cryptobaraza to unpack opportunities and challenges they see across Kenya, Uganda, Tanzania and Rwanda.

The panel was part of a 2 day virtual event on July 16th and 17th to address the growing demand for learning and investing in Bitcoin and cryptocurrencies, by Cryptobaraza, Centonomy and Paxful.

Here is a quick recap of the key takeaways from the webinar session:

KENYA

Roselyn Gicira, Chairperson at the Blockchain Association of Kenya, shared her story of finding a community and support on cryptocurrencies through Kenya blockchain community. Her journey began in 2016, when she learnt about how cryptocurrencies presented an opportunity to diversify investments into global projects. She went on to learn more on how to trade before putting down her own money. She encouraged everyone to seek out authentic communities to avoid falling into the trap of crypto scams.

RWANDA

Norbert Haguma, Chairperson of the Blockchain Association of Rwanda, asserted the big opportunity for Africa to leverage cryptocurrency blockchains to lay out a new financial infrastructure across Africa.

He highlighted a project by the Rwandan Development Authority to support Gorilla conservation efforts through a crowdfunded cryptocurrency token, Gorilla Coin. The project faced regulatory hurdles from government agencies and was put on hold. Just like Kenya, Rwanda was facing the challenge of uncertainty on regulations, which left room for cryptocurrency scams and misinformation.

TANZANIA

Sandra Chogo, Founder and Partner Blocktech Tanzania, is writing a book in Swahili on Blockchain and Cryptocurrencies titled: Watanzania Tuilewe Blockchain Kwa Lugha Yetu

She discovered the opportunities in the cryptocurrency and blockchain industry through the Kenyan and Ugandan communities, and made it a point to take the message back home by teaching others at all levels.

Sandra’s book addresses core themes such scams, problems that have equally faced Kenya, Rwanda and most recently Uganda.

UGANDA

Noah Baalessanvu, an executive of the Blockchain Association of Uganda and co-founder of CryptoSavannah emphasised the importance of rallying communities to engage the regulators in one voice for mass adoption of Cryptocurrency and blockchain, a strategy that had paid off for them in Uganda. They were able to amend regulations to include virtual asset service providers (VASP) which opened doors for crypto exchange companies to serve Ugandans.

All panelists recommend we use every opportunity there is to learn about Cryptocurrencies from attending community events, forums and conferences to reading books and enrolling in courses to protect ourselves and while unlocking opportunities.

Source: Kenya Wallstreet 

By BAK Communications Desk

17.22 Mon 3 Aug

 

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